Bitcoin | Bitcoin latest price: Crypto Movement at a Glance: Crypto market continues to struggle amid mild positive buzz
The largest crypto by market cap has been struggling to break over the $31,000 level, indicating the low-risk appetite among the crypto traders since the market and investors have still not recovered from the crash of the previous month.
Even though Bitcoin managed to hover around the $30,000 mark throughout the week, it was a bit of a volatile week, but on a larger time frame, the market remained largely consolidated. The coming week could be crucial for the cryptocurrency market in terms of the momentum.
Bitcoin mining has also been impacted due to the downward trend in the market, making it less profitable for miners. It also resulted in auctioning their mined tokens. As the United States was one of the most relevant countries for Bitcoin mining and other decentralized tokens, the Washington government has increased the electricity rates. This also affected the miners.
The second-largest cryptocurrency, Ethereum, is also running low compared to the performance of Bitcoin. Most cryptos have faced a bit of drop after witnessing slight growth the past week. Crypto prices have declined this year due to several macroeconomic factors, and the Federal Reserve hiking interest rates to combat inflation is one of the prominent ones. And, the crash of Terra being the other one.
On the other hand, in an exciting turn of events, Solana has reached a new milestone as the combined sales on the network reached $2.35 billion this June, despite the recent decline in the sale of NFTs. The new sales record is a ray of hope for the blockchain after SOL plummeted by over $14 billion in market capitalization in May.
The ApeCoin DAO community overwhelmingly gained support and voted to stay on Ethereum. It comes in response to Yuga Labs’ suggestion that ApeCoin should migrate to its chain for scaling purposes.
Earlier this week, Cardano led the market as the biggest gainer out of the top 100 cryptocurrencies by market capitalization. Cardano’s re-allocation pace was higher than any other chain in percentage and absolute speed. So, the smart money is moving from Ethereum and Solana towards ADA.
Coming to the price action, among the top 100 cryptos by market cap, here are the best and worst-performing cryptos over the past week:
Top crypto gainers during the week:
1. Unus Sed Leo (LEO): 9% up
2. FTX Toke (FTT): 4% up
3. PAX Gold (PAXG): 1% up
Top 5 crypto losers this week:
1. Convex Finance (CVX): 40% down
2. Elrond (EGLD): 36% down
3. Aave (AAVE): 34% down
4. The Graph (GRT): 33% down
5. Waves (WAVES): 32% down
(Note: Analysis includes top 100 cryptocurrencies as of June 12, 11.00 hours IST. Source: Coinmarketcap)
(The author, Edul Patel is CEO and Co-founder of Mudrex)