Bitcoin experienced a rollercoaster week alongside the rest of the market, driven by both hype and real developments such as the approval of spot Ethereum ETFs in the United States. The week began with Bitcoin struggling to stay above $66,000 and dipping below this level at times. However, Monday saw a spectacular surge in price, with Bitcoin skyrocketing by over five thousand dollars, nearing $72,000 for the first time in six weeks. Despite this impressive rally, Bitcoin failed to sustain its gains and began to decline in value in the following days.
The most significant price drop occurred just hours before the US SEC officially approved eight spot Ethereum ETFs, causing Bitcoin to fall to $66,400. Despite this setback, Bitcoin rebounded and climbed to $69,000 by Friday, ending the week on a relatively stable note. Bitcoin’s market capitalization currently stands at close to $1.370 trillion, with a dominance over altcoins at 50.3%.
The news of Ethereum ETF approvals also had a profound impact on Ethereum’s native token, ETH. Ethereum surged from $3,100 to over $3,900, reaching its highest price since the beginning of April. The second-largest cryptocurrency experienced a volatile week but ultimately gained 22% over the past week, standing close to $3,800 at the end of the week.
While Bitcoin and Ethereum dominated the headlines, altcoins such as UNI, PEPE, DOGE, LINK, and APT also saw significant gains. Uniswap (UNI) soared by 44% to above $11, while PEPE achieved multiple all-time highs during the week. In contrast, altcoins like SOL, TRX, TON, and ADA ended the week in the red. Despite the mixed performance of altcoins, the total cryptocurrency market cap increased by more than $200 billion, surpassing $2.7 trillion by the end of the week.
Bitcoin’s volatile week reflected the broader market dynamics driven by both speculative hype and real-world developments. While the approval of Ethereum ETFs provided a boost to the market, Bitcoin’s inability to maintain its gains highlighted the uncertainty and price swings inherent in the crypto space. As investors navigate the ups and downs of the market, the week’s events underscore the importance of staying informed and vigilant in the ever-changing world of cryptocurrencies.