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Top 3 coins to watch this weekend
The cryptocurrency market continues to stagnate. Bitcoin (BTC) fell below $65,000 for the first time since mid-May. The current collapse is likely due to the capitulation of BTC miners, as the cost of mining one BTC surpassed the $86,000 level this week. The miners sold some of their holdings to book profits. Markets are also suffering from a lack of new money.
As inflation cools, trader sentiment could improve on expectations of an interest rate cut. This could lead to more investments in risky assets, such as cryptocurrencies.
Top 3 cryptocurrencies to watch this weekend
Bitcoin
The price of Bitcoin has seen a steady decline since the beginning of this month. BTC was trading above $71,000 on June 6 and has since fallen below $65,000. As mentioned above, miners selling their BTC holdings and the lack of fresh capital could be behind BTC’s current downtrend.
Also Read: Solana (SOL) Weekend Price Prediction: Will It Recover $140?
BTC is the market leader and any move it makes will likely impact other cryptocurrencies.
Ethereum
Ethereum (ETH) saw a brief rally this week on the heels of the Securities and Exchange Commission fall his investigation into the project. The asset price entered the red again, falling 7.8% on the 14-day chart and 6.4% from the previous month.
Read also: Cryptocurrency: Top 3 Coins to Buy During the Dip
The Securities and Exchange Commission has also approved ETH ETFs (Exchange Traded Funds), which could launch in early July. The ETF and SEC dropping their investigations could trigger a massive rally for ETH. It is possible that the rally has been delayed and will resume once market participants gain more confidence.
Pepper
Since its launch in April 2023, Pepe has performed incredibly well. It is one of the best performing crypto assets of the last year. Pepe has reached several all-time highs; the latest occurred on May 27, 2024.
The frog-themed cryptocurrency may bounce back soon. Falling prices could be a good point for new investors to enter.