The dynamic realm of crypto assets has concluded yet another week, primarily with investors being on their toes amid broader market uncertainty. Bitcoin (BTC) and leading cryptocurrencies have consolidated over the past week, sparking
speculations despite pro-cryptocurrency Donald Trump’s inauguration. Whereas, meme coins Shiba Inu (SHIB) and VINE have emerged as the talk of the cryptocurrency town over the week, gaining significant traction in light of broader trends and developments.
Here’s a brief report on some of the top cryptocurrency market updates reported by CoinGape Media over the past week.
Notably, BTC price chart has shown a period of sideways trading despite the broader market eagerly anticipating gains following Trump’s inauguration. Bitcoin price closed the week near the $105K level, up marginally by 0.1% in the past seven days.
The flagship crypto’s current price trajectory comes despite bullish news for the asset surfacing across the industry. With the recent rescinding of SAB 121, market participants have been highly positive on Bitcoin’s long-term potential.
Further, Semler Scientific announced that it would raise $85 million in convertible notes to invest in BTC this week. This mover has sparked investor interest, paving a bullish road for the flagship coin in the light of heightened buying.
Meanwhile, investment management company BlackRock sought U.S. SEC approval for its new redemption model for the iShares Bitcoin Trust. Overall, these events have emerged as highly optimistic news for the broader BTC market. Nevertheless, the asset continues to consolidate, raising investor speculation and uncertainty.
CoinGape reported that China likely dumped a whopping 194K BTC recently, which falls in line with the current consolidation despite broader bullish developments.
On the other hand, top crypto such as Ethereum (ETH) and XRP have also shown similar price actions. Notably, ETH closes the week at the $3,300 level, up by 0.5% over the week. Further, XRP also illustrated a sideways trading session, although the coin holds above $3.
Ethereum’s consolidation raises severe uncertainty as ETH OI conversely rose to high levels recently, signaling a price breakout awaits the asset. Simultaneously, despite new XRP ETF filings reported this week, even the Ripple-backed asset consolidates, raising investor speculations.
Meanwhile, the meme coins SHIB and VINE have stolen the spotlight, with the dog-themed crypto witnessing ecosystem developments and VINE seeing major listings amid heightened market interest. Notably, the Shiba Inu coin’s community introduced the revolutionary ShibOS (Shib Operating System) this week, offering users various use cases for a seamless Web2 to Web3 transition.
On the other hand, with speculations of Vine social media app’s revival soaring, the Vine meme coin has gained substantial traction. Intriguingly, the token enjoys a bullish trend, securing major listings, witnessing an OI surge, and aiding traders in making massive profits. As a result, CoinGape reported that the Vine meme coin price could hit $1 shortly ahead.
Overall, the abovementioned news emerged as some of the most buzzworthy topics reported by CoinGape over the past week.
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