After an intense duel between bulls and bears around the $66,000 prize zone of BTC, the overall crypto price movement action underwent a slowdown, which may continue over the weekend.
The crypto market witnessed mixed trends for the week since June 17, with Bitcoin’s price taking the spotlight. This resulted in a slowdown in the crypto price movement, with Bitcoin’s support at $64,000. However, the silver lining emerges from Bitcoin’s dominance, which is still robust in the market. Data suggests Bitcoin’s dominance hasn’t dipped much since in the last few days.
Meanwhile, other trends in crypto have been interesting, along with a few global developments. A couple of price predictions and speculative pieces have also headlined the crypto sector.
Firstly, wealth management firm Bernstein has predicted a steep jump for BTC leading up to 2025. Its analysts reported that Bitcoin may breach $200,000 in 2025 and hit $1 million by 2033. The report credited a likely wave of approvals for Bitcoin ETF around the globe for the possible price jump.
“We believe Bitcoin is in a new bull cycle. The ‘halving’ presents a unique circumstance, where natural Bitcoin sell-pressure from miners declines by half (or even more, as they inventory more in anticipation), while new catalysts for Bitcoin demand arise, leading to exponential price moves,” said the firm.
On the other hand, Standard Chartered Bank has also dominated trends in crypto this week with news. Reports suggested the bank was setting up exclusive desks for BTC and ETH trading. Although the bank did not confirm the news, industry experts and analysts have hailed it.
Further, stablecoin issuer Tether promoted two developments this week in crypto. First, it launched a new stablecoin called ‘Alloy.’ The stablecoin, while backed by Tether Gold, will be pegged to the US, increasing its chances of wide usage. Second, the firm also launched an educational program with a leading university in Taiwan. It is the latest among many initiatives spearheaded by the stablecoin firm.
Next in line is the higher levels of crypto startup funding in 2024. Since 2022, crypto startups have seen much lower funding levels from investors. This is again picking up and recently crossed the $100 billion mark, with May 2024 being one of the best months.
The International Monetary Fund also discussed central bank digital currencies (CBDCs) this week. They have also raised the issue multiple times in the past and advocated for their use.
This week, the following crypto tokens witnessed the highest returns:
But these tokens suffered major losses:
In the upcoming week, Bitcoin’s dominance and price action will be a crucial indicator for the crypto market. If it holds its support levels over the week, one can expect to see a price hike taking shape soon.
Check out Millionero’s blog for the latest updates from the crypto industry!