Bitcoin’s relatively static movements across the last seven days have led to an overall neutral crypto sector this week, although a few interesting events did create fruitful outcomes.
Bitcoin, along with other crypto tokens, has stayed in a fixed trading range during this week. Even Ethereum has been stable, without much volatility. BTC’s range has hovered around $68,000, with bulls providing firm support to the token. Meanwhile, the crypto sector could witness a slew of events in June, ranging from Ether ETFs to the US Fed’s monetary policy outcomes that could influence the crypto market.
This week, the crypto market cap ranged around $2.5 trillion, which is an optimistic signal. Bitcoin has held its dominance, but altcoins are catching up as well.
Encouraging news has also emerged from the stablecoin market. A recent report shed light on the fact that the stablecoin market surged in May 2024. It said, “In May, the total market capitalization of stablecoins rose 0.63% to $161bn, recording the eighth consecutive increase in the end-of-month market cap and the highest level since April 2022.”
It also highlighted that the rise coincided with the increase in daily trading volumes of stablecoins. A stablecoin research group was also formed in Japan as a partnership project.
The report also chronicled the progress of digital currency exploration worldwide. In May, countries like Nigeria, Saudi Arabia, Bahrain, and others had progressed well in their respective digital currency projects. Central bank digital currencies (CBDCs) have also occupied a major role in the overall crypto outlook.
The global crypto outlook also received significant bonuses from multiple blockchain projects. For instance, the payment company Mastercard conducted live transactions using its crypto credential feature. The project will now be available to Mastercard customers in Latin America and Europe. In Latin America, Argentina and El Salvador grabbed the limelight with talks on furthering their respective crypto initiatives.
Among investment products, the spot crypto ETFs continue to see increasing traction. This week, inflows in these crypto ETFs helped the crypto market avoid bearish price action. Two BlackRock funds also invested in the IBIT Bitcoin ETF. Online discussions regarding Solana ETFs have also started, but authorities haven’t commented on it officially.
One key driver of crypto has been the increasing demand for faster, borderless transactions. Mastercard has highlighted the need for blockchain remittances earlier in March. Blockchain networks eliminate the need for intermediaries, facilitating rapid global payments. Additionally, crypto offers a degree of financial inclusion for those lacking access to traditional banking systems.
Furthermore, the underlying technology, blockchain, holds immense potential for innovation beyond payments. Blockchain offers a secure and transparent way to record transactions, potentially revolutionizing sectors like supply chain management and record-keeping. As a result, private firms are increasingly exploring blockchains.
Here are the top-performing crypto tokens of the week:
These tokens shed the highest losses this week:
Check out Millionero’s blog for a comprehensive overview of the crypto sector and its latest updates!