Over the past week, the crypto world witnessed a mix of stability and turbulence. Bitcoin remained stable, hovering around $97,000.
The cryptocurrency market experienced varying levels of stability and turbulence over the past week. Bitcoin remained relatively stable, hovering around $97,000 with minimal price fluctuations. Despite a midweek drop from $98,000 to $91,000, the coin quickly recovered, showing an overall price change of 0.2%.
In contrast, Ethereum surged, climbing to a solid $3,700, marking a 12% increase compared to Bitcoin’s minimal gain. This performance is noteworthy, especially considering that Ethereum's price remained relatively stagnant for several weeks prior.
Cryptocurrency analyst, known as Wolf, pointed out a significant pattern forming in Ethereum’s market chart, suggesting potential price targets of $20,000. Another expert, VentureFounder, identified a “cup and handle” pattern aiming for a $7,200 target by the first quarter of 2025.
Among other major coins, XRP was this week’s standout performer, surging by 40% and nearing a price of $2. Positive sentiment was fueled by optimism over a potential conclusion of the legal battle involving Ripple.
On the downside, Solana saw a 4.8% dip, following its recent record high. The platform's market performance is likely influenced by its recent growth and subsequent market fluctuations.
The collective market capitalization has surpassed $3.59 trillion, with Bitcoin and Ethereum holding dominance.
In the legal arena, the decision by a US court overturned sanctions imposed on Tornado Cash, arguing that smart contracts aren’t property subject to sanctions, leading to a dramatic jump in TORN token’s value.
Further, Russia enacted legislation solidifying tax requirements for cryptocurrencies, recognizing them as property. The new law stipulates tax rates for individuals and businesses, impacting how gains from crypto assets are taxed.
From soaring coins to legal victories, this week has kept crypto enthusiasts on high alert.
