The cryptocurrency arena is ablaze as Ethereum (ETH) edges closer to the $4,000 mark, fueled by the recent approval of spot Ether exchange-traded funds (ETFs) by the SEC.
Monday saw a surge in crypto markets, with Ethereum marking a 3.5% leap, pushing its weekly gain to an impressive 27%. Meanwhile, Bitcoin is back above the $70,000 threshold, and Solana witnessed a 2% appreciation, according to CoinGecko data.
Notably, Ethereum-based meme coin PEPE skyrocketed by 80% over the past week, boasting a market capitalization nearing $7.2 billion, surpassing Polygon (MATIC) and closing in on Uniswap (UNI). This surge in PEPE catalyzed a rally in the Ethereum memecoin sector, with TURBO witnessing a staggering 450% surge and MOG and WOJAK up by over 150%.
Over on Solana, BONK leads with a 52% weekly gain, accompanied by a 22% rise in WIF. Michael Van de Poppe, CEO of MN Trading, highlights the importance of Bitcoin breaching the $70K mark on a Low Time Frame (LTF) basis, predicting a new All-Time High (ATH) once achieved. Data from Farside reveals over a billion dollars flowing into Bitcoin ETFs last week.
Additionally, CoinGlass data indicates crucial liquidity zones forming around the $68,100 and $68,900 price levels, suggesting significant support or resistance points that influence price dynamics as traders zero in on these levels.
In parallel, as the political landscape heats up, former U.S. President Donald Trump emphasized America’s pivotal role in the cryptocurrency domain, underlining the nation’s aim to lead in this burgeoning industry. With the U.S. stock market closed on Monday for Memorial Day observance, the cryptocurrency realm continues to capture investors’ attention with its dynamic movements.
