As the end of June approached, unexpected breakthroughs began to come from Bitcoin and altcoins. The leading cryptocurrency has made about 9% profits to its investors in the last week. Ethereum, the most valuable altcoin in market capitalization, experienced an increase of 18%. It made its investors smile by showing a 16% increase in BNB and XRP, which are popular altcoins. Bitcoin had recently dropped to $18,000, the lowest value since November 2020. However, after a tough week, it recorded a noticeable increase.
The Federal Reserve (FED) hiked rates by 75 basis points for the first time in 28 years in mid-June. Later, signals were given clearly that the increase would continue. As a result, recession concerns prevailed in global markets, and recessions occurred. Recently, cryptocurrencies have also moved parallel with stock markets, as is often observed. Then the fall became inevitable. Behind these declines, the news of the layoffs of global stock markets was also very effective. Stuck at $20,000 levels after an adverse trend, Bitcoin (BTC) climbed above the critical level of $21,000 this week.
Among the Top 10 Most Valuable Cryptocurrencies, Only Solana Failed to gain back!
Bitcoin (BTC) has exceeded $ 21,400 as of the weekend and has brought its investors 9.1% in the last seven days. After the rapid rise of the leading cryptocurrency, Ethereum (ETH) took the attack and saw an 18% weekly rise. Ethereum, the most valuable altcoin, surpassed $1,240 over the weekend. Looking at the last 7-day performances, BNB increased by 16.4%, ADA by 9.5%, Dogecoin by 4.5%, and XRP by 16.2%. Solana’s SOL token, one of the fastest Blockchain networks, dropped 3.2% this week, making it the only losing coin among the top 10 most valuable cryptocurrencies. Despite these impressive rises, BTC fell by 55% and ETH by 67% in 2022.
Crypto Market Approaches $1 Trillion Value Again.
The year 2021 was a period when Bitcoin (BTC) and altcoins lived their golden age. In particular, BTC exceeded $ 67,000, attracting the attention of all investors globally. However, in 2022, due to increasing inflation, FED’s interest rate decisions, and increasing sales pressure, a contraction occurred in the market. The leading cryptocurrency, Bitcoin (BTC), has dropped below $20,000, and its market cap has dropped below $900 billion. However, as the end of June approached, BTC and altcoins started an upward trend again. Bitcoin saw the levels of $21,400 over the weekend. The cryptocurrency market has exceeded $960 billion.
Latest Status in Altcoins
While Bitcoin (BTC), the most valuable cryptocurrency in market value, took off, altcoins rose in parallel. Ethereum (ETH) surpassed $1,240 over the weekend. BNB is up 4% to $239; Cardano is up 6% to $0.50 and XRP is up 2.60% to $0.36.
Meme Tokens Are Recovering
While altcoins experienced a slight recovery, meme tokens such as Dogecoin (DOGE), Shiba Inu (SHIB), and Floki Inu (FLOKI) became the top-earning coins of the last week. Dogecoin rose 13.74% to $ 0.074. Inspired by the Doge, the Shiba Inu rose 4.46% to $0.0000115. Floki Inu, which did not fall off the agenda with its advertising efforts, had an increase of 4.91% and reached $0.000006906. Metaverse-focused tokens such as The Sandbox (SAND) and MANA rose by more than 10% and managed to put a smile on the face of their investors.
