Bitcoin Surges to $30K, Outpacing Most Altcoins: Weekly Cryptocurrency Summary

What a week it has been! It’s fair to say that being a bear over the last seven days has likely been challenging. The cryptocurrency market surged past $1.2 trillion, driven by significant gains from most coins, including Bitcoin. There’s much to explore, so let’s get started.

To begin with, Bitcoin’s price has risen an impressive 18% in the last week, trading above $30K at the time of this report. The week commenced positively as the price gradually increased over the weekend. However, it was on June 20th – Tuesday – that the bulls truly took charge. The price surged past $28K, and before long, it exceeded $29K as well.

After a brief period of stability, on Wednesday – the next day – the price skyrocketed above $30K and even reached $31K. The bulls required a moment to regroup, and BTC is currently stabilizing around the $30K mark.

But that’s not even the most astonishing aspect.

PEPE – the meme coin that has been making headlines in recent months – has surged by an astounding 66% in the past week and continues to impress. It has now become the 69th largest cryptocurrency by total market capitalization, and it may be reasonable to conclude that it is here to stay.

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The remainder of the altcoin market is also showing strong performance. Ethereum has increased by 13%, ADA by 12%, SOL by 12%, and so on. Some are lagging, which is to be anticipated. XRP has risen by only about 5%, while BNB is around 3%. Both of these cryptocurrencies have struggled to take advantage of the rally, likely due to the ongoing significant lawsuits faced by both Binance and Ripple against the US Securities and Exchange Commission.

The overall market gains appear to be linked to BlackRock’s filing for a spot Bitcoin ETF, which has also triggered a wave of additional filings as companies seem encouraged by the potential for approval. After all, BlackRock boasts a 575 to 1 approval rate.

Will the SEC finally approve a spot Bitcoin ETF? Given the Commission’s recent adversarial stance toward the industry, it is difficult to assess the likelihood of this happening. Only time will reveal the outcome.

Market Data

Market Cap: $1,210B | 24H Vol: $38B | BTC Dominance: 48.2%

BTC: $30,139 (+18.1%) | ETH: $1,875 (+12.5%) | BNB: $242 (+3.1%)

This Week’s Crypto Headlines You Can’t Miss

Binance.US Denies SEC Allegations Regarding User Funds Mismanagement. Binance submitted a motion earlier this week, challenging the US Securities and Exchange Commission for its inconsistent statements concerning the alleged “commingling” of client assets.

After $30K: 7 Factors for Bitcoin’s Price to Reach $40K According to ChatGPT. After BTC reached $30K earlier this week, we consulted ChatGPT about what must occur for the cryptocurrency to hit $40K. The response may surprise you.

Bitcoin Will be the Top Trade of the Decade, Says Gemini Co-Founder. Cameron Winklevoss is known for making bold predictions, and this latest one is no exception. In light of the recent surge in spot Bitcoin ETF filings, he believes Bitcoin will be the premier trade of this decade.

Bitcoin Price Reached $138K on Binance US: Here’s the Explanation. Bitcoin’s price surged to over $138K on Binance US. This spike was attributed to thin liquidity and diminishing market depth following recent regulatory challenges that affected the exchange, causing many investors and banking partners to withdraw.

3AC Founders Launch New VC Fund Linked to OPNX. The founders of the defunct crypto VC Three Arrows Capital – Su Zhu and Kyle Davies – are back in action. They have now established a new venture capital firm named 3AC Ventures.

PEPE Surges 40% Amid Overall Crypto Market Recovery. PEPE is this week’s top performer among the top 100 cryptocurrencies by market capitalization. It skyrocketed by an impressive 70% in the past week following the broader market rebound and strong performance.

Charts

This week, we present a chart analysis of Ethereum, Ripple, Cardano, Dogecoin, and Shiba Inu – click here for the complete price analysis.

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