Last Week in Crypto: Highlights in the World of Cryptocurrencies
As we kick off another exciting week on Monday, May 13th, 2024, at 9:00:45 AM EST (3:00:45 PM CET), we delve into the latest price action of the top ten cryptocurrencies, as per Coin Market Cap. Join us as we analyze these figures and anticipate how the market will unfold throughout the week. Subsequently, we will compare these prices with the closing figures of Friday, May 17th, 2024, at 6:00:00 PM EST (12:00:00 AM CET), to gain insights into the week’s market trends and fluctuations.
| CRYPTO | INITIAL | % CHANGE | FINAL |
|---|---|---|---|
| BTC | $62,836.27 | 6.37% | 66,839.05 |
| ETH | $2,968.54 | 4.03% | $3,088.12 |
| BNB | $593.80 | -2.38% | $ 579.65 |
| SOL | $145.96 | 15.02% | $167.89 |
| XRP | $0.5062 | 3.36% | $0.5232 |
| TON | $7.2372 | -8.53% | $6.62 |
| DOGE | $0.1448 | 7.39% | $0.1555 |
| ADA | $0.4576 | 8.68% | $0.4823 |
| AVAX | $33.30 | 9.31% | $36.40 |
Mastercard’s Bold Move: The Next Generation of Blockchain Payments
Mastercard has announced a significant expansion of its Start Path Blockchain and Digital Assets program, adding five innovative startups to its fintech accelerator. The program, launched on May 15, aims to explore and scale new blockchain and Web3 payment solutions. The selected startups—Kulipa, Parfin, peaq, Triangle, and Venly—will engage in a four-month journey, receiving bespoke training and access to Mastercard’s extensive network.
Get Ready to Meme: UNBLOCK App Welcomes MEME Coins to its Platform!
Exciting news for crypto fans! UNBLOCK app is now supporting MEME coins, adding a touch of humor and creativity to its diverse portfolio. Join the fun and explore the world of MEME coins on UNBLOCK today!
Mastercard’s initiative highlights a strategic focus on diverse currency formats and real- world problem-solving through blockchain technology. This move aligns with Mastercard’s recent partnerships, such as developing a DeFi credit card with Kima and testing distributed ledger technology with major U.S. banks. Through such collaborations, Mastercard is solidifying its leadership in the fintech and blockchain payment space.
Bitcoin ETFs Surge as BTC Nears $67K
Bitcoin ETFs are booming, with daily trading volumes hitting nearly $6 billion, a level not seen since late March. This surge coincides with Bitcoin’s price reaching new highs for May, approaching $67,000.
Data from Santiment revealed that on May 16, the seven largest U.S. spot Bitcoin ETFs managed $5.65 billion in volume, the highest since March 24. Nearly 1,000 U.S. firms now hold Bitcoin ETFs, highlighting growing institutional interest.
Hedge fund manager Thomas Kralow noted this trading surge as a positive market indicator. Even the Grayscale Bitcoin Trust (GBTC), known for previous outflows, saw renewed interest.
With Bitcoin maintaining strong support around $60K, analysts foresee continued bullish momentum, potentially driving BTC to new all-time highs.
Memecoins Surge as Retail Investors Flock In
Memecoins are the latest craze among retail investors, with Ordi and Dogwifhat leading the pack. Ordi token soared over 261% since its launch, while Dogwifhat jumped 117%.
Retail interest, rather than venture capital, is driving this boom. Analyst Lian noted that many retail investors are holding onto memecoins long-term, pushing six of the top-traded coins into the meme category.
Highlighting this frenzy, Pepe hit a new high on May 13, fueled by the return of Keith Gill, the GameStop short squeeze icon. One trader even turned $3,000 into $46 million during Pepe’s meteoric rise.
Crypto Rally: Bitcoin Soars, Ethereum Struggles
Despite a bullish rally in crypto markets, Ethereum is lagging behind Bitcoin. On May 15, total crypto market capitalization rose by 5.5% following positive U.S. inflation data. However, Ethereum, which last closed above $3,000 over five days ago, has underperformed Bitcoin by 22% since the start of 2024.
U.S. economic data showed a 3.4% year-over-year rise in CPI for April, aligning with expectations. But retail sales data, which remained flat, increased the likelihood of the Federal Reserve taking measures to stimulate the economy, benefiting scarce assets like cryptocurrencies.
Ethereum’s struggles are partly attributed to uncertainty surrounding the U.S. SEC’s upcoming decision on VanEck’s spot Ethereum ETF application, with analysts like Bloomberg’s Eric Balchunas doubting its approval this year. This hesitation has kept investors cautious, reflected in the neutral sentiment in ETH futures and options markets.
Additionally, Ethereum’s recent inflationary supply due to lower transaction fees is contributing to its dieiculty in surpassing the $3,000 resistance level.
Bitcoin Whales Accumulate as Price Surge Looms
Crypto analysts observe a surge in Bitcoin whale demand, hinting at a potential price jump in the coming weeks. Despite Bitcoin’s recent rebound from its reaccumulation range low, analysts predict it may take some time for the cryptocurrency to surpass its March all-time high.
While Bitcoin’s daily downtrend has broken, indicating upward momentum, experts caution that reaching new highs could still be weeks away. However, traders remain optimistic, foreseeing a significant price spike if current patterns persist.
Crypto analysis firm CryptoǪuant notes a resurgence in Bitcoin whale demand after a two- month downtrend, suggesting a stabilizing demand growth. With low Bitcoin balances on over-the-counter trading desks signaling strong demand, all eyes are on Bitcoin’s potential surge in the near future.
Sources:
https://cointelegraph.com/news/mastercard-blockchain-payments-startup-program
https://cointelegraph.com/news/bitcoin-etf-volumes-7-week-high-btc-price-67k
https://cointelegraph.com/news/over-80-binance-token-listings-loss-red
