Once again, the cryptocurrency realm has witnessed some notable events in the last week, and has over the past few weeks shifted, leaving investors wary over the impacts these news have to the general market.
While Bitcoin (BTC) and other well established cryptos have not witnessed any major price changes, the speculation around them is quite varied, especially after the inauguration of Donald Trump who is known to be pro-cryptocurrency.
In the meantime, some of the recent trends and developments have catapulted meme coins such as Shiba Inu (SHIB) and VINE into the limelight.
BTC & Top Crypto Mainly Consolidate
Bitcoin’s trading consolidation movement continues as the price is burning sideways while the market anticipates gains post Trump’s inauguration. It turned out there were no gains and Bitcoin closed the week at around $105K. That marks a 0.1 percent increase for the crypto over the last 7 days.
Although Bitcoin is consolidating, it seems there is bullish news for the crypto arranged in the business. The recent rescindement of SAB 121 has advanced some optimism about Bitcoin’s potential in the long run.
Further ahead, Semler Scientific stated plans to raise $85 million in convertible notes to invest in BTC and it has oiled the investor interest, paving a bullish path for the coin.
In addition, BlackRock made the move of seeking U.S. SEC approval for a new redemption model for the iShares Bitcoin Trust, adding to overall positive sentiment in the market resoundingly. Proportionate to this, the asset is continuing to consolidate, inducing a lot of speculation and uncertainty in the investor’s community.
According to the reports, it seems that China is estimated to have dumped around 194K BTC, which coincides with the constant consolidation and wider bullish developments.
ETH & XRP Market Uncertain
XRP and Ethereum (ETH) markets have had similar price movements this week. By the end of the week, Ethereum traded at $3,300, having maintained a 0.5% increase in price. Likewise, XRP saw sideways movement while staying above the $3 mark.
The spike in sentiment concerning the market is an effect of Ethereum’s consolidation which brought about confusion after its open interest (OI) increased. While the new XRP ETF filings this week brought about new consolidation for XRP, Ethereum has also experienced some speculation amongst investors.
Meme Crypto SHIB & VINE Spark Buzz
At the same time, doggy cryptocurrency SHIB and VINE meme tokens have come to the fore, with the dog-themed crypto seeing ecosystem advancements and VINE getting significant listings as interest in the market intensifies.
It is worth noting that Shiba Inu coin community has offered an innovative solution by launching ‘ShibOS’ (Shiba Operating System) aimed at providing users with multiple use cases around effortless Web2 to Web3 migration.
On the other hand, as rumors of the Vine social media app are gaining hype, the Vine meme coin has become increasingly popular.
Interestingly, the coin is on the bullish side, getting more listings, increased OI, and enabling traders to make huge profits. So much so that the Vine meme coin price may touch $1 as reported by CoinGape.
So far, the abovementioned documents came out as the most talked pieces of information which CoinGape had gathered over the last week.
