Weekly Crypto Analysis: Trends and Insights, July 22-29, 2024
During the week of July 22-29, 2024, there have been a significant number of movements bound to major cryptocurrencies. They were accompanied by noteworthy or huge development milestones that seem to have influenced the trend. Thus, let's dive deeper into the performance and major updates for Bitcoin, Ethereum, Solana, XRP, Cardano, and Dogecoin.
Bitcoin (BTC)
Bitcoin began the week quite stable, with significant fluctuations seen in its middle part. BTC saw a sharp decline after reaching $69,290 on July 25 and finally closed out the week at $68,871.98, down 0.55%. This is due to a mixture of several factors, especially because of the Federal Reserve interest rate decision, which put traders on edge.
Ethereum (ETH)
Ethereum followed in similar lines, peaking to $3,351.12 on July 25 before tumbling downwards to end the week at $3,336.82. The drop of 0.32 percent may be attributed to profit-taking activities ahead of the much-anticipated Ethereum 2.0 upgrade, shifting the blockchain networking protocol from a proof-of-work model to proof-of-stake.
Solana (SOL)
It has been a tough week for Solana, as prices fell from $190.87 to $189.38 for a 0.62 percent decrease. Yet another brief outage hit the network, not serving the investor sentiments very well, though the development team kicked right back into action after finding the fault.
XRP (XRP)
On the weekly charts this week, XRP was down from $0.6011 to $0.6034, off just 0.26%. Nevertheless, it goes without saying that the general trend has been at the backdrop of continued regulatory hurdles in the U.S., thus tainting investor appetite.
Cardano (ADA)
Cardano was resilient given the broad-based market sell-off. It opened the week at USD 0.4166 and closed the week off at USD 0.4141—a 0.48% drop. The community seemed to be quite optimistic, following the announcement of the Hydra update that could boost Cardano's scalability.
Dogecoin (DOGE)
Dogecoin was not left out either, as it moved downwards from $0.1326 to $0.13181 – a decrease of 0.57%. On the community side, DOGE remained active with non-stop discussions over new use cases and integrations.
Conclusion
This has been a highly eventful week, with much volatility and outside factors impacting market sentiment. As we move further, regulatory events and tech developments in the crypto space will be keenly watched for understanding and predicting market movements.
