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We had a positive week for most cryptocurrencies; here are the top-performing crypto assets we compiled for you. Accordingly, Bitcoin had a significant week along with the rest of the market due to the excitement and actual approval process for spot Ethereum ETF funds in the US. Weekly data shows UNI, PEPE, LDO, and ETH leading in gains among the larger altcoins.
Bitcoin Dominates the Week
On May 19, the largest cryptocurrency struggled to stay above $66,000 and fell below this level several times. On May 20, it similarly began to rise, but the end was nothing short of spectacular. Amid reports that the US SEC could approve eight spot Ethereum ETF funds that week, Bitcoin rose over $5,000 for the first time in six weeks, approaching $72,000, but Bitcoin couldn’t maintain its rise and began to lose value in the following days.
The worst price drop occurred just hours before the US securities regulator gave the green light to these financial products on May 23, and Bitcoin fell to $66,400. On May 24, the price recovered and rose to $69,000.
The weekend was quite calm, but Bitcoin managed to maintain the $69,000 level. Its market cap was close to $1.370 trillion, while its dominance over altcoins remained at 50.3%.
What’s Happening in the Altcoin Market?
As expected, the above-mentioned news significantly affected Ethereum. Ethereum quickly rose from $3,100 to over $3,900; this was the highest price tag since the beginning of April. The second-largest cryptocurrency also showed volatility with the SEC’s approval but currently stands close to $3,800 after gaining 22% last week.
DOGE, LINK, and APT also showed impressive increases over the week, but Uniswap and PEPE topped the charts. UNI rapidly rose by 44%, standing above $11, while PEPE saw all-time highs this week. In contrast, SOL, TRX, TON, and ADA remained in the red over the week. Nevertheless, the total crypto market value gained over $200 billion during this period and is now above $2.7 trillion.
