Crypto Week Ahead: BTC, ETH Show Signs Of Growth, Market Could See An Upswing

Over the past seven days, Bitcoin (BTC) price achieved a high of $28,337.39.

Bitcoin (BTC) and Ethereum (ETH), managed to show signs of life after days of slump, as the two coins managed to climb up to the $28,000 and $1,900 range, respectively. Alongside, other popular altcoins are also seeing a sudden rally. The price surge could largely be attributed to the resolution of the US debt ceiling deadlock, leading to increased investors’ confidence and stronger trading. It can be expected that the current positive outlook may continue in the coming days.

Before we proceed further, readers should note that the overall crypto market and coin prices are extremely volatile in nature. There are no foolproof methods to ascertain how cryptocurrencies are expected to behave in the future. This article is aimed at helping investors stay on top of the current market scenarios and the biggest events that have already taken place as well as some upcoming occurrences that are worth noting. Investors are advised to do their own research before taking any call. 

Crypto Prices Over The Past Week

Last Monday (May 22), the overall crypto market cap stood at $1.12 trillion. BTC price stood at around $26,660, ETH price stood at around $1,800. 

A week later, the overall market cap managed to rise up to $1.16 trillion, as per CoinMarketCap data. 

DeFi's total volume stands at $2.31 billion, at 6.86 percent of the total market 24-hour volume. In case of stablecoins, the overall volume stands at $30.63 billion, at 91.09 percent of the total 24-hour market volume.

BTC dominance, at the time of writing, stood at 46.65 percent.

Over the past seven days, Bitcoin achieved a high of $28,337.39 (on May 29) and a low of $26,122.90 (May 25), showing signs of a relatively stable run.

Ethereum, on the other hand, saw a high of $1,922.52 (May 29) and a low of $1,774.72 (May 25).

Crypto Events To Note

In a first for the world of Formula 1, ticket distributor Platinum Group issued NFT race passes to mark the Monaco Grand Prix, which took place on Sunday. Along with an entry into the race, the NFTs delivered hospitality benefits as well as discounts in future races. With this, Formula 1 became the latest global sport to make its presence felt in the digital assets space. 

Additionally, Thailand has granted regulatory approval to Gulf Binance, a collaboration between Binance, a prominent provider of blockchain and cryptocurrency infrastructure globally, and Gulf Energy, one of Thailand's major private power producers.

While the above events are largely expected to lend to an overall positive enthuse among investors, a handful of negative events could prove to be a dampener. The most notable of these involve South Korea-based crypto exchange Coinone. A former company executive has admitted to accusations of receiving bribes in exchange for the inclusion of particular digital currencies, according to a local news reports. 

It remains to be seen if this snowballs into yet another FTX-like fiasco. 

What Crypto Traders Are Saying About Current Market Scenario

Mudrex co-founder and CEO Edul Patel told ABP Live, “The new week started with most cryptocurrencies witnessing a positive trend gaining momentum as the market reacted to key developments such as the White House's announcement of a successful resolution to the debt ceiling crisis and better-than-expected personal consumption data from the US. Bitcoin has been currently changing hands above the $28,000 level experiencing a surge over 3 percent over the past 24 hours and recovering from its weekly gains. If Bitcoin manages to exceed the resistance level at $28,500, it has the potential to continue its upward trajectory in the near future.”

WazirX Vice President Rajagopal Menon offered his take, “Bitcoin skyrockets to a two-week high on investor optimism after a US debt limit increase deal. Congress approval is crucial to avoid default. Rising Treasury yields and expectations of monetary tightening add potential headwinds.” 

Disclaimer: Crypto products and NFTs are unregulated and can be highly risky. There may be no regulatory recourse for any loss from such transactions. Cryptocurrency is not a legal tender and is subject to market risks. Readers are advised to seek expert advice and read offer document(s) along with related important literature on the subject carefully before making any kind of investment whatsoever. Cryptocurrency market predictions are speculative and any investment made shall be at the sole cost and risk of the readers.