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BTC Price Taps $60K for the First Time in 9 Days, DOGE and SHIB Jump by 4% (Weekend Watch)

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Bitcoin’s weekend revival continues as the asset skyrocketed to over $60,000 for the first time since last Friday’s massacre after the unsuccessful assassination attempt against Donald Trump.

Several altcoins have performed even better in the past day, including DOGE, NEAR, SOL, and others.

BTC Jumps Above $60K

Perhaps driven by uncertainty from the Mt. Gox BTC distribution and the actions of the German government, the primary cryptocurrency dumped hard 9 days ago from over $58,000 to a multi-month low of under $54,000.

The bulls initiated a recovery attempt that was first stopped but resumed at the start of the last business week. Moreover, bitcoin topped $59,000 on a few occasions, the last of which came after the favorable US CPI data from Thursday.

However, it failed to keep the momentum going and retraced to $56,500 on Friday evening, but reclaimed some ground on Saturday and stood at around $58,000. The unfortunate events surrounding US presidential candidate Donald Trump led to more volatility in the market, but the failure of the assassination attempt resulted in a rally for BTC and most of the market.

More specifically, bitcoin jumped to over $60,000 for the first time since the previous Friday and now sits there as well. Its market cap has neared the $1.2 trillion mark, while its dominance over the alts has increased to over 51%.

Bitcoin/Price/Chart 14.07.2024. Source: TradingView
Bitcoin/Price/Chart 14.07.2024. Source: TradingView

Alts See Green

Aside from all Trump-related tokens skyrocketing by double-digits, most other larger-cap alts have turned green now. Ethereum has tapped $3,200 after a 2% increase, while BNB has neared $540 after a minor daily jump.

More impressive gains come from the likes of Solana (4%), Dogecoin (4%), and Shiba Inu (3.6%). The mid-cap alts have produced massive gainers as well, with ICP leading the pack with a 9.5% surge. APT, NEAR, and MKR follow suit.

The total crypto market cap is up by more than $110 billion since Friday and $50 billion in a day to $2.330 trillion on CG.

Cryptocurrency Market Overview. Source: QuantifyCrypto
Cryptocurrency Market Overview. Source: QuantifyCrypto
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Disclaimer: Information found on CryptoPotato is those of writers quoted. It does not represent the opinions of CryptoPotato on whether to buy, sell, or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk. See Disclaimer for more information.

Cryptocurrency charts by TradingView.

Cryptocurrency

Ethereum Price Analysis: Is ETH Staging a Push Toward $2.8K or Facing a Crash to $2K?

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After breaking below the ascending flag pattern, Ethereum has retraced to retest the broken trendline. Should the selling at this level pressure intensify, a deeper decline toward the $2K support zone may follow.

By Shayan

The Daily Chart

ETH recently broke down from its ascending flag pattern, triggering a corrective phase. After finding strong support around the $2.1K level, the cryptocurrency bounced and retraced toward the broken trendline at $2.4K, where it now appears to be encountering resistance.

Despite the rebound, the lack of significant volatility and waning momentum around this key level suggests that buyers are exhausted. If the selling pressure intensifies here, ETH is likely to complete its pullback and extend its correction.

In this case, the $2K mark is emerging as the next key defensive zone where the bulls may attempt to regain control.

eth_price_chart_2706251
Source: TradingView

The 4-Hour Chart

Zooming into the 4-hour timeframe, ETH initially found strong support within the 0.5–0.618 Fibonacci retracement zone, a historically reliable level during corrections.

The sharp reaction from this range led to a quick move upward. However, the rally has now stalled precisely at the previous flag’s lower boundary, which currently acts as resistance near $2.4K.

This rejection increases the probability of another downward leg, unless the buyers are able to swiftly reclaim control. The $2.1K zone, which overlaps with the Fib support, remains a key battleground.

As long as this area holds, the market structure retains a bullish bias. If breached, however, it may pave the way for a deeper decline toward $2,000.

eth_price_chart_2706252
Source: TradingView

By Shayan

The funding rate metric serves as a crucial gauge of trader sentiment within the futures market. Typically, in a healthy and sustainable uptrend, funding rates increase steadily, reflecting growing interest from long position traders across both the perpetual futures and spot markets.

However, recent trends reveal a decline in Ethereum’s funding rates, signalling waning bullish momentum and potential buyer fatigue. This shift raises the probability of a short-term rejection and deeper corrective movement.

That said, as funding rates approach the neutral zone near zero, it may suggest a reset in leveraged positions, indicating that the market is cooling off. This environment often precedes renewed demand and could pave the way for a strong bullish continuation once the current consolidation phase concludes.

eth_funding_rates_chart_2706251
Source: CryptoQuant
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Disclaimer: Information found on CryptoPotato is those of writers quoted. It does not represent the opinions of CryptoPotato on whether to buy, sell, or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk. See Disclaimer for more information.

Cryptocurrency charts by TradingView.

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XRP Surpasses BTC, ETH in This Surprising Metric Despite SEC Lawsuit Roadblock

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TL:DR

  • Ripple’s lawsuit resolution against the US SEC will have to wait even longer as Judge Torres denied the two parties’ joint motion for an indicative ruling.
  • However, this seemingly negative development has turned the community bullish on XRP, according to data from Santiment.

As the analytics company informed, the bullish vs. bearish posts on social media in regards to the fourth-largest cryptocurrency have skyrocketed to a 17-day high.

Consequently, XRP has surpassed the two biggest digital assets by market cap, bitcoin and ether, both of which are performing a lot better in terms of price actions in the past week or so.

BTC managed to reclaim the $100,000 line after its brief hiatus below it and now sits at around $107,000 as the geopolitical environment in the Middle East improved. ETH also recovered from its substantial slump and is back to $2,400.

In contrast, XRP’s price has been trading downward for weeks and is currently below $2.1 after another 3-4% daily drop. The latest setback took place yesterday following Judge Torres’s decision to deny the joint motion filed by Ripple and the SEC for a quicker resolution in their lawsuit.

Nevertheless, it’s not all doom and gloom as the XRP token saw a major adoption announcement earlier this week, as you can check here.

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Is Ethereum (ETH) Seriously Undervalued Right Now? Many Whales Bet On It

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Ethereum (ETH) began climbing again this week, along with the rest of the market. However, it remains trapped under the $2,879 level for now.

Even as it struggles to spearhead the much-anticipated “altseason,” its network activity is telling a louder story.

Historic Activity on Ethereum

On June 25, Ethereum recorded 1,750,940 confirmed transactions. This was the third-highest daily count in its history and breaking a months-long downward trend in on-chain activity.

The “Ethereum: Transaction Count (Total)” metric captures all confirmed network transactions, including ETH transfers, DeFi operations, smart contract executions, and DApp interactions, and gives a clear insight into real usage. Such high activity levels have not been seen since January 14, 2024, when the cryptocurrency set its all-time high record with 1,961,144 transactions before usage gradually declined.

The latest spike comes even as ETH’s price has shown volatility, ranging between and $2,111-$2,879 over the past month, as traders, DeFi protocols, and arbitrage bots actively adjust positions in real time. This divergence between price weakness and strong on-chain activity suggests a potential early signal of accumulation and renewed DeFi interest, even if it is not yet reflected in ETH’s market valuation.

Meanwhile, institutional and retail interest seems to be steady, with stable ETH holdings on exchanges and rising transaction volumes on Layer 2 networks like Arbitrum and Optimism, which continue to handle a significant share of Ethereum’s daily settlement activity.

CryptoQuant said that these developments point to deeper structural resilience in the network’s usage patterns.

“These developments reinforce Ethereum’s pivotal role in the broader crypto ecosystem and suggest that the network’s recent on-chain spike is not an isolated event, but part of a deeper structural recovery.”

Amid these signals of underlying strength, whale activity has emerged as another key indicator reflecting deep-pocketed confidence in Ethereum.

Whale Purchases Accelerate

Whales continue aggressive ETH accumulation, rapidly draining exchange supplies. Investor Ted Pillows highlighted one whale’s $8.91 million ETH purchase via Galaxy Digital yesterday, adding to $422 million in Ethereum amassed within a month.

These large-scale buys suggest mounting confidence among whales, even as overall market sentiment remains cautious.

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