In the last 24 hours, Solana’s SOL and XRP saw a 5% increase, leading the gains among major cryptocurrencies on Saturday, while Bitcoin (BTC) faced resistance at the $84,000 level.
SOL experienced a 7% surge as a contentious SIMD-0228 proposal concluded late Thursday, favoring those opposed to it and maintaining the current inflation schedule. This proposal witnessed the highest voter turnout in Solana’s governance history, as reports indicated that many opponents believed its approval could disrupt parts of the flourishing DeFi ecosystem and diminish further institutional interest.
XRP also rose 5%, buoyed by a successful week for Ripple Labs, which obtained a payments license in the UAE. Additionally, it is reportedly nearing a resolution in its long-standing legal battle with the U.S. Securities and Exchange Commission.
On Friday, memecoins rallied, with pepecoin (PEPE), toshi (TOSHI), dogecoin (DOGE), and other tokens jumping as much as 40%, introducing volatility for traders amid a largely stable market.
TOSHI, based on Base, soared 38%, leading the gains, while PEPE climbed as much as 12% before trimming its gains in the European afternoon. Meanwhile, Base’s KEYCAT skyrocketed over 100% after developers announced a partnership with Acheron Trading, their designated market maker, intending to enhance liquidity and broaden the token’s market presence.
This broader memecoin rally signifies a shift in trader sentiment as Bitcoin (BTC) trades sideways, nudging speculators toward higher-risk, higher-reward assets.
BTC concluded the week down 3%, faring slightly better than the previous two weeks, during which it experienced extreme volatility, fluctuating between $75,000 and $95,000—representing a decline of as much as 20% from a January peak above $108,000.
Consequently, traders continue to monitor macroeconomic factors and decisions regarding rate cuts for guidance on their positioning.
“The recent slowdown in inflation supports the argument for possible rate cuts later this year,” Agne Linge, head of Growth at WeFi, stated in an email to CoinDesk. “However, rising geopolitical and economic tensions, particularly from the ongoing trade war, complicate the Federal Reserve’s policy path.”
Bitcoin has undergone significant price fluctuations over the last two weeks, oscillating between $79K and $85K due to increased macroeconomic uncertainty. This rapid price volatility indicates Bitcoin’s growing sensitivity to macroeconomic factors, suggesting it is acting more like a risk-on asset rather than a traditional store of value. Such volatility is likely to continue in the upcoming weeks as geopolitical tensions and macro uncertainties influence market sentiment,” Linge added.
Alex Kuptsikevich, chief market analyst at FxPro, informed CoinDesk in an email that traders should watch for a robust breakout above the $89,000 level for a shift to a bullish stance. “Only if the market surpasses its 200-day moving average can it be taken as a signal for a return to growth. For the time being, the market dynamics appear to be nothing more than a rough downtrend,” Kuptsikevich noted. “Bears are regaining dominance in the market on rebounds to the $83,500 area.”
