Over the past week, the cryptocurrency market has witnessed significant events that could impact the price trajectory of major assets.
The first major news was the purchase of over $2 billion worth of Ethereum (ETH) by BitMine in just 16 days. The Bitcoin mining company announced that it had purchased 566,776 Ethereum worth over $2.03 billion during that period.
At the same time, Michael Novogratz, CEO of Galaxy Digital, predicted that if the price of Ethereum crosses $4,000, it will enter a new phase of price discovery and could even outperform Bitcoin in the next three to six months.
Meanwhile, some analysts, citing the unprecedented growth of global liquidity (M2), which has now reached $95.58 trillion, believe that the price of Ethereum should be above $8,000 and still has room for significant growth.
Meanwhile, the Ripple (XRP) market also experienced a volatile week. After reaching a high of $3.66, the cryptocurrency fell to $2.95 in one day, a total drop of 19%.
However, some analysts have described the move as a healthy correction and are still hopeful for double-digit price targets for XRP.
On the other hand, meme coins inspired by two legendary figures, Hulk Hogan and Ozzy Osbourne, experienced significant spikes after the announcement of the deaths of these two popular figures.
The emotional wave of fans of these two legends caused their commemorative tokens to grow significantly in a short period of time.
Market winners and losers last week
Among the top 100 cryptocurrencies on the market, the big winners of the week were: Conflux (CFX) with a 72.84% increase, Etna (ENA) with a 47.25% increase, and Penguins (PENGU) with a 35.84% increase in price.
Conversely, the main losers of the week included these tokens: Pump.Fun (PUMP) down 41.74%, Sonic (S) down 11.04%, and Aptos (APT) down 9.38%.
