Last week, crypto investors had a tumultuous week as prices fluctuated constantly due to various events.
On August 5, the market experienced a significant decline, with all cryptocurrency prices falling sharply. Bitcoin fell from nearly $60,000 to less than $50,000 in just 24 hours, representing a 20% drop. Other major cryptocurrencies, such as Ethereum (down more than 20%) and meme coins like PEPE (down 24%), experienced similar declines.
However, the market quickly recovered the next day as investors, particularly those who believed in cryptocurrency, took advantage of the opportunity to buy "discounted Bitcoin". BTC quickly returned to $55,000 on August 6, with a trading volume of $109.4 billion.
In addition to Bitcoin, Solana has received a lot of attention over the last week. On August 6, Solana set a new record against Ether (SOL/ETH) as the market recovered from its sharp decline. Two days later, SOL/ETH continued to set an all-time high of 0.0643, demonstrating Solana's consistent growth.
Many analysts believe SOL will continue to grow and reach $200, though there are risks that it could fall below $100.
Along with Solana, XRP received a lot of attention after Ripple won its long-awaited lawsuit against the SEC.
After four years of legal battles, Ripple was convicted of violating federal securities laws and fined $125 million.
However, XRP was determined not to be a security and could still be sold to Ripple's institutional investors. As a result, XRP's price skyrocketed by 20% to $0.63 following the news release and is now trading at $0.56, with a chance of falling to $0.55.
Crypto investors also received good news about cryptos that are related to Telegram. Firstly, Binance officially listed TON (Toncoin), the native cryptocurrency of the Telegram Open Network, with spot trading pairs including TON/BTC, TON/USDT, TON/FUSD, and TON/TRY.
Second, the popular tap-to-earn game Hamster Kombat added an Airdrop section, which provides opportunities to earn more HMSTR.
