Bitcoin price flirted with $25,000 while Ethereum broke through $2,000 before both lost steam

Bitcoin price pushed bravely closer to $25,000 for the third time in four days before retreating nearer the more familiar ground. At the time of writing, BTC is changing hands at $24,502.

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BTC/USD 4-hour chart | Source: TradingView

Bitcoin price tested $25,000 before dropping in weekend trading; ether falls

Bitcoin flirted with $25,000 over the weekend while Ethereum broke through the $2,000 barrier before both lost steam in early trading today. BTC had touched $24,974 on Friday, its highest since early June, and looked set to crack the $25,000 mark before the buying faded.

The largest cryptocurrency by market capitalization was recently trading at about $24,502, roughly flat over the past 24 hours and slightly lower than where it started the weekend, although investors remained cautiously optimistic about recent economic indicators showing inflation waning and a lower likelihood of a recession. Bitcoin has climbed the past three weeks to change hands toward the upper end of a $20,000 to $24,000 range.

Ethereum showed more initial momentum, reaching $2,022 in early morning trading Monday before slipping back. ETH is still up 14% on the week and has reached highs last seen in late May as the world’s second-largest cryptocurrency rallies ahead of the upcoming network “Merge”, which will transform the Ethereum protocol from proof-of-work to a faster, less energy-sapping model looms closer. Ethereum completed its third and final test environment network (testnet) merge, Goerli last Wednesday.

Cardano fell 5% after earlier rallying 7% to a two-month high of $0.59. DOGE rose 12% to $0.8, the highest since early June. SHIB surged 38% to hit $$0.00001774 — its highest since early May — before retreating 4%. SHIB recently overtook DOGE in the number of Twitter followers it has with over 3.4 million — an important metric for a token that is heavily dependent on the popularity of its “meme” to drive price movement.

“Shiba Inu has been on the move this weekend and is up +34% in the past 24 hours while crypto has been fairly flat. Not so coincidentally, whales have been very active on SHIB. There have been 433 transactions valued at $100k+, the most in 4 months”, Santiment reported.

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Leading “memecoin” tokens Dogecoin (DOGE) and Shiba Inu token (SHIB) jumped, with DOGE re-entering the crypto top 10 by market cap.

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