Bitcoin, Ether, XRP, and more: Crypto to watch this week

The cryptocurrency market is in turmoil amid widespread investor panic and looming recession fears. Yet, despite the downturn in the crypto market, some experts are suggesting that now is the time to buy.

Here are some cryptocurrencies to watch this week.

Bitcoin

The price of Bitcoin dropped from $70,000 to $50,000 in just one week. In the past 24 hours, the leading cryptocurrency has declined by more than 15%, and in the past week by more than 26%. It’s important for investors to keep an eye on the flagship cryptocurrency, as it influences the prices of others in the crypto market.

Ether

Ether, the second-largest cryptocurrency by market capitalization, dropped to $2,200 – a level it has not seen since December 2023. Its performance has worsened as spot Ether ETFs experienced significant outflows in the past few days, totaling a net outflow of $511 million since its launch. After reaching rock bottom, Ether is expected to rise.

Solana

Solana, an Ether rival, has fallen over 40% in the last week. The blockchain network hosts many decentralized applications, or dApps, and is known for its speed and cost efficiency. Investors are closely monitoring the cryptocurrency, which is also expected to reverse course in the near future. Solana is hovering around $126.

XRP

XRP has experienced a 20% decrease in value over the past week. However, it is important to monitor the cryptocurrency as the Securities & Exchange Commission (SEC) has recently changed its stance on XRP, stating that it is not a security. In its Q2 report, Ripple hailed its legal victory against the SEC as a milestone for the industry. XRP is currently trading at $0.47.

Dogecoin

Dogecoin also suffered due to a massive selloff, with a more than 30% drop in a week. However, the largest meme coin follows Bitcoin’s lead, making it worth monitoring for investors this week. Dogecoin is currently priced at $0.09 per coin.