Cryptocurrency prices had a bit of a stumble last week. The big daddy Bitcoin couldn’t quite break through that resistance level at $106,000, leading to a retreat in prices as traders decided to cash in on their gains. BTC was hanging around at $103,000 on Sunday, while Ethereum’s recent surge hit a roadblock.
Top cryptos to keep an eye on this week include Ripple (XRP), Trump Coin (TRUMP), and Zetachain (ZETA). XRP is taking center stage as CME Group gears up to launch the first cash-settled futures on Monday. These futures contracts allow traders to bet on or protect themselves against the future price of an asset without actually owning it physically. The launch of XRP futures is significant as it opens the door for financial services companies to create exchange-traded funds tracking XRP, similar to the ProShares Bitcoin ETF that follows CME Bitcoin futures.
Trump Coin is also making waves ahead of a controversial dinner where top holders will be meeting with the U.S. president on May 22. Speculations are rife that the price of Trump Coin may experience some turbulence before and after the dinner, especially with the presence of foreign big shots like Tron founder Justin Sun. The charts are already showing a double-top pattern, hinting at a potential bearish reversal. Some guests have already cashed out their coins at a hefty profit, and more selling pressure is expected as the dinner approaches and concludes.
Zetachain is another one to watch this week as it undergoes a significant token unlock. This emerging layer-1 network is set to unlock tokens worth $11.34 million on Monday, equivalent to 5.31% of its float. These monthly unlocks will continue for the foreseeable future, given its circulating supply of 828 million against a total supply of 2.1 billion coins. However, the network is facing challenges, with the ZETA token price plummeting by 18% from its recent peak. The total value locked in the network has also seen a decline from $26 million in January to $18 million.
Other notable crypto projects with scheduled unlocks this week include Pendle, Melania Meme Coin, Pyth Network, and Solana. Pyth Network’s unlock of $333 million tokens will be particularly noteworthy as it represents a staggering 58% of the float. As the week unfolds, all eyes will be on these cryptocurrencies as they navigate through potential price swings and market uncertainties. Not really sure why this matters, but hey, that’s the crypto world for you!
