- Published on
Ether leads crypto's hold above key levels as bitcoin steadies over $63,000
- Authors
- Name
- DeepHorus
Ether led major cryptocurrencies higher over the past week, rising about 12% as bitcoin held above $63,000 and reclaimed its late-June losses. Bitcoin traded around $63,207 on Monday, little changed on the day but up 5.5% over seven days, according to CoinDesk data. The gains came despite a cautious backdrop, with a stalling rebound in AI and chip stocks and a stronger dollar keeping market sentiment in check.
For most of the past quarter, money has rotated out of crypto and into chip and AI stocks, a pattern that often dragged token markets lower when the technology rally faltered. However, this time crypto prices stayed firm even as the AI- and chip-driven stock rally lost momentum. South Korea's Kospi fell 1.4% as Samsung Electronics and SK Hynix declined, and an MSCI gauge of Asian chipmakers slipped, reflecting renewed doubts about the durability of the AI rally.
Ether was the top performer among major cryptocurrencies over the week, rising 12.4% to about $1,777. Other notable gainers included Hyperliquid's HYPE, up 14.6%, Solana with an 11.2% weekly rise, and XRP at $1.14, up 9.4%. BNB and dogecoin each gained around 5.5%. Bitcoin's hold above $63,000 is seen as an early sign of a more durable recovery, though traders remain cautious.
The stronger dollar, which rose against all major peers, poses a headwind for crypto, as it has tracked the currency's moves over the past quarter. Brent crude fell 0.6% to about $71.70 a barrel, easing some inflation pressure ahead of U.S. price data due later in July. The coming inflation print is expected to be a key catalyst for the next move in crypto markets.
Traders assess that bitcoin's stability above $63,000 may be the recovery's first real sign of staying power. However, a still-strong dollar and an uncertain AI trade leave the market without a clear catalyst for further gains. Crypto's resilience amid a wobbling AI trade is a shift worth watching, as it breaks the recent pattern of correlation between the two asset classes.
Looking ahead, the next move for bitcoin and ether likely hinges on the U.S. inflation data and whether cryptocurrencies can hold their ground as full-volume trading resumes. If the majors continue to stay firm, it could signal a more sustained recovery, but the absence of a clear positive catalyst and persistent headwinds suggest caution remains warranted.
