Bitcoin Charges Toward New ATH as Ethereum & Pi Network Lag Behind – Who’s Winning the Crypto Race?
Crypto markets are heating up, but not all assets are riding the wave equally. Bitcoin’s bullish momentum pushes it within striking distance of record highs, while Ethereum and Pi Network face headwinds. Here’s the breakdown.
Bitcoin: The Unstoppable Juggernaut
BTC’s price action looks like a rocket chart—minimal resistance, maximum hopium. Traders are betting big as institutional inflows surge, leaving altcoins eating dust.
Ethereum’s Scaling Struggles
ETH’s gas fees remain a punchline despite promises of scalability. The ‘ultrasound money’ narrative is getting drowned out by Layer 2 chaos and competitor chains.
Pi Network’s Reality Check
The ‘mobile mining’ project keeps teasing mainnet launches like a bad reality TV cliffhanger. Meanwhile, actual investors are losing patience—and faith.
The Bottom Line
While Bitcoin flexes its store-of-value muscles, the rest of crypto’s ‘next big things’ are stuck in development purgatory. As always in finance: follow the money—not the hype.
Bitcoin Inches Closer to Record Highs
Bitcoin, the world’s largest cryptocurrency by market cap, remains in focus this week after bouncing back from a weekend dip. BTC hit a low of $98,200 on Sunday, sparking concern among traders about a possible break below the $100,000 psychological barrier. However, bulls stepped in, pushing the price back up sharply.
By Wednesday, Bitcoin had recovered above $107,000, where it closed and stabilized. As of Friday, BTC is trading around $107,000, maintaining its upward momentum despite broader market caution. The strong recovery shows resilience and hints at another possible challenge of its all-time high near $112,000.
Analysts say Bitcoin’s recovery is fueled by macroeconomic optimism, including easing geopolitical tensions, continued institutional inflows into crypto ETFs, and the U.S. Federal Reserve’s potential interest rate cuts later this year.
Key levels to watch:
-
Support: $100,000
-
Resistance: $112,000
A clear breakout above $112,000 could ignite the next leg of the bull run, while failure to hold $100K may lead to increased volatility.
Ethereum Sees Network Growth Despite Price Consolidation
Ethereum’s price action remains subdued compared to Bitcoin. As of Friday morning, ETH is down 1%, trading at approximately $2,440. The token has struggled to break past key resistance zones despite improved network activity and growing adoption.
According to on-chain data, Ethereum’s daily transaction count rose from 1.23 million to 1.75 million this week, driven by a surge in active wallet addresses. This suggests rising interest in the ethereum ecosystem, even as price action remains range-bound.
Despite these positive fundamentals, Ethereum’s realized profit and loss remain low, and open interest across futures markets shows limited enthusiasm from Leveraged traders. This suggests caution ahead, especially as analysts debate whether ETH has completed its corrective cycle or remains vulnerable to further downside.
-
Support: $2,380
-
Resistance: $2,500 and $2,880
A decisive break above $2,880 WOULD indicate the end of the correction and could open doors for a rally toward $3,200. On the downside, failure to hold $2,380 might send ETH back to $2,100 or even $1,800, as some analysts warn.
Pi Network Faces Double-Digit Declines After Brief Rally
Pi Network (PI), a relatively new and speculative altcoin, is under pressure this week. The token dropped 2% in early Friday trading, following a 9% decline on Thursday. These losses are eating into the 28% rally Pi posted earlier this week, driven by social sentiment and speculative trading.
At the time of writing, Pi Network is attempting to hold above $0.50, a key psychological support level. It is currently trading NEAR $0.53, reversing from resistance at $0.66. Technical indicators suggest that if the token fails to hold $0.50, it could fall toward its weekly low of $0.49, increasing bearish pressure.
Key levels for PI:
-
Resistance: $0.66
-
Support: $0.50 and $0.49
Without renewed momentum or fundamental catalysts, PI Network could see deeper losses, especially as traders rotate into more stable large-cap assets.
Altcoin Market Trends: Mixed Outlook Amid Caution
While BTC’s strength has supported overall market sentiment, altcoins remain mixed. Popular assets like Solana (SOL), Cardano (ADA), and Ripple (XRP) are posting modest losses between 1–4% amid profit-taking and cautious sentiment.
Solana is retesting support near $140, while XRP continues to face headwinds from legal developments despite holding above $2.08.
Market-wide, trading volume remains moderate, suggesting a wait-and-see approach from both retail and institutional investors ahead of macroeconomic decisions and regulatory updates.
Conclusion: Bitcoin Leads, But Caution Prevails
As the week wraps up, Bitcoin remains a leader in the crypto market with its push toward record highs. Ethereum shows strong fundamentals but needs a technical breakout to confirm its bullish trend. Meanwhile, Pi Network struggles to hold gains in the face of market corrections.
Traders should remain cautious, focusing on support and resistance levels, and watch for macroeconomic signals and on-chain metrics to guide their short-term strategies.
Let me know if you’d like a visual chart summary or a tweet thread version of this article.
Post Views: 5