In what has been a relatively quiet week for the crypto market, most cryptocurrencies witnessed a downward trajectory.

While attention continues to be drawn to meme coins, with developers exploring unconventional methods to gain exposure, more established cryptocurrencies that saw significant gains in the previous week faced declines. Bonk, a meme coin built on the Solana blockchain, experienced a drop of nearly 15%, currently trading at $0.00002342.

Amidst these fluctuations, Ethereum, the second-largest cryptocurrency, encountered notable challenges compared to its peers, recording a nearly 7% decrease over the week to reach $2,927. The asset’s decline can be partially attributed to an ongoing high-profile lawsuit by software company Consensys, alleging that the SEC has been deliberately impeding participants in the Ethereum ecosystem.

Nevertheless, there are indications of potential improvement as funds flowed into Bitcoin-based Traditional Finance (TradFi) products for three consecutive days this week. However, experts caution that it may take time for Bitcoin to reclaim its all-time high, with the ultimate outcome likely influenced by the actions of the U.S. central bank.

Recent options data from Binance has revealed a concentration of open interest in bitcoin options at a strike price of $75,000 for the end-of-June expiry, according to market analyst Ruslan Lienkha. Lienkha noted that this concentration of open interest corresponds with Bitcoin’s historical peak. In mid-March, bitcoin reached a peak value of over $73,000.

Against the backdrop of a growing market, lovers of all sorts of analysis are looking for more and more new assets that, in their opinion, show the strongest correlation with Bitcoin. The last time I came across an article about the correlation between BTC and NVIDIA was in March. To my opinion, there’s only one correlation to be found here, and I have a term for it – the expanding bubble. Crypto, AI – what’s the difference. But fear not – strategists at Citi said AI is the bubble but could last into 2025, according to Investing.com