Bitcoin Above $64,000 as Majors Lose Ground
Ether, XRP, and Solana were under pressure, while miners are increasingly moving their capacity to AI infrastructure. Venice's VVV token also reacted to strong revenue figures.
Key Takeaways
- Bitcoin rose above $64,000 on Tuesday and was the only major coin with a clear daily gain.
- Most majors fell; XRP was the weakest major coin, while Hyperliquid posted the strongest weekly performance.
- Bitcoin remains below key averages, while miners are moving more computing power to AI infrastructure.
Bitcoin climbed above $64,000 (€55,200) on Tuesday, making it the only major coin with a clear daily gain. While BTC rose a little more than 1%, most other majors moved lower, and the crypto market overall still felt weak.
Majors Remain Under Pressure
Ether fell half a percent to just below $1,900 (€1,640), although the coin is still up nearly 1% on the week. XRP dropped more than 1% to just below $1 (€0.86) and is down more than 2% this week, making it the weakest major coin. Dogecoin lost almost half a percent to 7 cents, BNB and Tron slipped slightly to just above $600 (€518) and 33 cents, respectively, while Solana was flat at just below $76 (€66).
Among the smaller majors, Hyperliquid stood out. HYPE rose nearly 1% to just above $59 (€51) and is up 7.5% over seven days, by far the strongest weekly performance in this group.
Technical Level for Bitcoin
According to Alex Kuptsikevich, chief market analyst at FxPro, Bitcoin has now traded below its 50-day moving average for four days after an earlier attempt to break above it. Over the longer term, the coin is also still below the 200-week moving average, which he says means sellers still have the upper hand in both the medium-term and very long-term trend.
The 50-day moving average is a closely watched indicator that shows whether recent buying pressure is holding up. As long as Bitcoin stays stuck in the $62,000 (€53,500) to $65,000 (€56,100) range, Kuptsikevich says that picture changes very little. In that same narrow range, Bitcoin options also remain expensive, which suggests traders are still expecting a breakout.
Miners Shift Toward AI
Under the surface, the Bitcoin network itself is also changing. According to Miner Weekly, publicly traded miners have cut their combined computing power by 21% over three quarters because they are moving capacity to AI infrastructure. That shift fits with weaker mining economics and with growing competition from AI for capital and electricity.
For European crypto investors, that matters because it shows the pressure on miners is not coming only from the BTC price, but also from broader demand for energy and infrastructure. That could further fuel the debate around the cost structure of mining and AI's role in the sector, without directly tying that to any price outlook.
Venice, the AI platform from serial crypto entrepreneur Erik Voorhees, meanwhile said it has reached $100 million (€86.3 million) in annualized revenue. The VVV token then rose 10% on the day to around $13.30 (€11).
