The new week starts with a softer tone after a strong weekend in crypto. Over the last two days, Ethereum climbed past $4,900 for the first time ever, finally setting a new all-time high after four years. BNB also reached a record near $900, and Solana jumped above $210, enjoying double-digit growth.
But the momentum cooled off overnight. On Monday morning, most of the market is slightly in the red. Ethereum slipped back under $4,700, down 2%. XRP lost 2% as well, falling below $3. Solana also gave up 2% after its weekend rally.
Read also: Windtree Delisted by Nasdaq Despite BNB Reaching Record High
Bitcoin Struggles to Keep Up
While altcoins had their moment, Bitcoin looks less convincing. It fell 2% today to around $112,000 and is also down about 2.5% compared to last week. By itself, that’s not a terrible performance – $112K is still higher than any Bitcoin price seen before this summer – but in the context of booming altcoins, it feels like the leader has lost some steam.
Bitcoin’s recent peak of $124K on August 14 is still fresh in memory, and the current weakness could be a sign of an “altcoin season”. Whether that narrative holds up will depend on how long coins like Ethereum, BNB, and Solana can keep outperforming.
Altcoins Take the Spotlight
Ethereum was the headline story of the weekend. Breaking through its $4,891 high from 2021, the coin touched new records before sliding back. Strong inflows into ETH ETFs and continued growth of corporate treasuries helped push it past the barrier that held for years.
BNB’s rally to $900 showed how institutional strategies and new developments around the token are feeding real price momentum. Solana’s surge above $210 added to the feeling that the market isn’t only about Bitcoin anymore. Today’s pullbacks are modest, and considering the scale of the weekend’s gains, most altcoins remain much higher than they were a week ago.
Macro Factors in Focus
Outside of crypto, traders are watching a packed week for markets. Nvidia reports earnings on Wednesday, and expectations are sky-high given its role in the AI boom. A blockbuster result could lift stocks further and support risk assets like crypto.
The other key moment will be Friday’s PCE inflation report, the Federal Reserve’s preferred measure. Economists expect core PCE to tick higher to 2.9% year-over-year. A softer number could reinforce hopes of rate cuts starting in September, something Fed Chair Jerome Powell hinted at last week in Jackson Hole.
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