Illustration by Mitchell Preffer of Decrypt.
Bitcoin hit a new all-time high on Tuesday, surging past its November 2021 US record of $69,044 before falling again.
Then on Friday, it rose again, this time to more than $70,000. This is noteworthy considering this coin is trading for less than $17,000 in January 2023.
Bitcoin’s rally was supported by record trading days for spot crypto exchange-traded funds (ETFs). BlackRock’s iShares Bitcoin Trust is particularly popular.
of bitcoin price It currently stands at $68,413, up 10% over the past week, according to CoinGecko data.
And Ethereum, the second largest digital asset, reached $4,000 for the first time since 2021. Soared 13% in 7 days; ETH price Price is $3,894.
However, this week’s gains for these two largest coins have been fairly tame compared to other assets. First, the value of meme coins has skyrocketed. Shiba Inu (SHIB) is the winning asset among the top 20 digital coins and tokens after soaring nearly 135% this week.
Rival Dogecoin has performed extremely well this week, nearly doubling in price. It has since fallen and currently stands at $0.1749. Hitting $0.19 on Monday, Elon Musk’s favorite stock is still up more than 27% over the past seven days.
Elsewhere, Solana, the fifth-largest digital asset, broke above the $150 price range on Friday for the first time since January 2022. The token behind the Ethereum-competing blockchain is currently priced at $145.82, up more than 13% over the past week. .
Bitcoin spinoffs such as Bitcoin Cash also performed well, but their gains were short-lived. BCH, the 20th largest coin, rose nearly 40% in seven days at one point, but has now fallen to $430 after peaking above $450 yesterday. BSV is currently trading at $109, up over 6% for the week.
It’s worth noting that despite the surge in alternative stocks and their significant gains, most of them remain well below the all-time highs of the previous bull market in 2021. Many still have a long way to go.
Edited by Ryan Ozawa.
