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This Week in Coins: Bitcoin and Solana Jump, Rest of Crypto Market Rises
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This Week in Coins: Bitcoin and Solana Jump, Rest of Crypto Market Rises

Both Bitcoin and Solana cleared 11% gains over the past seven days, and Ethereum did nearly as well in the crypto market.

Bitcoin and all other major coins and tokens have made gains over a seven-day period after what looked like was going to be a boring week.

BTC was sitting still on Monday but by Thursday it was surging. 

The price of Bitcoin is now over $48,000 per coin, according to Coinstats. That’s over 13% rise over the week.

BTC Price Chart | Source: Coinstats

 

Crypto experts said that the surge was down to big investors who hoard lots of the cryptocurrency, picking up more of it this year, and tech-focused investors eyeing up the digital asset market.

See Also: Bitcoin Price Eyes $50,000 Target Amid Strong ETFs Inflows

Since the approval of 10 Bitcoin exchange-traded funds (ETFs) on January 10, the price of the biggest digital coin has dipped. 

This was down to a sell-off by Grayscale, but that appears to have eased now. As a result, money is flowing back into the asset.

The price of Ethereum (ETH) is also up significantly over seven days: it’s priced now at $2,498, a nearly 9% jump.

ETH Price Chart | Source: Coinstats

 

Developers finally set a date for the upgrade to the coin’s network—dubbed “Dencun”: March 13. 

It is hoped the upgrade will be the next step in upgrading the blockchain so it can handle far more transactions.

Other big news included Solana (SOL), the fifth biggest cryptocurrency by market cap. 

See Also: Watch Out! Pixels Airdrop Begins Ahead of Ronin Game’s Token Launch

It suffered a network outage on Tuesday for the first time in a year, causing the price of SOL to dip. When the problem was solved, the price jumped again.

It’s now up and trading for $109, an 11% increase over the week.

SOL Price Chart | Source: Coinstats

 

And privacy coin Monero (XMR) took a heavy hit after crypto exchange Binance said Tuesday that it would delist the coin. 

It jumped the next day but is suffering after dropping nearly 28% over the week.

Monero Price Chart | Source: Coinstats

 

That makes it one of the week’s worst performers. Its current price stands at about $118.14.

Disclaimer: The information provided is not trading nor financial advice. Bitcoinworld.co.in holds no liability for any trading or investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any trading or investment decisions.

 

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Crypto products and NFTs are unregulated and can be highly risky. There may be no regulatory recourse for any loss from such transactions. Crypto is not a legal tender and is subject to market risks. Readers are advised to seek expert advice and read offer document(s) along with related important literature on the subject carefully before making any kind of investment whatsoever. Crypto market predictions are speculative and any investment made shall be at the sole cost and risk of the readers.