Illustration by Mitchell Preffer for Decrypt.
Bitcoin and all other major coins and tokens have posted gains in seven days after a seemingly boring week.
BTC was stationary on Monday but rose sharply on Thursday. According to CoinGecko, the price of Bitcoin is now well over $47,000 per coin. That's an 11% increase over the week.
Experts spoke to Decrypt and said the rise was due to large investors hoarding large amounts of cryptocurrencies and acquiring more of them this year, and technology-focused investors eyeing the digital asset market.
Since the approval of ten Bitcoin exchange-traded funds (ETFs) on January 10, the price of the largest digital coin has fallen. This was due to a sell-off from Grayscale, but that appears to have now leveled off. This causes money to flow back into the asset.
The price of Ethereum (ETH) has also increased significantly in seven days: the price is now at $2,498, an increase of almost 9%.
The developers finally set a date for the coin network upgrade – called “Dencun”: March 13th. It is hoped that the upgrade will be the next step in upgrading the blockchain to allow it to process far more transactions.
Other big news included Solana (SOL), the fifth-largest cryptocurrency by market cap. On Tuesday, the network outage occurred for the first time in a year, causing the price of SOL to plummet. When the problem was solved, the price rose again.
The price has now risen and is trading at $109, up 11% on the week.
And privacy coin Monero (XMR) suffered a major blow after crypto exchange Binance announced on Tuesday that it was delisting the coin. The price jumped the next day, but is suffering after falling nearly 28% over the week.
That makes it one of the worst performers of the week. The current price is $119.
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