Illustration by Mitchell Preffer for Decrypt.
There seems to be no end to the crypto excitement. Bitcoin (BTC) continued to rise rapidly after a slowdown last Friday – es reached an 18-month high It hit $37,000 per coin on Thursday as optimism ran high over the possible approval of a spot exchange-traded fund (ETF).
The Bitcoin boom – most likely caused by a report from Bloomberg Intelligence analysts that the US Securities and Exchange Commission now has an eight-day window to approve applications for a Bitcoin ETF – dragged the rest of the market with it.
According to CoinGecko, BTC is up almost 8% in the last seven days and was trading at $37,369.
A number of major altcoins posted gains, with Solana (SOL) taking the lead and continuing its seemingly unstoppable rally. The coin was on Friday lock up on the market capitalization of USD Coin (USDC). It is now well over $50 per coin and the price is at $54.54 – a weekly increase of more than 38%.
SOL has had a rally of its own: it is up 150% in the last 30 days; No other major coin or token has recorded such gains. Experts | told Decipher that it is likely a short squeeze caused by short sellers exiting their positions. Blockchain is also fast and cheap – so there is renewed interest from institutions.
Ethereum, the second largest cryptocurrency, also performed well. It crossed $2,000 for the first time since July; It is currently up over 14% for the week.
Elsewhere, seemingly quiet alts have seen a resurgence: Chainlink (LINK) has seen a 33% increase in seven days, making it the second-best gainer among the top 20 coins and tokens after SOL. It is currently trading for $15.10 per token.
This jump is partly due to British telecom company Vodafone’s digital asset broker (DAB) announcing a rebrand; DAB uses Chainlink’s network to improve document transfer.
And Sui (SUI) has also experienced a quiet upswing: the blockchain token launched last year by former Meta engineers has risen over 36% in the last seven days, reaching a value of $0.61.
Edited by Ryan Ozawa
The views and opinions expressed by the author are for informational purposes only and do not constitute financial, investment or other advice.
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