Illustration by Mitchell Preffer for Decrypt.
Another rollercoaster week for Bitcoin – and the entire crypto market.
First, the price of the largest digital coin by market cap appeared unstoppable as it traded comfortably above $70,000 earlier in the week. Then, on Wednesday, that Price of Bitcoin As CoinGecko shows, it hit another all-time high of $73,737.
But things slowed as February's higher-than-expected inflation numbers receded. There was a sell-off in stocks and Bitcoin, which was exacerbated by crypto fund manager giant Grayscale moving the asset to Coinbase, pushing its price further lower.
The coin is currently trading at $68,100 per coin, around the same level as at the start of the week.
Meme tokens – particularly those running on Solana, like Bonk – surged throughout the week, posting big gains. Now they have crashed again.
Dogecoin surged after billionaire tech entrepreneur Elon Musk hinted that his auto company should accept the cryptocurrency from those looking to buy vehicles.
The 10th largest cryptocurrency is down nearly 15% over the past seven days to trade at $0.15 after hitting a high of $0.187.
The hugely popular Dogwifhat, which runs on Solana, has also done well. The price is up 18% in seven days and stands at $2.50, down slightly from its midweek peak of $3.44.
Among the major cryptocurrencies, Solana is the winner. The fifth-largest digital asset is up over 29% and is now at $188. The market capitalization also reached an all-time high of over $83.7 billion this week.
Solana’s price is still well below its November 2021 all-time high of $259.96.
Edited by Ryan Ozawa.
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