Illustration by Mitchell Preffer for Decrypt.
Bitcoin to the moon? It certainly seems that way. The largest and oldest cryptocurrency is nearing its all-time high Price of Bitcoin rose as high as $64,000 on Tuesday. At the time of writing it is at $62,101 – weekend trading is usually subdued – a more than respectable seven-day increase of more than 21%.
Continued ETF action has helped push the largest virtual coin higher. Analysts told Decrypt that the bull market may have just begun.
The newly approved Bitcoin funds trading on Wall Street are enjoying great popularity – particularly BlackRock's – and are seeing record inflows and trading days.
As a result, Bitcoin is now not far away from reaching its November 2021 all-time high of $69,044 per coin. In fact, it was only 11% of that milestone.
Ethereum also roared. The second largest digital coin is currently priced at $3,440. It is up 18% in seven days as its network nears its long-awaited Dencun upgrade.
And Solana (SOL), the fifth largest cryptocurrency by market capitalization, is also on the rise. The Ethereum competitor jumped to a 22-month high on Thursday but is now slightly below that level, trading at $129.08, up 30% in seven days.
Of the largest digital coins and tokens, Dogecoin (DOGE) won with its gains over the week: Elon Musk's personal favorite was the top performing cryptocurrency.
It was still up significantly on Friday and today the price is at $0.1427 after rising 50% in seven days. But unlike Bitcoin, DOGE still has a long way to go before it reaches its all-time high of $0.73 in May 2021.
And Shiba Inu, the 19th largest digital asset, is up nearly 50%.
However, smaller memes have stolen the show, with Pepe in particular posting astronomical gains – the Ethereum-based coin is up 200% in seven days and is just 14% below its all-time high.
Edited by Ryan Ozawa.
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