Illustration by Mitchell Privier for Decryption.
Bitcoin and all other major currencies and tokens posted seven-day gains after what looked like a boring week.
BTC was flat on Monday but by Thursday it was rising. Bitcoin is now priced at more than $47,000 per coin, according to CoinGecko. That's an 11% rise over the week.
Experts speaking to Decrypt said the rise is due to large investors hoarding a lot of cryptocurrencies, picking up more of them this year, and technology-focused investors eyeing the digital asset market.
Since the approval of 10 Bitcoin exchange-traded funds (ETFs) on January 10, the price of the largest cryptocurrency has fallen. This was due to the heavy sell-off by Grayscale, but this appears to have subsided now. As a result, money flows back into the asset.
The price of Ethereum (ETH) has also risen significantly over seven days: it now stands at $2,498, a jump of almost 9%.
The developers have finally set a date for the upgrade to the currency network – dubbed “Dencun”: March 13. It is hoped that the upgrade will be the next step in upgrading the blockchain so it can handle more transactions.
Other big news included Solana (SOL), which is the fifth largest cryptocurrency by market cap. It suffered a network outage on Tuesday for the first time in a year, sending the price of SOL plummeting. When the problem was solved, the price jumped again.
The price has now reached $109, an increase of 11% over the week.
Privacy currency Monero (XMR) received a heavy blow after cryptocurrency trading platform Binance said on Tuesday that it would remove the currency from the list. It jumped the next day but is suffering after falling nearly 28% during the week.
This makes it one of the worst performers of the week. Its current price is $119.
