Bitcoin Surges Past $70,000, Altcoins Follow Suit

0 0
Read Time:1 Minute

Bitcoin Hits New All-time Highs

It had been a long time coming: Bitcoin hit a new all-time high on Tuesday, soaring past its November 2021 record of $69,044 in the U.S. before dipping again. Then, on Friday, it did it again—this time by jumping above $70,000. This is remarkable, considering that the coin was trading for below $17,000 in January 2023. Bitcoin’s rise was aided by record-setting trading days in the spot crypto exchange-traded funds (ETFs). BlackRock’s iShares Bitcoin Trust has been particularly popular. The price of Bitcoin is now $68,413, up 10% over the past week, per CoinGecko data.

Ethereum Surges to $4,000

On the other hand, Ethereum, the second biggest digital asset, hit $4,000 for the first time since 2021. Over seven days, it has soared by 13%, and the price of ETH stands at $3,894. But the gains of Bitcoin and Ethereum over the week have been relatively tame compared to other assets. Meme coins, for instance, have witnessed an unprecedented surge in value. Shiba Inu (SHIB) has emerged as the top gainer among the top 20 biggest digital coins and tokens, with a nearly 135% jump over the week.

Altcoins Make Significant Gains

Dogecoin, a perennial favorite of Elon Musk, also had a profitable week, nearly doubling in price. However, it has since retraced and is currently priced at $0.1749, with a 27% increase over the past seven days. Solana, the fifth biggest digital asset, surpassed the $150 price point on Friday for the first time since January 2022, with a 13% increase over the week, now priced at $145.82.

Bitcoin spin-offs like Bitcoin Cash also experienced positive movement, albeit temporarily. BCH, the 20th biggest coin, saw a nearly 40% increase over a seven-day period before dropping back to $430, following a peak above $450 the previous day. Similarly, BSV now trades at $109, showcasing a 6% increase for the week.

Despite the surge in altcoins and their impressive gains, it is crucial to note that most of them are still significantly below their all-time highs from the previous bull market in 2021, indicating that they have a considerable distance to traverse.

Illustration by Mitchell Preffer for Decrypt.

Image/Photo credit: source url

Happy
Happy
0 %
Sad
Sad
0 %
Excited
Excited
0 %
Sleepy
Sleepy
0 %
Angry
Angry
0 %
Surprise
Surprise
0 %