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Bitcoin Price Rollercoaster Continues
Bitcoin and the broader cryptocurrency market experienced a volatile week of price movements. Starting the week strong, Bitcoin’s price surpassed $70,000, only to hit a new all-time high of $73,737 on Wednesday, as reported by CoinGecko.
However, the momentum quickly shifted as unexpected inflation data from February emerged. This led to a sell-off in both stocks and Bitcoin, exacerbated by Grayscale, a major crypto fund manager, transferring assets to Coinbase, putting further downward pressure on Bitcoin’s price. The coin is now trading around $68,100, close to its starting point for the week.
Altcoins Rise and Fall
Meanwhile, meme tokens such as Bonk on the Solana blockchain experienced significant gains before plummeting once again. Dogecoin saw a notable increase after Elon Musk suggested that Tesla should accept the cryptocurrency for car purchases. However, Dogecoin has since dropped by nearly 15% over the past week, now trading at $0.15 after reaching a high of $0.187.
Another popular token, Dogwifhat, also based on Solana, rose by 18% over the week, reaching $2.50 before declining from its peak of $3.44.
Solana Emerges as Top Performer
Among the major cryptocurrencies, Solana stood out as the top performer, with its price increasing by over 29% to $188. The digital asset also reached a record market capitalization of over $83.7 billion during the week, showcasing its strong growth.
Despite this positive trend, Solana’s price remains below its previous all-time high of $259.96 set in November 2021. Nonetheless, its recent performance highlights its resilience and potential for further growth in the cryptocurrency market.
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