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Bitcoin Hits New All-Time Highs
Bitcoin reached new heights this past week, surpassing its previous all-time high of $69,044 in November 2021 and then exceeding $70,000 on Friday. This surge is particularly notable considering that just over a year ago in January 2023, Bitcoin was trading below $17,000.
Factors Driving Bitcoin’s Rise
The remarkable ascent of Bitcoin has been supported by record-breaking trading activity in spot crypto exchange-traded funds (ETFs). Notably, BlackRock’s iShares Bitcoin Trust has gained significant popularity among investors.
According to CoinGecko data, Bitcoin is currently priced at $68,413, reflecting a 10% increase over the past week. In tandem with Bitcoin’s surge, Ethereum, the second-largest digital asset, broke through the $4,000 mark for the first time since 2021, with a week-over-week gain of 13% and a price of $3,894.
Altcoins Rally
While Bitcoin and Ethereum experienced respectable gains, meme coins stole the spotlight with explosive value surges. Notably, Shiba Inu (SHIB) emerged as the top performer among the top 20 digital coins and tokens, surging by nearly 135% over the week.
Dogecoin, a favorite of Elon Musk, also had a strong showing, nearly doubling in price before retreating to $0.1749 from its Monday high of $0.19. Despite the pullback, Dogecoin remains up over 27% for the week.
Elsewhere in the market, Solana, the fifth-largest digital asset, rose above $150 for the first time since January 2022, recording a 13% increase over the past week to reach a price of $145.82.
Bitcoin spin-offs like Bitcoin Cash (BCH) also saw significant gains, albeit temporary. BCH, ranked 20th by market capitalization, surged by nearly 40% over a seven-day period before dropping back to $430 from its peak over $450.
In a similar vein, Bitcoin SV (BSV) experienced a 6% increase for the week and is currently trading at $109.
Long Road Ahead for Altcoins
Despite the impressive gains made by various altcoins, many are still far from reaching their previous all-time highs set during the 2021 bull market. The recent surge in cryptocurrencies underscores the volatility and potential for substantial returns in the digital asset space.
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