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Illustration by Mitchell Preffer for Decrypt.
The market ended the week in the red as the price of Bitcoin fell below record lows. old The 2021 high is $69,044. It fell far short of returning to the all-time high of $73,737 reached last month. As the weekend began, each coin was priced at $67,957, according to CoinGecko.
The price drop (the coin is now down nearly 3% for the week) is likely due to cryptocurrency fund manager Grayscale moving more of the cryptocurrency. More than $300 million was repaid early in the week, and outflows have since declined to an average of about $80 million per day. experts said decryption It looks like the carnage will end this week.
Bitcoin wasn’t the only cryptocurrency struggling. Among the largest coins and tokens, Solana suffered the most losses. The current price is $176.82, down almost 10% in 7 days.
Congestion issues on the coin’s network did not help the price, and other tokens running on the blockchain were also hit. Popular meme token Dogwifhat (WIF) has fallen nearly 25% in a week and is currently trading at $3.38.
The popular Solana-based Bonk also fell by more than 18%. Meme Coin performed well last week as one of the best-performing cryptocurrencies.
But when Bitcoin falls, most markets fall too.
Aside from its competitors, of course, Bitcoin Cash just experienced its halving this week. As a result, there was a significant increase of 14% in 7 days. The current price is $695.71. The 14th-largest digital asset soared to its highest since 2021 but has since declined.
Despite being the only top coin and token in the green, it is still well below its 2017 all-time high of $3,785.
Edited by Ryan Ozawa.
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