Bitcoin continued its rally this week, while meme coins also rose.
The largest cryptocurrency by market cap is currently trading at $44,021 per coin, according to CoinGecko. Over the past 24 hours, this is an increase of less than 1%. However, it soared by 13.4% in one week.
experts said decryption This rally was largely due to the hype surrounding the ostensibly imminent approval of the long-awaited spot Bitcoin exchange-traded fund (ETF) product.
Some analysts have said this could lead to a flood of capital into the cryptocurrency market as traditional investors would gain exposure to digital assets.
As always, Bitcoin’s rise led to a surge in altcoins. But this week’s winner, like last week, was the meme coin.
The prices of digital coins and tokens based on internet memes and jokes continued to rise and then fall again. Pepe, Dogecoin, and Shiba Inu were all winners this week.
Now the upward trend has cooled. Pepe is down about 2% but is still up more than 40% this week.
And Dogecoin, the 10th largest digital asset, is trading at $0.10, up 3% in 24 hours. I gained over 20% in 7 days.
Shiba Inus are up 21% in the past week, up more than 2%.
But one meme coin continues to explode. This is Solana-based Bonk. The dog-themed meme coin is currently worth $0.0000128, up 188% in 7 days and 635% over the past 30 days.
The renewed hype around Solana, the blockchain underlying SOL, has led to increased investment in projects running on the Solana network.
Edited by Ryan Ozawa.
