Crypto is on the march once again. Bitcoin’s value reached $67,000, nearing its highest point from 2021. At the start of this week, Bitcoin’s price increased by 7% to $67,379.86, as reported by Coin Metrics. It even hit $67,567.98 at one point, which is close to its highest value ever recorded in November 2021. Ether, another type of digital currency, also saw a 4% increase, reaching around $3,607.49, close to its highest levels since January 2022.
Both Bitcoin and Ether had a strong week, with Bitcoin’s value rising about 21% and Ether’s by 16%. However, there was a pause in their price increase over the weekend. This pause was due to some investors selling off their investments in the Grayscale Bitcoin Trust, although this was balanced out by investments in new Bitcoin exchange-traded funds (ETFs).
Antoni Trenchev, a co-founder of a cryptocurrency exchange called Nexo, explained that these new ETFs are causing significant price movements during the weekdays rather than on weekends. He also mentioned that we might see sudden increases in Bitcoin’s price, similar to what happened last week when its value surged by $10,000 in just a few days. These jumps in price are driven by strong demand for these new ETFs.
Bitcoin is currently just 3% below its highest record price of $68,982.20. Its increase has also boosted the value of other digital currencies, especially those known as “meme coins” like Dogecoin and Shiba Inu coin, which saw increases of 13% and 39% respectively. This suggests that more casual investors, who hadn’t been very active in the cryptocurrency market recently, are starting to invest again. Last week, the trading volume of these meme tokens reached their highest level since late 2021.
In particular, the value of certain meme coins like Shiba Inu, Pepe, and Bonk has skyrocketed. For example, Shiba Inu’s value went up by over 61% in just 24 hours. Similarly, Pepe and Bonk also saw significant increases in their values.
There’s a story about a Pepe coin investor who made a huge profit by investing early. This person spent just $3,000 but now holds Pepe coins worth around $30.8 million, making a profit of about $32.8 million, which is an increase of over 11,000 times the initial investment.
As Bitcoin continues to rise in value, it’s causing a lot of trading activity in the cryptocurrency market. For instance, in the last 24 hours, over 115,557 traders had to sell their investments, leading to a total of $329.22 million in sales. The largest single sale was worth $2.45 million in Dogecoin on a trading platform called Bitmex.
To Sum it all up: Bitcoin and other cryptocurrencies like Ether and various meme coins have seen significant increases in their values. This has attracted more investors to the market, including those who prefer to invest in more playful or less serious digital currencies like meme coins.
James Kravitz
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