Bitcoin and Major Cryptocurrencies Experience Weekly Gains
Bitcoin and other major cryptocurrencies have seen gains over the past week, despite initially appearing to be a slow period. Bitcoin’s price has surged, reaching over $47,000 per coin, marking an 11% increase over the week.
Reasons Behind the Surge in Bitcoin
According to experts interviewed by Decrypt, the surge in Bitcoin’s price can be attributed to large investors accumulating more of the cryptocurrency this year. Additionally, tech-focused investors are showing interest in the digital asset market.
Ethereum’s Price Increase and Network Upgrade
Ethereum has also experienced a significant price increase of nearly 9% over seven days. Furthermore, developers have announced a network upgrade called “Dencun” scheduled for March 13. This upgrade aims to enhance Ethereum’s blockchain capabilities and enable it to handle a greater number of transactions.
Solana’s Network Outage and Price Recovery
Solana, the fifth largest cryptocurrency by market cap, encountered a network outage for the first time in a year. This caused a temporary dip in SOL’s price; however, once the issue was resolved, the price bounced back. Currently trading at $109, Solana has seen an 11% increase over the week.
Binance Delists Monero Resulting in Price Volatility
Monero, a privacy coin, faced a significant setback when crypto exchange Binance announced its delisting. Although Monero’s price initially jumped after the news, it has since dropped by nearly 28% over the week. As a result, Monero is one of the worst-performing cryptocurrencies this week with its current price at $119.
Hot Take: Weekly Gains Signal Market Resilience
Despite a slow start, Bitcoin and major cryptocurrencies have experienced gains over the past week. This highlights the resilience of the market and the continued interest from both large and tech-focused investors. Ethereum’s upcoming network upgrade and Solana’s recovery from a network outage demonstrate the dynamic nature of the cryptocurrency industry. However, Monero’s price volatility following its delisting by Binance serves as a reminder of the potential risks associated with specific cryptocurrencies.
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