Bitcoin Hits $44,000 Again Amidst ETF News
In a surprising turn of events, the holiday season seems to be lacking luster in the world of cryptocurrency. Bitcoin, the leading digital coin by market cap, had a sluggish start but managed to reach $44,000 per coin for the second time this month. Currently, it is trading at $43,815, showing a growth of over 3% in the past seven days, according to CoinGecko.
One of the main catalysts behind Bitcoin’s rise is the news surrounding the approval of a spot Bitcoin exchange-traded fund (ETF). BlackRock’s Head of Digital Assets recently met with the SEC’s Division of Trading and Markets, suggesting that this long-awaited approval might be on the horizon.
Ethereum Surges and Scaling Solutions Follow Suit
Not to be outdone, Ethereum (ETH), the second-largest digital asset, had a phenomenal week as well. With a seven-day increase, ETH is currently priced at $2,295.
As Ethereum gained momentum, scaling solutions like Optimism (OP) and Arbitrum (ARB) experienced significant price surges too. OP saw a jump of more than 47%, trading at $3.23, while ARB rose by 19% and is now being traded at $1.36.
Solana Makes Its Way to the Top
In an impressive rally, Solana (SOL) has now become the fifth-largest digital coin by market cap, surpassing XRP. With a surge of over 30% in just seven days, SOL is currently priced at $96.99, inching closer to the $100 mark.
Investor interest in SOL and its ecosystem remains strong, especially with tokens running on its blockchain experiencing significant gains. Meme coins like Dogwifhat (WIF), a dog-themed competitor to Shiba Inu (SHIB), skyrocketed by 242% within the week.
On the other hand, Bonk (BONK), the popular meme coin from last week, experienced a cooldown, dropping by 25% over seven days. It is now priced at $0.00001849, following an extraordinary rally.
In summary, the cryptocurrency market has seen substantial growth, with Bitcoin and Ethereum leading the way. Additionally, Solana’s surge and the performance of meme coins have also garnered significant attention from investors looking for new opportunities within the crypto world.