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Description by Mitchell Prefer for Decrypt.
Markets ended the week in the red, with Bitcoin prices below the previous 2021 high of $69,044. It fell well short of returning to a high of $73,737 touched last month. According to CoinGecko, it was trading at $67,957 per coin during the weekend.
The drop in price – the coin is now down 3% on the week – is likely due to crypto fund manager Greyscale shifting to more crypto. At the start of the week, it took more than $300 million, and outflows have slowed to an average of around $80 million a day. Experts told Decrypt this week that the carnage may be over.
Bitcoin was not the only cryptocurrency to struggle. From the biggest coins and tokens, Solana It has lost a lot: it is now at $176.82, down 10% in seven days.
Congestion on the coin's network hasn't helped its price — and other tokens that run on the blockchain have also taken a hit. Popular meme token Dogwifhat (WIF) is down 25% in a week and is now trading at $3.38.
Popular Solana-based Bonk fell more than 18 percent. Meme Coin has been on a good run this past week as one of the best performing cryptocurrencies.
But when Bitcoin goes down, so does most of the market.
Except for the competitors, of course: Bitcoin Cash halved this week. As a result, it is huge – 14% in seven days. Now the price is 695.71 dollars. The 14th largest digital asset rocketed to its highest price since 2021 but has since retreated.
While it is the single highest coin and token in the greenback, it is still below the 2017 all-time high of $3,785.
Edited by Ryan Ozawa.
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