Kicking off the week with a bang, Bitcoin blasted past $67,000, showing off with a swagger that says, “I’m not here to play.” For a hot minute, the apex crypto was worth $67,977, making eyes at its November 2021 peak like an ex at a high school reunion. Ethereum, not wanting to be left in the dust, put on its running shoes and zipped up 3.41%, going dangerously close to its all-time high.
After a weekend that felt more like a hangover than a party, Bitcoin and Ethereum hit pause on their victory lap. It wasn’t for lack of trying, though. The crypto industry had its own soap opera with the Grayscale Bitcoin Trust (GBTC) seeing some dramatic exits, only to be balanced out by the fresh faces of nine shiny new ETFs. Antoni Trenchev from Nexo tossed in his two cents, hinting at the drama of weekdays becoming the new weekend for big crypto moves. It’s like the crypto world decided to switch up its schedule, making weekdays the new time to shine and leaving weekends for the recovery phase.
At a breezy $67,000, Bitcoin is playing it cool, just a hair’s breadth away from its all-time high. Let’s talk about the cool kids of the crypto block – Dogecoin and Shiba Inu. These meme coins are on a roll! Dogecoin popped up 14%, and Shiba Inu skyrocketed 45%. It’s like the retail investors, who’ve been playing hard to get, decided it was time to join the party. And boy, did they move. Last week, the trade volume of these meme tokens hit a level not seen since the tail end of 2021. Talk about making an entrance.
BUT, the miners, those hardworking souls, took a step back, perhaps feeling the heat from the upcoming halving in April. Companies like CleanSpark and Cipher Mining saw their shares dip, along with other big names in the mining world. It’s a reminder that in the crypto casino, not everyone’s on a winning streak.
The analysts whisper that Bitcoin might be getting a bit too hot, too fast. But the long-term investors? They’re all in, betting that new ETFs and a tighter supply post-April will send Bitcoin to new heights. But there’s more. The stock market, particularly the tech-savvy Nasdaq, hit its own high note, adding a sweet harmony to Bitcoin’s melody. David Duong from Coinbase suggests that we’re riding a wave of AI and blockchain innovation.
