Illustration by Mitchell Preffer for Decrypt.
Another rollercoaster week for Bitcoin—and the wider crypto market.
First, the biggest digital coin’s price by market cap seemed unstoppable when it comfortably traded above $70,000 at the start of the week. Then, on Wednesday, the price of Bitcoin hit another all-time high of $73,737, CoinGecko shows.
But things slowed down when hotter-than-expected inflation figures from February dropped. A stock and Bitcoin sell-off ensued, exacerbated by crypto fund manager giant Grayscale moving the asset to Coinbase, pushing further downwards on its price.
The coin is now trading at $68,100 per coin, close to where it started the week.
Meme tokens—especially those running on Solana, like Bonk—were soaring throughout the week and made big gains. They’ve now plunged again.
Dogecoin was up big after billionaire tech entrepreneur Elon Musk hinted that his car company should accept the cryptocurrency from those wanting to buy vehicles.
The 10th biggest cryptocurrency is now down big, by nearly 15% over the past seven days, and is priced at $0.15 after having touched a high of $0.187.
Super-popular Dogwifhat—which runs on Solana—had done well, too. It’s up 18% over seven days and is priced at $2.50—down slightly from a mid-week peak of $3,44.
Of the major cryptocurrencies, Solana is the winner. The fifth biggest digital asset has jumped by over 29% and is now priced at $188. Its market cap also hit an all-time high of over $83.7 billion this week.
Solana’s price is still well below its November 2021 all-time high of $259.96.
Edited by Ryan Ozawa.