This Week in Cryptocurrency: Meme Coins Resurface, Bitcoin Holds Firm, and Avalanche Surges
If you have been keeping a keen eye on the cryptocurrency market this week, you’d notice that major coins and tokens experienced an initial upward swing, followed by a few days in the red. Let’s delve into some of the highlights of the week, focusing on Bitcoin, meme coins, and the surge of Avalanche.
Bitcoin’s Steady Performance
Bitcoin (BTC) is currently trading at $36,735, marking a 2% increase over the past 24 hours. However, over the course of seven days, it has mostly maintained a flat trajectory. Earlier in the week, it was performing strongly, flirting with the 18-month high of $37,000 per coin it reached the previous week. But in the latter part of the week, it struggled to comfortably sustain that figure. The U.S. Securities and Exchange Commission’s decision to delay spot Bitcoin ETF applications further may have signaled a slightly bearish tone for investors, although this was somewhat anticipated.
Meme Coins Make a Comeback
One of the intriguing phenomena this week was the resurgence of meme coins, particularly Dogecoin (DOGE). At the time of writing, Dogecoin is priced at $0.08, showing a slight gain over the week. Additionally, Shiba Inu (SHIB), a DOGE rival, has also performed well. SHIB is currently trading at $0.00000861 and experienced a surge of 2.5% over seven days, following the announcement by boxing legend Manny Pacquiao that his charitable foundation would utilize the token’s blockchain network, Shibarium, for fundraising.
The Surge of Avalanche
In other news, Avalanche (AVAX) made significant waves this week. After J.P. Morgan announced the use of Avalanche’s blockchain to tokenize portfolios, the digital asset made a remarkable surge. AVAX, currently the 12th largest digital asset by market cap, is priced at $22.12, having soared by over 46% throughout the week, securing its position as this week’s top performer.
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