Unless you’ve been on vacation on a deserted island without television and completely disconnected from the internet, you’ve probably already heard the big news: Bitcoin is on fire 💪.
If you missed it for some reason, don’t worry. We’re here to bring you the hottest 🔥 news of the week:
Bitcoin surpasses $52,000 💸
As is customary, Bitcoin thrives during the Chinese New Year. Last weekend, it reached $48,000 for the first time in 2 years. But that was just the beginning. This has been one of the most eventful weeks for Bitcoin, reclaiming peak prices not seen in over 2 years.
Indeed, from the $48,000 over the weekend, we moved to $50,000 on Monday and crossed the $52,000 per unit mark on Wednesday, reaching a market capitalization of over 1 TRILLION dollars 🔥
An earthquake of activity that we haven’t experienced since November 2021, during the cryptocurrency boom.
And why has the price of Bitcoin risen so much?
The undeniable protagonists behind this growth are the physically-backed Bitcoin ETFs, such as BlackRock’s, which has already purchased BTC worth $40 billion.
To give you an idea, on February 14th, BlackRock’s ETF had daily revenues of $631.3 million.
With all this, analysts expect that the price of Bitcoin will continue to rise in the coming weeks, reaching a new all-time high.
A new era for Ethereum
On March 13, Ethereum will implement Dencun, the new network upgrade that will bring a new era of faster and more economical transactions.
Dencun simplifies transactions on Ethereum, reducing costs and waiting times. In short, it makes operating on Ethereum cheaper.
This is a highly anticipated upgrade, as the cost reduction could boost Ethereum adoption and propel its price to new highs.
Cardano is gearing up for takeoff 🚀
Several cryptocurrency analysts have set their sights on Cardano.
The native token, ADA, is forming a descending triangle pattern, a common signal in cryptocurrencies poised for a bullish rally.
These analysts point out that Cardano is going through a consolidation phase, similar to that of 2020 when it reached its all-time high of $3.
Furthermore, Charles Hoskinson, the founder of Cardano, mentioned in an interview that the network accumulated $500 billion in transactions during 2023, indicating that Cardano is performing exceptionally well.
Solana is the 4th largest cryptocurrency in the market 🚀
After a long time, Solana has reclaimed its position in the cryptocurrency rankings, now standing as the fourth-largest crypto in the market.
The reason is that its market capitalization has surpassed 50 billion dollars, while BNB, Binance’s token, has lost some of its market cap, plummeting to 49.2 billion.
This growth is attributed to being one of the cryptocurrencies that has risen the most this week, with an increase of over 20% in the last 7 days.
