The crypto markets experienced a rather uneventful week, with minimal movement across various digital assets. However, Friday brought significant excitement as Bitcoin skyrocketed to an 18-month high, reaching a staggering $38,000 per coin. This price level was last seen before the collapse of the Terra project in May 2022, which had a profound impact on the entire crypto market. Despite the Thanksgiving holiday, Bitcoin remained relatively stable, trading at $37,751 with a marginal 24-hour change. Over the course of the week, Bitcoin has seen a modest increase of approximately 3%.
Bitcoin: A Resurgence in Interest
Renowned CNBC host Jim Cramer, who previously purchased Bitcoin only to criticize it later, now suggests investors consider buying the cryptocurrency once again. This recommendation aligns with the surge of cash flowing into crypto investment products, especially from institutional investors. The influx of big money into the asset class is contributing to the upward momentum of Bitcoin's price, as well as the broader market.
Ethereum: A Brief Surge and Retracement
Similar to Bitcoin, Ethereum also reached an 18-month high before experiencing a dip on Friday. Presently, Ethereum is trading at $2,079, having witnessed a 6.5% rise over the past seven days. While the dip may have dampened short-term enthusiasm, the overall trajectory of Ethereum remains positive.
Solana: A Slowing Trend
Solana, which enjoyed significant growth throughout November, has recently slowed down. The coin is currently priced at $58.59, demonstrating a marginal movement of less than 2% over the past 24 hours. Overall, Solana's performance for the week has remained relatively flat.
Dogecoin: Stabilizing and Rebounding
Even the original meme coin, Dogecoin, has shown signs of improvement. Despite a 3% loss in value over the week, it has rebounded with a 1.3% increase in the past day. As the 10th largest digital asset by market capitalization, Dogecoin's recovery is an encouraging development.
Traditional Crypto Stocks: A Surge in Interest
It's not just digital coins and tokens that experienced a positive week; traditional crypto stocks also garnered significant attention. Coinbase, a leading cryptocurrency exchange, saw a notable increase in its share price on Friday. By the end of the trading day, Nasdaq's COIN was valued at $115.54 per share, representing a 6% increase over the past 24 hours. Additionally, MicroStrategy, the largest corporate holder of Bitcoin, witnessed a surge in its stock price. Currently priced at $520.24 per share, MicroStrategy hasn't reached such heights since December 2021.
In summary, the crypto market witnessed a relatively uneventful week, except for the sudden surge in Bitcoin's price on Friday. Ethereum, Solana, and Dogecoin also experienced slight fluctuations, with Ethereum showing the most significant gains. Meanwhile, traditional crypto stocks like Coinbase and MicroStrategy attracted heightened interest from investors. As we head into the next week, it will be interesting to see how these developments shape the future of the crypto market.
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