This week in coins: Bitcoin and Ethereum see green shoots, Dogecoin takes a Musk Twitter hit

This week in coins: Bitcoin and Ethereum see green shoots, Dogecoin takes a Musk Twitter hit
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This week with coins. Illustration by Mitchell Preffer for Decryption.

Cryptocurrency markets have melted for the first time this week six weeks in a row. According to CoinGecko, bitcoin (BTC) has gained 8% in the past seven days and is trading at $20,718 at the time of writing. Ethereum (ETH) rallied stronger at the start of the week, up 24% on the week to $1,613.

so called “Ethereum killers,” layer-1 blockchains with highly functional smart contracts, Cardano ( ADA ) rose 15% to 40 cents, Solana ( SOL ) rose 17% to $32.83, and Polkadot ( DOT ) gained 11%. $6.52, while Avalanche (AVAX) ballooned 18% to $18.38.

Other notable rallies this week include Ethereum Classic (ETC) up 17% to $25.79, Litecoin (LTC) up 7% to $55, Uniswap (UNI) up 14% to $6.88, Binance Coin (BNB) up 11% to $300, and Polygon (MATIC) rose 16.2% to 93 cents.

But the meme coin king won the week. Elon Musk’s favorite cryptocurrency Dogecoin (DOGE) is up 77% on the week to 10 cents (yes, still It fell below 72 cents in May 2021) following the news The Tesla CEO has finally closed a deal to acquire Twitter for $44 billion.

For most of the green cryptocurrency market of the week, we can note generally more optimistic macroeconomic trends this week. the stock market also rose after several major companies reported earnings.

This week’s biggest coin news

Bitcoin reached its all-time high on Monday highest mining difficulty of all time (for second time this month) after increasing by 3%. As the difficulty increases, if the price of Bitcoin remains inert, miners may face less profit because mining requires more computing power and electricity. However, the increase in mining difficulty also indicates a strong and growing network.

In the United Kingdom, former British Chancellor of the Exchequer and Conservative crypto defender Rishi was Sunak Liz Truss’s successor was chosen both as head of state and party leader. Sunak was the only candidate who got the necessary votes. He was briefly up against former prime minister Boris Johnson, who announced his resignation on Sunday.

belongs to the block Hereetch Application It announced on Tuesday that users can now Send and receive Bitcoins through Lightning Network. Previously, users of the app could only send Bitcoin, but now they can also use the network to receive it.

On Thursday, right in the middle of Musk’s takeover, Twitter announced it would allow users Display and trade NFTs via tweets thanks to new partnerships with four selected markets: Magic Eden, Rarible, Dapper Labs and The new NFT Tweet Tiles feature – currently in testing – displays NFT artwork in a panel within the tweet and includes a button to take users to the market listing.

And on Friday, Binance confirmed is a capital investor (half a billion US dollars) Elon Musk’s $44 billion bid to buy Twitter. Changpeng Zhao, CEO of the exchange, sent an email to decipher this statement: “We’re excited to help Elon realize his new vision for Twitter. We aim to play a role in bringing social media and Web3 together to expand the use and application of crypto and blockchain technologies.”

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