Every week is eventful when it comes to the crypto world. From price rising and falling to new NFTs, tokens, exchanges popping up around the world, the crypto industry is always happening. In the last week’s news, we have had some interesting updates that follow the pattern. Let’s take a look at the most exciting news from the previous week.
Ethereum hits a record high, replacing Bitcoin from the limelight
Ethereum is the second-largest cryptocurrency which saw a sudden surge of price to $2,800 on Thursday morning. This sudden price rise can be attributed to the European Investment Bank announcing its issuance of the first-ever digital bond on the Ethereum Blockchain the day before.
This news confirms the speculation of traditional finance, finally accepting the prowess of decentralized finance and taking an active part in it. Several tokens and altcoins saw a rise in their value, including Dogecoin, a meme-inspired digital token.
Dogecoin saw a price surge after tweets from Mark Cuban and Elon Musk
Dogecoin is a meme-inspired altcoin that saw a price rise of 20% to 32 cents in 24 hours. This token came into existence in 2013 but now is the sixth-largest digital coin with a total market cap of over $42 Billion.
The token takes its name and branding from the viral “doge meme” and represents a Shiba Inu dog alongside phases in meme-inspired language. Several digital influencers such as Elon Musk, Mark Cuban, and Vlad Tenev tweeted about the token explaining the recent surge.
Bitcoin hits a new trading record above $62,700
While bitcoin saw a sudden price drop, it recuperated and hit a record high of $62,741 on Tuesday, giving a challenge to its competitor Ethereum. This rise was followed by the share listing of Coinbase, the largest U.S. crypto exchange, in the United States on Wednesday.
It is a landmark event in the history of cryptocurrencies as it represents the crypto industry gaining traction and acceptance as a means of payment and investment.
Cryptocurrencies such as Bitcoin and Ethereum being accepted by the traditional financial system validates the crypto world to another level. The increase in price, stocks and trading volume of cryptocurrencies suggests that the crypto world is all ready to take on the traditional financial world.