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An eventful week as ETH climbs, BTC looks toward the weekend, and Elon pumps DOGE
For new folks to cryptocurrency, you may think this has been a crazy week and that crypto is strange. To tell you the truth, they aren't wrong, but once you've been in the space for a while, you realize every week has it's ups and downs like this. This doesn't make it any less exciting though. Let's get into what happened this week.
ETH has broken out against USDT and is in price discovery. Bulls and ETH holders will now likely wait to see just how high it can go. At the time of this writing, ETH has hit a new all time high of $1725 and doesn't appear to be slowing down.
Adding to the pile on in the Ethereum ecosystem are DeFi tokens, all mainly built on top of ETH, which are also rising in price. Aave which is an ERC-20 token, remains the biggest gainer in terms of TVL. SushiSwap and Balancer are also seeing big gains this week.
BTC futures are trading at $39,500 USDT levels with a premium of $1,800, or 4.9%, over the index price and are seeing an upward trend, and as we head into the weekend there is a lot of optimism that Bitcoin will hit $40K again.
Other indicators show more bullish sentiment as well including Jack Dorsey, CEO of Twitter, tweeting about Bitcoin again. MicroStrategy CEO Michael Saylor also gave a presentation to over 1000 firms this week to talk about Bitcoin and cryptocurrency, and Visa, the credit card giant, revealed this week that they are adding Bitcoin to their digital currency roadmap.
Due to the attention Musk is giving the cryptocurrency, it has gained tremendous value and given it a lot of focus, which has made it go up 64% this week.
Despite DOGE being the hot topic this week, it only sits fifth on the list of OKEx's top performers — suggesting that buyers may have run out of steam following its latest pump from less than a week ago. Time will tell how much energy buyers have left.