{"id":1503,"date":"2023-01-21T15:54:19","date_gmt":"2023-01-21T15:54:19","guid":{"rendered":"https:\/\/solanacrypto.news\/2023\/01\/21\/bitcoin-and-ethereum-rise-solana-rises-most\/"},"modified":"2023-01-21T15:54:19","modified_gmt":"2023-01-21T15:54:19","slug":"bitcoin-and-ethereum-rise-solana-rises-most","status":"publish","type":"post","link":"https:\/\/solanacrypto.news\/2023\/01\/21\/bitcoin-and-ethereum-rise-solana-rises-most\/","title":{"rendered":"Bitcoin and Ethereum Rise, Solana Rises Most"},"content":{"rendered":"
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\"This<\/div>\n<\/div>\n<\/div>\n

This week in coins. Illustration by Mitchell Preffer for Decrypt.<\/figcaption><\/p>\n<\/figure>\n

The third full week of 2023 was also the <\/span>third consecutive week<\/span><\/a> of market-wide gains for all the top cryptocurrencies. <\/span><\/p>\n

Market leaders Bitcoin and Ethereum have kept pace with each other to <\/span>once more<\/span><\/a> bring crypto\u2019s total market capitalization back above a trillion. Crypto investors may feel like we\u2019ve gone back to the heady days of Bitcoin\u2019s bull run\u2014though of course we\u2019re far from its 2021 highs.\u00a0<\/span><\/p>\n

Bitcoin (BTC) blew up 16% over the past week and trades at $22,963 at the time of writing, according to CoinGecko data. That\u2019s still a 64% drop from Bitcoin’s all-time high above $69,000 on November 10, 2021.\u00a0<\/span><\/p>\n

Ethereum (ETH) rose 14% and currently trades at $1,654. On Tuesday, the Ethereum network <\/span>hit 500,000 validators<\/span><\/a> ahead of March\u2019s scheduled Shanghai upgrade. Shanghai will allow validators, who each must stake 32 ETH (about $50k) to begin mining Ethereum using the network\u2019s proof-of-stake consensus mechanism, to withdraw their staked ETH and any rewards that have accrued so far.\u00a0<\/span><\/p>\n

The two market leaders had briefly dipped on Wednesday in anticipation of a U.S. Department of Justice announcement concerning a \u201cmajor international cryptocurrency action.\u201d Even Binance CEO Changpeng Zhao appeared to be <\/span>spooked<\/span><\/a>, but it ended up being about a little-known Chinese exchange called Bitzlato, prompting many <\/span>memes<\/span><\/a> and much <\/span>hilarity<\/span><\/a> on Twitter.\u00a0<\/span><\/p>\n

For the third straight week, Solana (SOL) <\/span>led the market rebound<\/span><\/a>, rising more than any other top 20 coin. SOL is up 40% over the last seven days to reclaim $25. <\/span><\/p>\n

Of all the leading cryptocurrencies, Solana was worst affected by the FTX meltdown in November last year due to the fact that FTX was one of the earliest and largest financial backers and endorsers of the cryptocurrency. Solana was trading at nearly $36 when the crisis began, ultimately bottoming out below $10, so the recovery comes as massive relief to steadfast SOL holders.\u00a0\u00a0<\/span><\/p>\n

Popular memecoin Shiba Inu (SHIB) also had <\/span>an explosive week<\/span><\/a> and blew up nearly 28%, far outpacing the memecoin it parodies, Dogecoin (DOGE), which added 7.4% to its price.\u00a0\u00a0<\/span><\/p>\n