The last seven days were an exhilarating ride for holders of many leading cryptocurrencies, with multiple coins posting double-digit percentage gains by the start of the weekend. The marketwide rally began last week, when rumors and speculation that a Bitcoin spot ETF was about to be approved in the United States drove Bitcoin (BTC) to reclaim $30k, a level not previously seen since summer. The market leader enjoyed a wilder rally this week, rising 14.6% to trade at $33,621 by Friday, according to CoinGecko. Ethereum (ETH) also managed a wilder rally than last week’s, blowing up 10.5% to hit $1,769 on Friday. Other notable rallies among the top thirty cryptocurrencies by market capitalization include: Cardano (ADA), Dogecoin (DOGE), Polygon (MATIC), Polkadot (DOT}, Shiba Inu (SHIB), and Cosmos Hub (ATOM). Chainlink (LINK) was the biggest mover this week, mooning an eye-watering 44.6% and currently changing hands at $11.08.The rally was fueled by the growing popularity of Chainlink’s Cross-Chain Interoperability Protocol (CCIP), a recently launched tech-stack upgrade aimed at simplifying cross-chain transactions. Other news driving the rally included rumors and speculation of a Bitcoin spot ETF approval in the US, the US Court of Appeals issuing an order for the SEC to take another look at Grayscale’s spot Bitcoin ETF application, and British lawmakers green-lighting the Economic Crime and Corporate Transparency Bill.
This news is good for crypto holders, as the marketwide rally has seen multiple coins posting double-digit percentage gains over the last seven days. The rally was fueled by speculation about a potential Bitcoin ETF approval in the US, as well as the launch of the Cross-Chain Interoperability Protocol (CCIP). Additionally, the US Court of Appeals issuing an order to the SEC to take another look at Grayscale’s spot Bitcoin ETF application, and the British lawmakers green-lighting the Economic Crime and Corporate Transparency Bill further boosted the rally. #Crypto #Cryptocurrency #Bitcoin #Ethereum #Chainlink #CCIP #ETF #SEC #Grayscale #Transparency
You can read more about this topic here: Decrypt: This Week in Coins: Chainlink Moons 44%, Leads Marketwide ETF Speculation Rally