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Tuesday, February 27, 2024

Bitcoin Tops $43K, Massive Jupiter (JUP) Airdrop and Solana’s Rise: This Week’s Crypto Recap

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The market continues its recovery from the plunge that took place last week and is currently stable above the $1.7 trillion mark in terms of total capitalization. This comes on the back of increases in Bitcoin’s price, a massive airdrop, as well as a proper performance from some major altcoins.

Starting with Bitcoin – managed to push past the $43K level and even attempted a shot at $44K but came short. This puts BTC at an increase of slightly less than 5% for the past seven days, which marks yet another week of recovery.

Market participants are eager to find out whether the next few weeks will see the bull run continue or if there is more pain ahead.

It was another event that took center stage this week, however.

We’re talking about the Jupiter airdrop on Solana, of course. JUP was airdropped to users who had traded on the platform before November last year. The token currently sits at around $0.63 and has a total market capitalization of $850 million. In essence, it trades at a fully diluted valuation upwards of $6 billion, which makes it one of the most successful airdrops in crypto history.

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All the attention seems to have been shifted to the ecosystem, which is perhaps why Solana is also up 10% over the same period. SOL trades at $100 and it’s interesting to see whether or not it will manage to push above that pivotal technical and psychological level at last.

In any case, the week was indicative of the multiple opportunities that regularly abound in the cryptocurrency market and is perhaps a testament to the fact that it remains one of the most exciting industries out there.

Let’s see what happens next, especially with the Bitcoin halving around the corner!

Market Data

Market Cap: $1.74T | 24H Vol: $75B | BTC Dominance: 48.8%

BTC: $43,202 (+4.8%) | ETH: $2,303 (+2.6%) | SOL: $100 (+10%)

This Week’s Headlines You Better Not Mis

XRP Price Crashes 5% as Ripple’s Chris Larsen Confirms Breach of Personal Wallets. Reports emerged that Ripple has been exploited, leading to the loss of more than $100 million worth of XRP. Chris Larsen – one of the co-founders – was quick to clarify that it’s only been his personal XRP that’s been compromised and not that of the company.

Bitcoin (BTC) Miners Unleash Biggest Selling Wave Since May 2023. If you’re wondering why the Bitcoin price has headed down over the past couple of weeks, look no further. It appears that miners unleashed the biggest selling wave all the way back in May 2023.

BlackRock’s Bitcoin ETF Surpasses Grayscale in Daily Trading Volumes. The Bitcoin ETF of the world’s largest asset manager – BlackRock – is taking the lead in terms of trading volumes. The investment instrument was able to surpass that of Grayscale for the first time earlier this week.

Bankrupt Genesis Global Resolves SEC’s Earn Lawsuit. Genesis Global – the crypto lender that went bankrupt earlier last year – has settled with the United States Securities and Exchange Commission in a lawsuit that’s related to the defunct Gemini Earn lending program.

El Salvador to Continue with Bitcoin-Backed Bonds, Says Vice President. El Salvador – the first country to officially recognize Bitcoin as legal tender – will continue with its Bitcoin-backed bonds. That’s according to the vice president of the country.

Biden Admin Launches “Emergency” Survey Of Bitcoin Miners’ Electricity Usage. The administration of the President of the United States is looking into the electricity usage of Bitcoin miners. This comes in the form of an emergency survey, announced earlier this week.

Charts

This week, we have a chart analysis of Ethereum, Ripple, Cardano, Solana, and Binance Coin – click here for the complete price analysis.

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Disclaimer: Information found on CryptoPotato is those of writers quoted. It does not represent the opinions of CryptoPotato on whether to buy, sell, or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk. See Disclaimer for more information.
Cryptocurrency charts by TradingView.

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