Week, bitcoin (btc) and ethereum (eth) both experienced modest appreciation, with btc up 2% and eth up 5% over the past seven days. solana (sol) had the most success of any top-20 coin, rising 32% in the past week. a solana-based dogecoin rival called bonk was airdropped to creators, developers, and nft holders and has since increased by 43%. metaverse tokens ape coin (ape) and axie infinity (axs) both maintained their gains from the beginning of the week. cardano (ada) and litecoin (ltc) both rose a little over 11%, while cosmos hub (atom) nearly matched their pace with an 8.5% climb to $10.16. ethereum classic (etc) skyrocketed 30%, now trading at $20.19.
Events of the week began on monday, november 30th, when bitcoin was trading at $16,922 and ethereum at around $1,263. ape added 12% to hit $4.04, while axs ballooned 18% to $7.06. ada was worth 27 cents, and litecoin was $76. the federal reserve and two other u.s. regulators issued a statement warning banks about the “significant volatility and vulnerabilities over the past year”.
Surge in the prices of these coins was likely due to the surprise rebound of sol after its freefall since the catastrophic collapse of ftx in november. this rebound may have been the result of traders and investors looking to capitalize on the uptrend. additionally, the statement from the federal reserve and other u.s. regulators may have caused investors to look for alternative investments, such as crypto, as a safe haven.
