Crypto market experienced a surge this week, with bitcoin (btc) rising 16% and trading at $22,963, ethereum (eth) rising 14% and trading at $1,654, and the total crypto market capitalization back above the trillion-dollar mark. the market rebound was led by solana (sol) rising more than any other top 20 coin, and shiba inu (shib) surging 28%. other coins such as dogecoin (doge) increased 7.4%, decentraland’s mana leading the charge with a 79% rise to $0.73, xrp up 9%, matic 11%, tron 9.7%, and avax 12.8%.
Surge occurred over the course of this week, with the ethereum network achieving a milestone of 500,000 validators ahead of the shanghai upgrade in march. this upgrade will allow validators to withdraw staked eth and any rewards that have accrued. additionally, the european central bank is currently exploring the possibility of releasing a digital euro, and the eurogroup discussed the potential currency and concluded that it must comply with regulations. the european parliament has delayed voting on the markets in crypto assets (mica) bill until april.
Surge was not caused by any major regulatory steps taken regarding crypto in any part of the world. instead, the potential u.s. department of justice announcement concerning a “major international cryptocurrency action” turned out to be related to a chinese exchange, bitzlato. this news caused investors to feel more confident in the market and drove up prices. the surge also reflects the increasing interest in digital currencies and the potential for them to become more mainstream in the future.