This Week in Coins: Bitcoin and Ethereum See Green Shoots, Dogecoin Gets Musk Twitter Bump

This week in parts. Illustration by Mitchell Preffer for Decrypt.

Crypto markets thawed this week for the first time in six consecutive weeks. Bitcoin (BTC) is up 8% in the past seven days and is trading for $20,718 at the time of writing, according to CoinGecko. Ethereum (ETH) had a stronger rally, up 24% on the week to hit $1,613 at the start of the weekend.

Supposedly “Ethereum Killers“, layer 1 blockchains with high functionality smart contracts, had a great week, including Cardano (ADA), which rose 15% to 40 cents, Solana (SOL) climbed 17% to 32, $83, Polkadot (DOT) was up 11% to $6.52 and Avalanche (AVAX) jumped 18% to $18.38.

Other notable rallies this week include: Ethereum Classic (ETC) up 17% to $25.79, Litecoin (LTC) up 7% to $55, Uniswap (UNI) up 14% to $6 $.88, Binance Coin (BNB) up 11% to $300 and Polygon (MATIC) climbed 16.2% to 93 cents.

But the king of meme pieces won the week. Dogecoin (DOGE), Elon Musk’s favorite cryptocurrency, soared 77% on the week to 10 cents (yes, still down 72 cents in May 2021) out of the news that the CEO of Tesla finally closed the deal to take over Twitter for $44 billion.

For most of the week’s green crypto market, we can report generally more bullish macro trends this week, with the stock market also up after several major companies reported profits.

The biggest coin news this week

On Monday, Bitcoin hit its highest mining difficulty ever (for the second time this month) after rising 3%. As the difficulty increases, miners could face lower profits if Bitcoin’s price remains inert, as it takes more computing power and electricity to mine. However, the increase in mining difficulty also indicates a strong and growing network.

In the UK, the former UK finance minister and Conservative crypto advocate Rishi Sunak was elected successor to Liz Truss both head of state and leader of the party. Sunak was the only candidate to receive the required votes. He was briefly confronted by former Prime Minister Boris Johnson, who announced he was stepping down on Sunday.

Belonging to the block Californiash App announced on Tuesday that users can now send and receive bitcoins through the Lightning Network. Previously, app users could only send Bitcoin, but now they can also use the network to receive it as well.

On Thursday, right in the middle of Musk’s takeover, Twitter announced that it would let users view and trade NFTs through tweets thanks to a new partnership with four select marketplaces: Magic Eden, Rarible, Dapper Labs and The new NFT Tweet Tiles feature, which is currently still being tested, displays NFT artwork in a panel of the tweet and includes a button to direct users to a marketplace listing.

And on Friday, Binance confirmed he is a capital investor (to the tune of half a billion US dollars) in Elon Musk’s $44 billion takeover bid on Twitter. Exchange CEO Changpeng Zhao emailed Decrypt this statement: “We are delighted to be able to help Elon realize a new vision for Twitter. Our goal is to play a role in bringing social media and Web3 together to expand the use and adoption of crypto and blockchain technology.

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