This Week in Crypto: BTC Barely Moved, but MATIC and RNDR Rose
After slightly dropping last week, Ethereum and Bitcoin have continued to rally this week. However, the two top coins have only posted modest gains compared to several other major cryptos that have seen significant growth. BTC increased by 1.2% over the past seven days and is currently trading at $23,432.
In addition, this week, the Bitcoin mining difficulty reached a new all-time high as several miners continued to set up more hardware to mine the popular coin. Data from CoinWarz shows that the mining difficulty went from 37.57 trillion to 39.36 trillion on Tuesday, representing an increase of approximately 4.57%.
Elsewhere, the stock price of MicroStrategy, the biggest Bitcoin corporate holder, rose by 13% this week. The stock has increased by nearly 105% since the start of the year. It is currently changing hands for $289.02. Michael Saylor, the firm’s chairman, who is a big fan of crypto, recently reported that MicroStrategy holds about 132,503 BTC.
Ethereum Developers Test Shanghai Fork’s Withdrawal Feature
Meanwhile, CoinGecko’s data indicates that Ethereum’s value has only grown by 4% this week and trades at $1,674 as of this writing. A few days ago, the network tested the withdrawal functionality of its soon-to-be-launched Shanghai upgrade. After the update, validators will be able to withdraw their profits.
On Monday, BTC and ETH plunged momentarily as many anticipated Fed’s announcement regarding interest rate hikes. In 2022, the central bank increased rates by 75 basis points, not once but four times. This week the Fed revealed 25 basis points as the latest rate hike. That said, the crypto market quickly rebounded following the announcement.
MATIC Surges as Polygon Records Increased Sales on OpenSea
Polygon’s native token, MATIC, increased by 11% this week and is trading at $1.28 at the time of publishing. It is worth noting that Polygon saw more NFTs sales than Ethereum on the NFT marketplace OpenSea in January, according to Dune, a crypto analytics website.
Moreover, Render Network’s native token, RNDR, grew by 96% this week following the formation of a new foundation and approval of a new tokenomics model by the Network’s DAO. However, while holders of other tokens posted profits, LEO token holders suffered losses of nearly 12% this week.
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