Illustration by Mitchell Preffer for Decrypt.

After a phenomenal run, Bitcoin cooled down. The price of Bitcoin is now at $51,064, after a modest 2% weekly drop.

Cash had flooded into the market as retail investors showed interest in the newly approved spot exchange-traded funds (ETFs), but that has finally slowed.

Still, the asset is up significantly since the start of the year, when it was trading for $42,245 per coin.

But Ethereum (ETH) has been the star of the week. The price of ETH crossed the $3,000 mark for the first time since April 2022, and now it’s trading for $2,956, a 6% jump over the past seven days.

Investors are interested in the asset again as more major Wall Street firms apply to release a spot Ethereum ETF. The SEC has until May to approve or deny such a product.

And Uniswap (UNI), the 16th biggest token, is doing really well: it’s up 66% this week and priced at $12.41. It shot up sharply yesterday on news that the foundation behind the popular decentralized exchange wants to overhaul the governance system to reward users who stake the token.

The idea is a “large-scale upgrade to Uniswap protocol governance to incentivize active, engaged, and thoughtful delegation,” the foundation said. A vote will come in March.

Over the past week, UNI has been the best-performing cryptocurrency out of the top 20 coins and tokens.

By far, though, the most impressive performers have been AI tokens, which boomed along with AI sticks after Nvidia’s earnings report. The top chipmaker reported $22.1 billion in revenue in the final quarter of 2023, beating analyst estimates.

As a result, AI-associated digital assets are soaring. Worldcoin (WLD) is up 71% over the past seven days, while SingularityNET (AGIX) doubled before settling at a 71% gain for the week.

The post This Week in Coins: Ethereum Steals the Show, Bitcoin Loses Steam, and AI Tokens Explode appeared first on Crypto News Australia.

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Filed under: Bitcoin - @ February 25, 2024 4:48 am