Coinbase and Bitcoin Set Crypto Record Week Highs

Nearly every major crypto stock and token is up double digits this week. ETF inflows and Bitcoin (CRYPTO: BTC) reaching new highs are positive, but mood and speculation are driving the market. Crypto has long been linked to high-growth equities, and the last few weeks have been wonderful for them.

According to S&P Global Market Intelligence, Coinbase Global (NASDAQ: COIN) rose 23.6%, Cardano (CRYPTO: ADA) rose 17.6%, and Solana (CRYPTO: SOL) rose 35.3% this week. On Friday at 12:30 p.m. ET, values were up 22.9%, 15.5%, and 29.3% for the week.

Since ETFs made crypto more accessible, the crypto industry has seen massive investment. Bitcoin ETFs had $673 million in net inflows on Wednesday, one of the main reasons Bitcoin is up significantly.

Since it holds most ETFs, Coinbase benefits from these inflows. It has prime brokerage relationships with many significant banks, thus institutional interest is crucial.

Some Coinbase app users saw a zero balance this week due to a bug. CEO Brian Armstrong claimed a more than 10x increase in site traffic contributed to the issue, demonstrating crypto's renewed popularity this week. As utility tokens, Solana and Cardano differ from Bitcoin's store-of-value concept. They're popping this week as investors seek follow-on trades and upside-utility tokens

Both blockchains can handle over 1,000 transactions per second, which will give them an advantage over Bitcoin and Ethereum for financial transactions and digital asset ownership. For investors searching for the next token to benefit from ETF approval, Solana and Cardano are natural choices as two of the largest market caps.

The crypto market has been propelled by momentum lately, and that peaked this week. Bitcoin's all-time highs were encouraging, and greater U.S. regulatory clarification may boost trading. Crypto excitement may not endure. Inflation remains high, merchants are seeing consumer pullback, and housing prices are rising.

These events caused 2022's stock market and crypto decline. When optimism goes too far, investors must be prepared for what to do and how their firms or coins will react. Upward volatility is fun, but downward volatility is awful.

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