This week markets appeared grateful for the dearth of news—”no news is good news,” as the saying goes. Most leading cryptocurrencies recovered their losses over the week after last Thursday’s flash crash sank virtually all leading cryptocurrencies by double-digit percentages.

Bitcoin (BTC) currently holds the fort at $26,015, about 0.4% cheaper than it was this time last week. A lot of Bitcoin mining machinery came online this week, as evinced by the fact that the network on Wednesday hit a new all-time high for mining difficulty alongside a corresponding spike in hash rate, or computational power. 

Ethereum (ETH), the second biggest cryptocurrency by market capitalization, matched Bitcoin’s pace. At its current price of $1,647, it is down 1.6% from last week. 

Broadly speaking, most top thirty cryptocurrencies retained their value. The only notable depreciation over the last seven days fell upon holders of Uniswap (UNI) and Avalanche (AVAX). AVAX fell 7.2% to $10.02, while UNI crashed 7.9% to $4.58.

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Author: Tim Hakki

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