Over the past seven days, crypto users have been bullish about the future of digital currencies. Although Bitcoin and altcoins did not start this week in the green, they performed exceptionally well last week. Bitcoin’s ecosystem continued trending upwards, with an NFT collection called Honey Badger witnessing one of its pieces change hands for 10 BTC on popular marketplace Magic Eden.
Moreover, ORDI, the native token of Ordinals, a protocol used to inscribe unique assets on the Bitcoin blockchain, has seen its value skyrocket by 141% over the past month. The crypto asset is up 6.5% in the last seven days.
Meanwhile, Bitcoin maximalists on X are convinced this is the start of a bull run. Crypto fan Tyler Strejilevich has predicted that BTC will trade above $50,000 by December 31, 2023, and break above its current all-time high by the end of next year.
Over on the Solana ecosystem, SOL has continued trading at levels it last saw in May 2022. The token has been on the rise since early October, following interest from several big traditional companies that chose to build projects on Solana over Ethereum.
BONK Continues to Rally
It is worth mentioning that SOL is currently experiencing price correction. The crypto asset has dropped by 3% to $71 in the past 24 hours. On the other hand, Solana-based BONK has finally become a top-four meme coin by market capitalization after surging 107% over the past seven days. According to data from CoinGecko, BONK is now valued at $0.000012 with a market cap of $775.9 million.
NFT fan @thejpegloard took to X to inform his followers that the BONK tokens he was airdropped for free were now worth $12,500. Crypto analyst Dejan Horvat discovered that BONK was not the only meme coin having a good run. He noted that Shiba Inu, Pepe, and Doge were also rallying.
Additionally, Horvat revealed that the valuation of the altcoin market had surged to $703 billion, breaking above the 2-year range of $425 billion – $650 billion. The crypto analyst suggested that the altseason had just begun.
Things have kept getting better for Solana users over the past seven days. Andre Droo, an X user and a crypto fan, told his followers that he received $20,000 worth of airdropped tokens after staking some SOL worth $600 in Solana-based decentralized finance protocol Jito. He bought the SOL tokens using the money he got from selling free NFTs that came with his Solana phone.
Do Kwon Set to be Extradited to the US
While other crypto enthusiasts are having a good time, the founder of the Terra ecosystem, Do Kwon, faces regulatory troubles. Over the weekend, news emerged that Montenegro had decided to extradite Kwon to the United States, where the creator of UST and LUNA will be charged with several criminal offenses. According to crypto lawyer @Wassielawyer, Kwon is not allowed to participate in cryptocurrency trading for at least ten years.
South Korea had initially pleaded with Montenegro authorities to extradite Kwon to his home country, where he also faces charges related to the implosion of his crypto empire. When the Terra ecosystem collapsed in May 2022, investors collectively lost more than $40 billion.
Zhao to Stay in Seattle
Binance co-founder Changpeng Zhao is another crypto guru who has found himself in the middle of troubles with government authorities. On Friday, TCCL Community wrote on its X account that a Seattle-based federal judge had blocked Zhao from leaving the US, declaring him a flight risk. With the former Binance CEO not returning to his family in Dubai, he will be stuck in Seattle until February 2024, when the court rules on his case related to violation of money laundering policies.
Based on his X posts, Zhao does not seem to enjoy his stay in Seattle. On Monday, he said his lunch was so bad that he only ate half of it. One X user wrote that being stuck in Seattle was worse than the $4 billion fine Binance paid US authorities last month to settle various lawsuits.
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