Oleksandr Shatyrov

This weekly update tracks some of the largest cryptocurrencies by market share: bitcoin (BTC-USD) and ether (ETH-USD).

Bitcoin, the world's first cryptocurrency, saw its price drop to around $59,000 this past week. BTC is still up ~34% year to date.

Bitcoin, the world's first cryptocurrency and decentralized digital currency, saw its price drop to around $59,000 this past week. BTC is still up ~34% year to date.

Bitcoin's massive rally in 2023 has stalled as of late with the past week's price action seeing a ~1% decline. BTC is now trading above the key $50,000 level, which has acted as support throughout the past few months. In other words, while bitcoin has stalled out, it's still performing well in 2023.

As a reminder, we've been tracking the performance of three large cryptocurrencies in this weekly series: bitcoin, ether and XRP. While both bitcoin and ether have seen strong rallies to start the year, XRP has actually declined. XRP is owned by Ripple, which has been engaged in a legal battle with the SEC over whether XRP is a security for the past couple of years.

Finally, an index has been created in order to chart these three cryptocurrencies together, considering their significantly different pricing histories. Bitcoin tops the chart. In other words, the price of a bitcoin has changed the most out of all three cryptocurrencies.