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This Week in Coins: Ethereum Drops as Aptos, Axie, Avalanche See Big Gains


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This week in coins. Illustration by Mitchell Preffer for Decrypt.

Bitcoin and Ethereum dipped on Friday, dashing hopes for the crypto market’s fourth consecutive week of marketwide gains. But the coins are still off to a much better year in 2023 than they had in 2022.

As of Saturday morning, according to CoinGecko price data, Bitcoin (BTC) is flat over the past seven days and currently trades for $22,924. Researchers this week said that the end of the first day of Chinese New Year is an optimal time to open up long positions in crypto, because based on the last eight years, selling 10 days later nets an average profit of 9%. 

Ethereum (ETH) is down 5.2% for the week, trading at $1,571. Ethereum developers announced on Tuesday that they had made important progress towards the network’s next scheduled upgrade, the much-anticipated Shanghai upgrade. Shanghai will let stakers finally withdraw their ETH (you need to stake 32 ETH or about $51k to start mining Ethereum) and any rewards that have accrued so far. 

Other names saw heathy gains. 

Aptos (APT) enjoyed a blistering rally of…

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