This Week in Coins: Bitcoin Dips, Ordinals Mania Continues, Solana Slows

This week in Coins
Illustration by Mitchell Preffer for Decrypt.

Bitcoin has taken a nosedive this week after rallying and is now trading well below the $44,000 per coin it touched earlier this month.

The biggest cryptocurrency by market cap is now priced at $42,396, down nearly 4% in seven days, according to CoinGecko.

But despite the digital coin dropping, the biggest token that runs on its blockchain was red hot: ORDI, by far the most valuable token minted using the Bitcoin BRC-20 standard, touched a new all-time high on Friday.

Right now, it is one of the best-performing cryptocurrencies over the week—it’s up over 50% in the past seven days and is trading hands for $79.17, evidence that investors are still interested in the Ordinals craze.

Elsewhere, Bitcoin SV (BSV), a largely unsuccessful fork of the biggest and oldest cryptocurrency, experienced a rally and is now trading for $97.80—a more than 90% seven-day jump.

That makes it the biggest winner of the week.

And Solana (SOL), which has experienced a tremendous comeback throughout November and December, slowed right down (but still made gains.)

The Ethereum competitor is no longer the fourth biggest cryptocurrency by market cap after having jumped briefly above Binance’s BNB earlier in the week.

It is now trading for $103.04 per coin and is up only 5% over seven days.

As a result, the popular meme token that runs on its blockchain, Bonk, also took a hit, and is now down by more than 22% over the week—priced at $0.0000144.

Investors were fast snapping up the dog-themed token but have now largely lost interest: its market cap is now sitting below the $1 billion it touched a fortnight ago and it has dropped to the 80th largest crypto-asset after having hit the 69th spot on December 14.

Edited by Ryan Ozawa.

Stay on top of crypto news, get daily updates in your inbox.

Leave a Comment