House Republicans promoted this week as the latest step for the U.S. to become the “crypto capital of the world.”
Key Facts
The price of ethereum rose Friday by as much as 7.6% to an intraday high of $3,675.60, the highest for the cryptocurrency since Jan. 7, after increasing more than 19% over the last seven days.
Other cryptocurrencies rallied over the last week as House Republicans voted on the GENIUS (Guiding and Establishing National Innovation for U.S. Stablecoins) Act, including XRP (up 22.8%), Binance’s BNB (5.8%), Solana (8.5%), Tron (7.7%) and the meme token dogecoin (11.4%), which peaked earlier this week near a three-month high of just over 25 cents.
Bitcoin achieved early success during “crypto week” while surpassing the $120,000 threshold for the first time late on Sunday before hitting a new all-time high just below $123,000 the next day, though its value cooled and fell to below $118,000 on Friday.
Coinbase shares joined the broader crypto rally, peaking at a fresh intraday high Friday after increasing by as much as 6% to just over $444.Crucial Quote
Wolfe Research broker Read Harvey, in a note earlier this week, wrote, “No coin seems to have more [momentum] than ethereum of late” as the cryptocurrency has started to “show some life relative to [bitcoin].
