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

After slow starts to the year, Bitcoin hit a 2022 high on Monday and Ethereum posted big gains into the weekend, and several top 30 currencies mooned over the last week.

Bitcoin on Monday hit a 2022 high of $48,086.84, a price not seen since New Year’s Eve. As of Saturday, the world’s favorite cryptocurrency had fallen slightly to trade at $46,722, according to CoinMarketCap.

Ethereum hasn’t yet matched its 2022 high of $3,876.79 from January 4, but it rose heading into the weekend, and as of this writing was up almost 12% over the last week to $3,481.67.

In the last seven days: Solana ballooned 39% to $138.73, Terra’s LUNA blew up 26% to $112, Avalanche rallied 23% to $103, NEAR Protocol added 20% to $16, and Tron rallied 16% to $0.075. From Friday into Saturday, Solana, Luna, and Avalanche had added as much as 8%, with Polkadot also pushing upward by more than 5%.

Anticipation for Ethereum 2.0 could be one key factor driving Ethereum’s price. This week, Google searches for “Ethereum merge” hit an all-time high.

The Merge will be a moment later this year when Ethereum’s mainnet will “merge” with a proof-of-stake system called the beacon chain. Ethereum claims that this major update will solve the network’s well-known scalability and energy consumption problems.

​​This Week’s News

Much of this week’s crypto news cycle once again revolved around regulations.

On Monday, U.S. President Joe Biden released a detailed budget proposal that includes several accounting and tax reporting…

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