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

Could crypto finally be breaking out of its 2022 rut?

Market leader Bitcoin hasn’t yet recaptured its 2022 high of $47,800, which it posted on New Year’s Day and the day after, roughly three weeks before it spiraled to $33,184. While BTC has occasionally recrossed the $40,000 threshold this year, those growth spurts have yet to prove sustainable.

But this week it rallied again. According to CoinMarketCap, it added about 6.65% over the last seven days and was trading at $41,770 as of this writing, pushing past the $40,000 mark on Wednesday. Other coins also gained over the past week.

Ethereum shot up 14.26% over the last seven days, trading for $2,951 at the time of this writing. And while that’s a lot of growth for a top 20 cryptocurrency, another smart contract-enabled cryptocurrency, Avalanche, gained even more, adding 22.35% and currently trading for $88.19.

In fact, Ethereum rivals did very well this week. Cardano, a cryptocurrency created by Ethereum co-founder Charles Hoskinson, jumped 10.65% to $0.8777, while Solana posted similar gains, adding 11.96% to reach $91.24.

No top 30 currency was down over the week, although intriguingly two stablecoins were trading a bit below their peg. USD Coin dropped 0.01% to $0.9999, while Dai fell 0.05% to $0.9995.

The Week’s News

On Monday, The European Parliament’s Committee on Economic and Monetary Affairs (ECON) spent the day wrestling with a set of draft laws called Markets in Crypto Assets Regulation (MiCA), another sign of crypto’s gradual crossover…

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