Bitcoin, Ethereum, and Shiba Inu all ended this week up as crypto mining has completely recovered after a Chinese ban earlier this year.
Bitcoin was up 4 percent to over $50,000 per coin as of Sunday afternoon, while Ethereum was up 3.4 percent to more than $4,000, and Shiba Inu was up 5.5 percent to .00003620.
The hikes come as Bitcoin has completely recovered from a Chinese crypto crackdown earlier this year that took more than half of the world’s miners offline, according to experts.
Experts measure the health of Bitcoin mining by the hashrate, which refers to the computing power of all miners in the Bitcoin network.
After Beijing moved to get rid of the country’s crypto miners in May, 50 percent of the currency’s hashrate dropped off the global network, according to CNBC.
However, as of Friday, the hashrate is back up about 113 percent.
Meanwhile in the US, during a House Committee on Financial Services hearing focused on cryptocurrencies, Democratic representative Brad Sherman of California said that “the number one threat to cryptocurrency is crypto.”
He continued by saying that “Bitcoin could be displaced by Ether, which could be displaced by Doge, which could be displaced by Hamster Coin,” before adding, “And then there’s Cobra Coin. What could Mongoose Coin do to [Cobra Coin]?”
Since then, several Mongoose Coins have gone live, Decrypt reported.
Cryptocurrencies are highly volatile, meaning their values often make large swings with no notice.