Bitcoin, for its part, started the week below $16,400 but traded higher for seven days, peaking above $17,000 last night, a 3.65% increase in price in seven days.
Ether has posted bigger gains, starting last week below $1,185 before trading above $1,250 in the middle of the week. Last night, the price surged again to just under $1,300, where it’s trading this morning, up 9.7% from the week.
Investors Have Seeked Safe-Haven Cryptocurrencies in 2022 – Data from eToro
2022 was a tough year for cryptocurrency investors, with significant price volatility the market hasn’t seen since 2018. Our 2022 data shows that investors sought safe-haven cryptocurrencies like Bitcoin and Ether.
Bitcoin stands apart from other projects as the original decentralized crypto-asset, while Ethereum has seen some high-profile developments over the past year, including the highly anticipated Fusion.
Despite last year’s volatility, around half of the cryptoassets on the eToro platform with at least 12 months of data showed growth in open positions.
This suggests that investors have continued to look to the cryptocurrency market for investment ideas and may even have been looking to acquire cryptocurrencies at a discount thanks to market weakness.
Mastercard Launches Web3 Artist Accelerator
Payments provider Mastercard has launched a new accelerator designed to help artists, singers, musicians and other creatives use blockchain technology to drive brand engagement with fans. The company partnered with Ethereum scaling platform Polygon for this project.
One of the main strengths of Web3 – which is still just a large cryptocurrency label – is the power of the decentralized internet. The market for content created by talented people, especially musicians, is still overwhelmingly dominated by powerful corporations who control much of the pricing and distribution of unique content. This results in rough treatment for creators, as evidenced by big streaming services paying mere pennies for their work.
Web3, as this project suggests, takes that power away from the big corporations that control it and gives it back to individual content creators. The concept of Web3 is still in its infancy, but crypto-asset and blockchain technology still have a big part to play in it, giving control back to content creators and talented people who want to win their lives directly from what they create .
Cardano and Solana experience strong price bounces
Far from the biggest crypto-assets in the market, Cardano and Solana have both seen significant price increases over the past few days for various reasons.
Cardano has seen a rebound in price over the past few days thanks to an increase in the total value locked up (TVL) on the chain. While still well below the record highs of March 2022, the blockchain is seeing some rebound in demand thanks to quirky projects like Meld, Indigo, and WingRiders, all of which are offering solutions through the Cardano blockchain.
Solana, meanwhile, has seen its price drop sharply since last year, but has been one of the best-performing cryptocurrencies in the market over the past week. This is mainly due to the launch of a new token on the blockchain, called BONK, which was created by Solana developers to compete with SHIB.
Comment from Simon Peters, Market Analyst at eToro.
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