The bear market that the crypto ecosystem has been experiencing for many months seems to persist. But major cryptocurrencies have shown remarkable progress in recent days. Is this a brief respite or a lasting trend?
The cryptocurrency markets recover at the beginning of the year
Whether 2022 should be known going forward as a particularly tough year for cryptocurrencies, it is unknown what 2023 will bring. So far, the year has started off quite well price-wise, with Bitcoin (BTC), Ether (ETH ) and their companions show uninterrupted growth in recent days.
King Bitcoin in particular has shown remarkable form since January 1, with successive rallying which fetched over $18,300 :
The price of BTC has been on the rise since the beginning of the year
The price of bitcoin has picked up +6% during the night just ended. The biggest cryptocurrency hasn’t hit this price point since early November, when the FTX affair sent the entire cryptocurrency market plummeting. While BTC has yet to reach the $20,000 promised land, this rally is still notable – the last time it had such a succession of days in the green was in July 2021.
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Ether follows, the other altcoins too
Other cryptocurrencies are also not left out. Ether (ETH) is up 11% for the week, and is above $1,400 this morning. Yesterday evening she also took a big leap, gaining +7% in just a few hours:
Ether (ETH) is also offering a nice twist tonight
Other altcoins are also showing similar increases. Over the week, Binance’s BNB is up 9.9%, Ripple’s XRP is up 7% and Cardano’s ADA has seen a substantial breakthrough, at +21M. In total, the capitalization of cryptocurrencies
While this breath of fresh air in the cryptocurrency markets is welcome, it may not yet bode well for a lasting uptick. Analysts seem divided on this issue. Bloomberg believes that BTC will be able to hold up during a recession. But institutional investors remain pessimisticand it is they who often set the tone.
However, this remarkable turnaround in cryptocurrency prices brings a breath of optimism to the markets. A feeling they hadn’t had much since the fall of FTX and the weeks afterward.
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Source: CoinGecko – Chart: TradingView
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