The bear market that the cryptocurrency ecosystem has been experiencing for months is extending. But in recent days, major cryptocurrencies have shown remarkable progress. Is this a temporary respite or a permanent trend?
Cryptocurrency markets are bullish at the beginning of the year
If 2022 should be recognized as a particularly difficult year for cryptocurrencies in the future, it is not known what 2023 will bring. So far, the year is off to a pretty good start in terms of price for Bitcoin (BTC), Ether (ETH) and their peers. shows a continuous rise in recent days.
King Bitcoin, in particular, has been in remarkable form since January 1, with a consistent rise Who took the $18,300? :
The price of BTC has been increasing since the beginning of the year
Bitcoin took the price +6% over the past night. The biggest cryptocurrency hasn’t reached this price since early November, when the FTX scandal brought the entire cryptocurrency market crashing down. Although BTC has yet to reach the promised $20,000, the rally is still remarkable: the last time such a streak in the green was in July 2021.
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Ether is followed by other altcoins
Other cryptocurrencies have not been left out. Ether (ETH) shows +11% for the week, and crossed $1,400 this morning. It also had a nice bounce last night, taking +7% in a few hours:
Ether (ETH) is also offering a nice advance tonight
Other altcoins are showing similar increases. Binance’s BNB +9.9%, Ripple’s XRP +7% and Cardano’s ADA has seen significant progress, +21M. Capitalization of cryptocurrencies in general
While this breath of fresh air in the cryptocurrency markets is admirable, it may not bode well for a sustained rise just yet. Analysts are divided on this issue. Bloomberg believes that BTC will be able to hold its own during the downturn. But institutional investors remain pessimisticand are often the ones who set the tone.
Again, this remarkable advance in cryptocurrency prices brings a wind of optimism to the markets. A feeling they haven’t had much since the fall of FTX and the weeks since.
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Source: CoinGecko – Chart: TradingView
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