The bear market that the crypto ecosystem has been experiencing for many months seems to be lingering. But in recent days, the main cryptocurrencies have shown notable progress. Is this a short respite or a lasting trend?
The crypto market picks up at the start of the year
If 2022 should be known in the future as a particularly difficult year for cryptocurrencies, it is not known what 2023 will bring. So far, the year is off to a pretty good start from a price point of view, with Bitcoin (BTC), Ether (ETH) and their comrades show an uninterrupted rise in recent days.
King Bitcoin in particular has shown notable form since January 1, with successive rises who took it over $18,300 :
The price of BTC has been rising since the beginning of the year
the bitcoin price took +6% during the night that has just passed. The biggest cryptocurrency had not reached this price since the beginning of November, when the FTX affair sent all prices plummeting. Although BTC has not yet reached the promised land of $20,000, this rise 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) shows +11% over the week, and exceeds 1,400 dollars this morning. It also experienced a nice jump last night, taking +7% in the space of a few hours:
Ether (ETH) also offers a nice breakthrough tonight
Other altcoins are also showing similar increases. Over the week, Binance’s BNB posted +9.9%, Ripple’s XRP +7%, and Cardano’s ADA has seen a substantial breakthroughat +21%.
If this breath of fresh air on the crypto market is appreciable, it may not yet bode well for a lasting rise. On this subject, analysts seem divided. Bloomberg estimates that BTC will manage to hold its own in a recession. But institutional investors remain pessimisticand it is they who often set the tone.
Still, this notable breakthrough in cryptocurrency prices brings a wind of optimism to the market. A feeling they hadn’t experienced much since the fall of FTX, and the weeks that followed.
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Source: CoinGecko – Chart: TradingView
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Journalist at Cryptoast, I fell into the pot of cryptocurrencies a few years ago. I am passionate about the innovative technologies that stem from the blockchain and I like to find the most crispy information to share with you.
Marine Debelloir
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