The bear market that the crypto ecosystem has experienced for many months seems to be lingering. However, in recent days, the main cryptocurrencies have shown remarkable progress. Is this a brief respite or a lasting trend?
The crypto market rises at the start of the year
If 2022 was to be known in the future as a particularly difficult year for cryptocurrencies, it is not known what 2023 will bring. So far, the year has been pretty good from a price point of view for Bitcoin (BTC), Ether (ETH) and their peers shows a continuous rise in recent days.
In particular, King Bitcoin has shown remarkable form since January 1 with successive increases there it took over $18,300 :
The price of BTC has been increasing since the beginning of the year
Bitcoin price took +6% during the night just passed. The largest cryptocurrency had not reached this price since early November, when the FTX affair sent all prices plummeting. Although BTC has yet to reach the promised land of $20,000, this rise is still remarkable: the last time it had such a string of days in the green was in July 2021.
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Ether will follow, the other altcoins too
Other cryptocurrencies are not left out either. Ether (ETH) shows +11% during the week, and exceeds $1,400 this morning. It also saw a nice bounce last night, gaining +7% in a few hours:
Ether (ETH) also offers a nice breakout tonight
Other altcoins are also showing similar increases. During the week, Binance’s BNB posted +9.9%, Ripple’s XRP +7%, and Cardano’s ADA has seen a significant breakthroughat +21%.
If this breath of fresh air in the crypto market is noticeable, it may not yet bode well for a sustained rise. On this topic, analysts seem to be divided. Bloomberg believes BTC will fend for itself during a recession. But institutional investors remain pessimisticand it is they who often set the tone.
Still, this is a remarkable 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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