Bitcoin, which was around $20,650 on Wednesday afternoon, is trading above the significant $20,000 for the first time since early October. It rose a good 6.8 percent in a week. Its market cap is almost $397 billion, which is roughly 28 billion more than the previous week’s.
German analyst Timo Emden says of the crypto market’s recent gains that “the US Federal Reserve, which has fueled its risk appetite, is hoping to slow the pace of the rate hike cycle.” How long the hunger will last remains questionable, as “a sustainable trend reversal is not in sight for now.” The fact that things have escalated so quickly in such a short time is also due to the short-term jam in Emden: “Otherwise it’s hard to explain the jump that way.”
Other cryptocurrencies such as ether have recorded even higher gains in recent weeks, although they have suffered more than its “big brother” bitcoin. $17.5 to $1540 per week plus for ether. Market watchers note that the amount of ether has dropped for the first time since the blockchain switched to the “proof of stake” verification process.
The total market capitalization of the 13,000 cryptocurrencies listed on the “CoinGecko” portal has therefore risen to over a trillion dollars within a week and is currently $1039 billion.
(SDA)
Source :Blick
I’m Tim David and I work as an author for 24 Instant News, covering the Market section. With a Bachelor’s Degree in Journalism, my mission is to provide accurate, timely and insightful news coverage that helps our readers stay informed about the latest trends in the market. My writing style is focused on making complex economic topics easy to understand for everyone.
