Bitcoin can simply be defined as the leading player within the crypto market. Ever since the start of this year, the token has lost more than half of its value amid the crypto winter. Other factors that contributed more to the decline in price include the continuously increasing interest rates, countless macroeconomic factors, the FTX fiasco, and the general loss of investor confidence. A few days ago, Bitcoin managed to stoop to its 2-year low of approximately $15,500. However, the criptocurrency managed to regain around $1,000 over the course of the next few days.
After multiple days of trading near the $16,000 mark, Bitcoin has finally managed to opt for the offensive. It has actually crossed the $17,000 mark today. It is widely believed that investors actually anticipated a speech by the chairman of the US federal reserve. Thus, it is thought that this might pave the way for the implementation of a less tight monetary policy. However, such an increase in Bitcoin’s price took place during a time when most investors are still low on confidence due to the FTX fiasco.
Cryptos Apart from Bitcoin Show an Increase Too
The crypto market has been through a lot due to several global and regional reasons. Therefore, this increase in the price of Bitcoin is still something to laud at. Bitcoin briefly managed to cross the $17,000 mark and is currently trading at $16,852. It is currently up by 2.37% over the previous 24 hours. Thus, the market’s turn to the greener side is a positive development for the crypto space.
Bitcoin is not the only cryptocurrency that has managed to gain value this week. Ethereum is also sailing in the same boat. The leading altcoin was greatly affected by FTX’s crash and actually managed to drop below the $1,100 mark. However, it did manage to get back on its feet once again. But it was unable to present any impressive gains in comparison to how it did before the collapse. As of now, ETH is currently trading for approximately $1,269, showing a respectable 4.62% increase in the last 24 hours.
Apart from ETH, XRP, Dogecoin, Fantom, Polkadot, Cardano, and many more are the cryptocurrencies that have managed to present decent gains over a few hours. Keeping this increase in mind, the crypto market has actually managed to add almost $20 billion in a single day, pushing the metric above the $850 billion mark.