The past several weekends have brought disaster and despair to cryptocurrency investors. However, this weekend is in sync with good news. Bitcoin is on the road to recovery. The most popular crypto by user count and market capitalization has broken through $21,000. Bitcoin is on track for its best weekly gain since early October. This has been aided in part by a return of global markets’ risk appetite.
Bitcoin registers significant weekly gains as the weekend begins
The largest cryptocurrency by market capitalization had a rise of more than 13% for the week as of 11:50 a.m. on Friday in Singapore. If the advance persists, it would be the most significant increase in such a period since 2021. According to CoinMarketCap, the current live Bitcoin price is $21,800.64. It has a trading volume of 29,592,407,846 USD. BTC has increased by 6.70% in the last 24 hours.
According to morning finance news, the crypto market as a whole is doing better. Ethereum has a value of $1,240.33 and is the second-largest cryptocurrency by market capitalization. It has an aggregate 24-hour trading volume of 15,857,571,329 USD and a 24-hour rise of 5.59%. The cryptocurrency market cap is projected to reach a trillion dollars. The global crypto market cap is $961.03 billion, up 4.52 percent on the previous day.
The crypto market is looking great today!! Other digital currencies, such as Ether, Avalanche, and Solana, have also had a good run recently. They’ve brought cryptocurrencies’ overall market value back to around $1 trillion.
Crypto values have been increasingly linked to equities on the stock market, which also rose on Thursday. The Nasdaq, a technology-focused index, rose over 2%. Furthermore, the S&P 500 and Dow Jones Industrial Average advanced by more than 1 percentage point.
The bull market in equities has given much-needed respite to battered virtual currencies, which are positively correlated. Bitcoin is currently valued at less than half of what it was at the beginning of the year. BTC has been damaged by monetary policies that have increased credit costs and a string of digital-asset sector crises that are still coming to grips.
In the meantime, mounting economic risks and the prospect of additional debt reduction are worrisome in cryptocurrency. Some crypto projects have, however, rising above the present market downturns. On Wednesday, Ethereum 2.0’s highly anticipated upgrade and shift from proof-of-work to proof-of-stake took a step closer.
On Wednesday, Sepolia’s PoW and PoS chains successfully connected on the testnet. This marks the second of three public testnets to be completed.
Will the price surge hold?
Despite the joy, caution hangs in the air. After BTC price rises 7% to $21,800, traders rejoice, but analysts predict that the macro downtrend will continue for some time. Many crypto investors are optimistic following July 7’s market movement, which saw good price movement and gains in the conventional market.
The green day in the marketplaces follows a backdrop of growing unemployment claims in the United States. It is still possible that the strain on wages has now reached its peak. According to experts, a continuation of this pattern could lead to financial conditions that are tight enough for the Fed to reduce the pace of rate hikes.
As crypto enthusiasts try to find a market bottom amid the choppy seas of the crypto winter, here’s what several experts predict may be next for Bitcoin. Roman, a Twitter user, notes that many investors are getting euphoric and optimistic due to numerous similar candle patterns appearing over the previous 8 months.
Some market analysts say this is just the latest in a series of fakeouts. This will trick a lot of traders into believing the bottom is in, but the trend remains negative. The 200-week moving average (MA) is a popular and widely cited indicator that traders utilize to identify ideal buying opportunities, especially when it comes to metrics that have been dependably utilized to determine market bottoms.
With Bitcoin now back below its 200-week MA for just the fourth time, talk has begun to grow regarding how long it will take to recover above this line and what trading demand will be like once it reaches there.
Since the start of the year, cryptocurrency markets have seen several downturns. News stories and blogs abound with tales about how cryptocurrencies are toast. Amid the larger bearish mood, a number of critics and analysts have questioned whether last month’s drop would derail Web 3.0 and blockchain technology in general.
While some claim that “crypto is dead,” others think it might be playing possum. Even though cryptocurrency market speculators are waiting with bated breath for bitcoin, ether, and other coins to recover in full, it wouldn’t be incorrect to say that a robust recovery may be a little premature at the moment.
Source: https://www.cryptopolitan.com/bitcoin-surges-to-21-8k-biggest-weekly-gain/