- A fresh impulse in the cryptocurrency market sees all of the top ten cryptocurrencies up by double digits in the last seven days.
- After reaching a 3-week high, the price of Bitcoin has dipped slightly to just above $42,800.
- The rest of the top 10 cryptocurrencies by market cap have risen by double digits over the last 7 days.
A fresh impulse in the cryptocurrency market sees all of the top ten cryptocurrencies up by double digits in the last seven days.
Bitcoin recently reached a 3-week high as the price of Bitcoin reached $43,300. Since then, the price of Bitcoin has dipped slightly to just above $42,800, according to cryptocurrency market tracker, CoinMarketCap.
The bullish spike in Bitcoin was then followed by a spike in the rest of the cryptocurrency market. The current standing of the top 10 cryptocurrency coins by market cap is as follows; Ethereum (ETH) at slightly above $3,000, Binance Coin (BNB) at $407.28, Ripple (XRP) at $0.8455, Cardano (ADA) at $0.9729, Solana (SOL) at $91.56, and Avalanche (AVAX) at $86.84.
Cryptocurrency Market Soars by Double Digits (Source: CoinMarketCap)
As can be seen from the screenshot above, all of the top ten cryptocurrencies are up by double digits in the last seven days. Furthermore, the majority of the top 10 cryptocurrencies have continued to rise in the last 24 hours, apart from the stablecoins on the list such as Tether (USDT), USD Coin (USDC), Terra (LUNA), and the AVAX that are all down.
This could be a sign that the rumored cryptocurrency winter will not happen. Although the cryptocurrency market has faced its fair share of challenges in the last couple of months with the war between Russia and Ukraine, UK financial watchdogs shutting down cryptocurrency ATMs, and a number of DeFi hacks, the market seems to have recovered and moved on.
There is also the global rising inflation which has seen people transfer a portion of their funds into cryptocurrency, with the hopes that Bitcoin and other cryptocurrencies will act as a hedge against the continuously rising inflation.