Bitcoin, the world’s largest cryptocurrency by market capitalization, rose 21.7% from January 11 to 18, trading at $21,212 in Hong Kong on Wednesday. Ether gained 18% in the same period, trading at $1,576.
With Bitcoin now above the $21,000 mark, its benchmark cryptocurrency has returned to its pre-FTX crash price level. BTC prices have since fallen, with the coin currently trading at $20,935 as of 4:30 p.m. Friday in Hong Kong.
According to Chris Bradbury, CEO of the DeFi Oasis capital management protocol, inflation in developed countries may have peaked, which is the main driver of crypto markets and traditional markets. “The feeling also seems to be that the recession expected this year will be less severe than previously thought,” he said in an emailed response to questions.
Bitcoin and Ether are recovering due to the bullish momentum in the traditional markets. “Bitcoin, like most crypto assets, is still highly correlated and priced similar to tech stocks, and most of these have risen in recent weeks as well, but cryptocurrency prices often move at an exaggerated pace.”
The native Solana token was the biggest gainer among the top ten non-stable cryptocurrencies this week, up 39.3% on the weekly chart to $22.
For the first time since November 8, the global crypto market capitalization surpassed $1 trillion on January 15. Bitcoin’s market capitalization of $409 billion currently represents 39.86% of the total market capitalization, while Ether represents 18.5%.
Metaverse Token Earning
This week, Decentraland’s MANA rose 71.1% to US$0.69. According to CoinGecko data, this represented the largest weekly gains in the entire crypto market. SAND, the native Sandbox token, rose 42.3% to $0.742.
The new buzzword of the largest digital and tech ecosystem is the metaverse, and related tokens benefit from this. The appeal of the underlying tokens has increased this year as many investors believe that the metaverse protocols will be a major entry point into Web3 for billions of people.
Despite the events of the past year destroying confidence in centralized crypto firms and the crypto industry as a whole, Bitcoin’s 23% gain in the week ending January 15 represents its best weekly performance since February. of 2021.
