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Bitcoin hit $21.8K, its biggest weekly gain since October 2021

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  Bitcoin

The past few weekends have brought doom and gloom for cryptocurrency investors. However, this weekend is accompanied by good news. Bitcoin is on the way to recovery. The most popular cryptocurrency has crossed $21,000 based on number of users and market cap. Bitcoin is on track for its best weekly gain since early October. This has been helped in part by the return of risk appetite in global markets.

Bitcoin posts significant weekly gains as the weekend kicks off

The largest cryptocurrency by market capitalization was up more than 13 percent for the week as of 11:50 a.m. Friday in Singapore. If this development continues, the most significant increase in such a period will be from 2021. According to CoinMarketCap, the current price of Bitcoin Live is $21,800.64. Its trading volume is 29,592,407,846 Tomans. Bitcoin is up 6.70% in the last 24 hours.

According to this morning’s financial news, the cryptocurrency market has generally improved. Ethereum is valued at $1,240.33 and is the second largest cryptocurrency by market capitalization. Its total 24-hour trading volume is $15,857,571,329 and a 24-hour increase of 5.59%. The market value of digital currencies is expected to reach one trillion dollars. The global crypto market cap is $961.03 billion, up 4.52% from the previous day.

The crypto market looks great today!! Other cryptocurrencies such as Ether, Avalanche and Solana have also performed well recently. They have brought the total value of the cryptocurrency market to around $1 trillion.

The value of crypto has become increasingly tied to stocks in the stock market, which also rose on Thursday. The Nasdaq, a technology-focused index, rose more than 2 percent. Additionally, the S&P 500 and Dow Jones Industrial Average rose more than 1 percent.

A bullish stock market has given the battered cryptocurrencies, which are positively correlated, a much-needed respite. Bitcoin is now less than half of what it was at the beginning of the year. Bitcoin has been hurt by monetary policies that have raised credit costs and a series of ongoing digital asset sector crises.

In the meantime, the increase in economic risks and the prospect of further debt reduction in digital currencies are worrying. However, some crypto projects have risen above the current market slumps. On Wednesday, Ethereum’s highly anticipated 2.0 upgrade and switch from proof-of-work to proof-of-stake moved one step closer.

On Wednesday, Sepolia’s PoW and PoS chains were successfully connected on the testnet. This is the second of three public test networks to be completed.

Will the price increase continue?

Despite the joy, caution is in the air. Traders are cheering after Bitcoin price surged 7% to $21,800, but analysts predict the macro downtrend will continue for some time. Many crypto investors are optimistic about the market move on July 7, which saw good price and profit movement in the conventional market.

The day was green in markets against a backdrop of rising US jobless claims. Still, the pressure on wages may now have peaked. A continuation of this pattern could lead to financial conditions that are tight enough for the Fed to slow rate hikes, experts say.

As cryptocurrency enthusiasts try to bottom out amid the choppy seas of a crypto winter, here’s what many experts are predicting could be the future of Bitcoin. Roman, a Twitter user, notes that many investors are happy and optimistic because of the many similar candlestick patterns that have appeared over the past 8 months.

Some market analysts say this is the latest in a series of fakes. This fools many traders into believing that it is down, but the trend is still negative. The 200-week moving average (MA) is a popular and widely cited indicator that traders use to identify ideal buying opportunities, especially when it comes to the metrics that are reliably used to determine market bottoms. have taken.

With Bitcoin now back below its 200-week MA for the fourth time, talk is about how long it will take to recover above that line and what trading demand will look like once it does. , Has begun.

Since the beginning of the year, the digital currency markets have witnessed several downturns. News stories and blogs are full of stories about how cryptocurrencies are toast. Amidst the larger bearish mood, a number of critics and analysts have questioned whether last month’s decline will derail Web 3.0 and blockchain technology in general.

While some claim that “crypto is dead”, others think that it may be playing possum. Although speculators in the cryptocurrency market are waiting with bated breath for Bitcoin, Ether and other coins to fully recover, it is not incorrect to say that a strong recovery may be a little premature right now.