• Bitcoin has gained almost 22% in the past week, currently trading at $21,274 and testing the $22,000 resistance level.
• Ethereum has risen 13.89% in the past week, currently trading at $1514.33 (its highest jump since the FTX crash).
• Investors believe 2023 to be the end of crypto winter, with Bitcoin’s movement beyond the $22,000 resistance level further strengthening their belief and increasing their investment activities in the crypto space.
The past week has been an incredibly promising one for the crypto market, as Bitcoin and Ethereum have seen double-digit growth. Bitcoin, the leading cryptocurrency by market cap, has gained almost 22% in the past week, climbing back up to its pre-FTX crash levels. Currently trading at $21,274, the coin is testing the $22,000 resistance level, which if broken, could be a major sign of recovery for the entire crypto market.
Ethereum, the second-largest cryptocurrency, has also seen a significant jump in its price, rising 13.89% in the past week. At the moment, Ethereum is trading at its highest level since the FTX crash, at $1514.33. This surge in the prices of both Bitcoin and Ethereum has given investors hope that the end of the crypto winter might be in sight.
The crypto winter has been a difficult period for the entire crypto market, with Bitcoin losing more than any other cryptocurrency. A majority of the decline can be attributed to the crypto winter, which began at the end of 2021 and has prevented the crypto market from moving further up. The Luna crash and FTX disaster also caused Bitcoin to drop below the $20,000 mark, resulting in heavy losses for Bitcoin investors.
However, with the recent surge in both Bitcoin and Ethereum prices, investors now believe 2023 could be the year that marks the end of the crypto winter. If Bitcoin manages to break the $22,000 resistance level, it will be a clear sign that the crypto market is on its way to recovery. This will likely result in an increase in investment activities in the crypto space, as investors’ faith will be further strengthened.
Overall, the past week has been an encouraging one for the crypto market. With Bitcoin and Ethereum both showing signs of recovery, investors can finally start to breathe a sigh of relief. If Bitcoin manages to break the $22,000 resistance level, it could be the beginning of the end of the crypto winter.