Data shows that the price of the flagship cryptocurrency Bitcoin ($BTC) is on track to post its largest weekly gain in 9 weeks as it has moved up 13% so far this week and is appearing to show no signs of slowing down as it flirts with the $22,000 mark.
As first reported by Livemint, the number one cryptocurrency by market capitalization briefly traded above the $22,000 mark before receding slightly. The cryptocurrency’s market capitalization is standing above $400 billion and is helping the cryptocurrency space near $1 trillion once again.
The cryptocurrency’s price performance this week tops what it has seen over the past 9 months , with the last week being as positive as this one occurring in October of last year. WazirX’s trading desk commented on BTC’s price action, saying:
Bitcoin crossed the $22,000 level last day for the first time in 3 weeks as the traditional as well as the crypto markets responded positively to the reassurance given by the U.S. Federal Reserve that the concern regarding recession is blown out of proportion.
The exchange’s trading desk added that market sentiment has also risen, with BTC’s Fear and Greed Index rising to 20, the highest it’s been in two months. The index, it’s worth noting, is based on emotional behavior in the market. When fear sets in, some investors may see a buying opportunity, while greed may be a sign the market is due for a correction.
Ethereum’s ether has, on the other hand, jumped to $1,200 amid a wider cryptocurrency market recovery that also saw numerous other cryptocurrencies jump. The recovery comes shortly after Bitcoin posted its worst quarterly performance in more than a decade, as in the second quarter of this year it lost around 58% of its value, going from $45,524 to just under $19,000 at the end of the three-month period.
Ethereum, the second-largest cryptocurrency by market capitalization, lost over 69% of its value in the second quarter of this year, making it the worst quarter on record for the cryptocurrency ever since it was launched back in 2015.
This week, Bloomberg Intelligence analyst Mike McGlone has revealed he believes Bitcoin could be on track for “one of the greatest bull markets in history” based on a number of factors, or crypto could be a “failing experiment in the process of being made redundant.”
Featured image via Pixabay