Crypto Market Turns Green: Bitcoin Up, Altcoins Making Significant Gains Too
Altcoins on the Rise to be showing signs of recovery, with Bitcoin up again by 7%. Its weekly gains have been around 13%. If the trend persists, it might make the highest gains in the last nine months, i.e., since October 2021.
This will be welcome news for cryptocurrency investors who have been waiting for the green shoots of recovery in the markets.
As of 8 July 2022, the price of Bitcoin is close to $22K ($21,780.04) as per CoinMarketCap. Moreover, the global cryptocurrency market cap today is around $960.69 billion. There has been an overall 5% surge in the global market cap.
In addition, the recent reassurance by the US Federal Reserve regarding recession has positively impacted both traditional and crypto markets. Consumer confidence has increased, and BTC's fear and greed index has increased to about 20 points.
Altcoins on the Rise
Altcoins are also making significant gains as the overall crypto market is turning green. Ether, the second-largest cryptocurrency by market cap, has seen a 5% surge. However, the main reason behind its rise is the successful Ethereum Sepolia Testnet merger.
Moreover, Litecoin (LTC) is also seeing a positive rally as its price has surged to $51.90 with an over 3% increase. The Binance Coin has been up by 7% in the last week and is trading at around $237. Meanwhile, Dogecoin and Shiba Inu also made notable gains.
Bitcoin Up Again
With Bitcoin increasing in value again, we must ask, is it the end of the macro downward trend? That's what investors are hoping for.
Nevertheless, crypto analysts suggest that a small surge and the downward trend will likely continue. @Roman_Trading explains that the hike follows similar patterns of the past eight months.
Another analyst, @gilbertocrypto1, observes that this Bitcoin surge could be bullish if the price crosses the $23K mark. However, as of now, the overall trend is still downward.
Author: Wasay Ali
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