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Business News/ Markets / Cryptocurrency/  Bitcoin on course for biggest weekly gain in 9 months, other crypto prices today also surge

Bitcoin on course for biggest weekly gain in 9 months, other crypto prices today also surge

Bitcoin crossed the $22,000 level last day for the first time in 3 weeks

Cryptocurrency bitcoin represenationPremium
Cryptocurrency bitcoin represenation

Bitcoin is on course for its best weekly gain since October last year. The largest cryptocurrency by market capitalization was up more than 13% for the week so and if the move holds that would be the biggest gain for such a span since 2021.

The world's largest and most popular cryptocurrency was trading above the $22,000 mark, surging over 8%. The global cryptocurrency market cap today was back above the $1 trillion mark, as it was up more than 5% in the last 24 hours to $1.01 billion, as per CoinGecko.

“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 BTC market sentiment also moved in the favourable direction, reaching 20 on the Fear & Greed index, the highest in 2 months," said WazirX Trade Desk.

On the other hand, Ether, the coin linked to the ethereum blockchain and the second largest cryptocurrency, jumped more than 7% to $1,254. Meanwhile, dogecoin price today was trading nearly 4% higher at $0.07 whereas Shiba Inu rose over 7% to $0.000011.

“The crypto market continued to rally for another consecutive day as most cryptos showed up in the green zone on Thursday. Bitcoin hovered above the US$22,000 level and is up by more than 23% from the year’s low at US$17,592. If bulls can hold it there, we may see some more upward moves soon. On the other hand, Ethereum also broke the US$1,200 vital level, and the price is not far from its resistance at US$1,281. Shiba Inu also rose after the ecosystem announced to get its stablecoin and new reward token. Overall, the market seems to be on bullish sentiment," said Edul Patel, CEO and Co Founder of Mudrex.

Other crypto prices' today performance also improved as XRP, Solana, BNB, Litecoin, Stellar, Chainlink, Tron, Uniswap, Tether. Polygon, Apecoin, Avalanche, Polkadot prices were trading with gains in the range of 4-14% over the last 24 hours.

Bitcoin remains more than 50% lower in 2022, hurt by monetary tightening and a string of blowups in a digital-asset sector that’s still sobering up after binging on leverage.

(With inputs from agencies)


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Published: 08 Jul 2022, 11:11 AM IST
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