Why it’s a great week for cryptocurrency

Since the announcement made by the Federal Reserve in November 2022, cryptocurrency has had a bad year. This all changed this week. It’s about time investors had something to smile about this year. Many have given up on cryptocurrency and are selling their cryptocurrency portfolio. But if this week is anything to consider, many of them chose to give up at the wrong time. The many efforts made by companies and investors to reduce inflation’s impact and increased taxation have had on the cryptocurrency market have finally paid off. This comes as shocking news rather than breaking news. 

People have been used to bad news affecting cryptocurrency projects and companies in the past few weeks. The most recent is the news of crypto lending platforms going under and registering for bankruptcy. Most recently, Vauld and Voyager have suspended their services; Meta has shut down its cryptocurrency project, and a Singapore-based hedge fund called 3AC is filing for Chapter 15 bankruptcy. This news assured many investors that cryptocurrency would lose a huge chunk of its value. It’s time to know how your favourite cryptocurrency token performed this week. 

The two main cryptocurrency tokens in the world are Bitcoin and Ethereum. These two had a huge boost in their value, but not as much as other alternative tokens. Bitcoin increased its value by 12% and is currently selling at $21,565 when writing this article. This is a huge improvement since it dropped below the $20,000 mark and gave many investors, including miners, sleepless nights. Ethereum, on the hand, performed better than Bitcoin. The token increased its value by 15% and is currently valued at $1216. These are the main coins people invest in; this improvement has sparked a lot of conversation among investors, wondering if cryptocurrency has made a comeback. 

Other alternative coins had more growth in the last week than any other week or month the since November last year. Almost all the top 100 valued tokens increased in value. Some of the most improved tokens include Uniswap, which had a 30% increase and is currently valued at $6.33. Polygon investors also had a good week. The token had a 26% improvement in its value. Although it is still valued at $0.59, this was a huge boost and proof that the market may be stabilising. 

This week’s performance might impact crypto investment during these trying times. Avalanche improved by 22% and is valued at $19.94, while Solana had a 16% boost and is now at $38.14. Investors might invest in cryptocurrency once more as the tokens regain their value. Projects that were struggling and had not yet filed for bankruptcy may restart their operations and start making money from the operations.

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Bitcoin (BTC) $ 27,419.35 0.45%
Tether (USDT) $ 1.00 0.00%
Ethereum (ETH) $ 1,642.30 1.53%
BNB (BNB) $ 212.15 1.48%
USDC (USDC) $ 0.999966 0.04%
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