- The crypto winter, which has plagued the market since the closing month of last year, could finally be coming to an end.
- After being stuck in a bear run for the better part of a month, the top-ranked cryptocurrency, soared as high as eight per cent this morning.
The crypto winter, which has plagued the market since the closing month of last year, could finally be coming to an end. Yesterday, flagship token, Bitcoin, roared back into the fray and extended its gains to Tuesday as well.
After being stuck in a bear run for the better part of a month, the top-ranked cryptocurrency, soared as high as eight per cent this morning.
It’s a welcome relief for Bitcoin holders with the coin at one stage trading as low as US$25,400.
However, today Bitcoin’s price is the highest it has been in more than three weeks, with the coin rallying to nearly US$32k levels.
It’s a big turnaround for the bellwether cryptocurrency with some experts last week predicting Bitcoin could sink to below US$10,000.
Indications of a possible slowdown in US monetary policy tightening and reopening of Chinese economy are probably the reasons behind the recent pullback in crypto prices, experts say.
That being said, with the inherent extreme volatility of Bitcoin and other tokens, it is highly difficult for anyone to predict the future price of the token.
Meanwhile, Ethereum made even bigger gains, jumping ten per cent from yesterday to trade US$1,990.
Winners and Losers
Image Source @ 2022 Kalkine Media®
Data Source: CoinMarketCap.com, based on top 100 cryptos.
Note: Growth from the 24 hours prior to 12:30pm AEDT
Risk Disclosure: Trading in cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory, or political events. The laws that apply to crypto products (and how a particular crypto product is regulated) may change. Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading in the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed. Kalkine Media cannot and does not represent or guarantee that any of the information/data available here is accurate, reliable, current, complete or appropriate for your needs. Kalkine Media will not accept liability for any loss or damage as a result of your trading or your reliance on the information shared on this website.