- Solana and Avalanche, gained 9.2 percent and 9.5 percent, respectively.
- Bitcoin prices reached their highest level in two weeks.
In 2022, the whole cryptocurrency industry was off to a bad start. Due to various circumstances, Bitcoin fell to a three-month low on the New Year’s Eve market selloff. After the minutes of the Federal Reserve’s meeting were released, Ethereum’s value plummeted by about 18 percent, putting it in negative territory for the first quarter of 2022.
But it seems the value of bitcoin appears to have stabilized. As of today, prices are at their highest level in two weeks. First time since January 22 that a single unit of bitcoin has crossed the significant $40,000 mark.
Still a Long Way Off
A pause after Bitcoin tested the 38.2 percent retracement of the declining range from 48574.70 to 37704.42 was taken early in today’s Asian session as the pair attempted to maintain recent advances. On the other hand, the record of $69,044.77 set on November 10 is still a long way off.
Read More: Bitcoin Price Prediction
Ethereum, the Ethereum blockchains native currency, rose 5.9 percent to $3,029.42 on Saturday, while its most significant competitors, Solana and Avalanche, gained 9.2 percent and 9.5 percent, respectively. Coinbase’s decentralized finance (DeFi) project WormHole was hacked, stealing more than $320 million off Solana’s decentralized blockchain network.
According to CoinMarketCap, the crypto market’s value has climbed to 1.90 trillion dollars, making the sector more vibrant. In just a few days, it had recouped at least $300 billion. Another indication of the cryptocurrency market’s extreme volatility is today’s sharp rises and dips.
At $41,539.12 on February 6, Bitcoin’s market share has fallen slightly to 41.28 percent. Since January 24, the year’s low of $32,950.72, the world’s largest and most popular cryptocurrency, has gained nearly 23%. According to CoinMarketCap, the Bitcoin price today is $41,659.64 USD with a 24-hour trading volume of $17,051,470,563 USD. Bitcoin is up 0.35% in the last 24 hours.
