Bitcoin Records Biggest Weekly Gain in 9 Months

Bitcoin is on set for its largest weekly rise since October last year. The largest cryptocurrency by market capitalization was up more over 13 percent for the week thus far if the trend persists it would be the highest increase for such a timeframe since 2021. The world’s biggest and most popular cryptocurrency was trading beyond the $22,000 mark, gaining almost 8 percent . The worldwide cryptocurrency market value today went back over the $1 trillion level, as it was up more than 5 percent in the past 24 hours to $1.01 billion, according per CoinGecko.

WazirX Trade Desk remarked “Bitcoin surpassed the $22,000 level last day for the first time in 3 weeks as the conventional as well as the crypto markets reacted favorably to the reassurance supplied by the US Federal Reserve that the fear over recession is blown out of proportion. The BTC market sentiment also surged in the beneficial direction, hitting 20 on the Fear & Greed index, the highest in 2 months.”

On the other side, Ether, the token tied to the ethereum blockchain and the second biggest cryptocurrency, gained more than 7 percent to $1,254. Meanwhile, dogecoin price today was trading about 4 percent higher at $0.07 whilst Shiba Inu surged over 7 percent to $0.000011.

According to Edul Patel, CEO and Co-Founder of Mudrex, “The cryptocurrency market extended its climb for another straight day as most cryptocurrencies showed up in the green zone on Thursday.” Bitcoin’s price remained over $22,000 US dollars and is up by more than 23 percent from its low point of the year, which was $17,592 US dollars. If the bulls are able to maintain their position there, then we should see some additional gains in the near future. On the other side, Ethereum also breached the crucial barrier of $1,200 US, and the price is getting closer and closer to the resistance level of $1,281 US. The price of Shiba Inu went up when it was reported that the ecosystem will soon acquire its stablecoin and a new incentive token. In general, an optimistic feeling appears to be prevailing on the market.”

The performance of other cryptocurrencies’ values today also increased, including XRP, Solana, BNB, Litecoin, Stellar, Chainlink, Tron, Uniswap, and Tether, among others. Over the course of the previous day and a half, the values of Polygon, Apecoin, Avalanche, and Polkadot all traded with increases ranging from 4 to 14 percent.

A spate of blowups in a digital asset market that’s still sobering up after gorging on borrowing continues to weigh on Bitcoin’s price in 2022, causing it to stay more than 50 percent lower than it was in 2021. This is a result of monetary tightening.