Bitcoin (BTC) and Ethereum (ETH) lead the weekly gains among the top ten cryptocurrencies, with their prices up 11.2% and 9.7%, respectively.
On Friday (20), Bitcoin is trading at $20,981, up 1%, with Ethereum trading at $1,551, up 2% over the past 24 hours, according to data from CoinGecko.
These are by far the best results among the largest crypto assets in the market over the past seven days. Sixth-ranked XRP gained 5% over the period, followed by Polygon (MATIC) which gained 4.3%.
As for last week’s performance after the top 10, the three biggest gainers are Solana (SOL), which gained 28.5% last week, memecoin Shiba Inu (SHIB), which gained 20.7%, and Polkadot (DOT), which increased by 28.5%. 10.9%.
The recent bullish move is also seen in the strong increase in capitalization of the crypto market as a whole. This time last week, the cryptocurrency market was hovering around $943 billion in capitalization; Today, that figure is over $1 trillion.
price correction
The strong performance shown by the two largest cryptocurrencies comes despite Wednesday’s (18th) correction, which came in anticipation of a major announcement by US federal prosecutors, which many believe will target a major exchange in the sector.
While the markets were really feeling the pinch, with both BTC and ETH down around 5%, the correction turned out to be short-lived as criminal charges were filed against a little-known Hong Kong-based exchange called Bitzlato, which the feds called a key member of what It is called the “coding axis”.
Is Bitcoin heading towards the deep end?
With Bitcoin in focus at the key $21K level, the total market cap of all cryptocurrencies has once again crossed the $1 trillion mark, something experts see as a sign of a possible market recovery after the painful crypto winter in 2022.
According to CoinGecko’s latest annual report on the cryptocurrency industry, the past year, which saw the demise of many large companies, ended with a digital currency market capitalization of $829 billion, down 64.1% from the $2.3 trillion in January 2022.
Daily trading volumes also declined steadily throughout 2022, the report said, averaging $86 billion.
CoinGecko co-founder Bobby Ong said in a statement shared with Decrypt. “In this new year, we expect to see cryptocurrencies slowly recover, with more efforts to rebuild trust and credibility.”
* Translated with permission from Decryption.
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