Bitcoin, Ethereum Begin Slow Climb Back After Horrific Week
After a horrific week for the cryptocurrency market, prices have started to rise again—very slowly. Almost the entire crypto market was in the green on Sunday morning, though the trajectory is so shaky that things could look different depending on when you’re reading this post.
Bitcoin is up 1.64% in the past 24 hours, trading for $35,332 at the time of writing on Sunday at 2pm EST, according to CoinMarketCap data. It briefly plunged below $35,000 on Friday night to touch $34,420, but has held above $35,000 since.
Ethereum, the second largest cryptocurrency by market cap, is up a mere 3.15% in 24 hours, trading at $2,415.39.
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The two biggest digital assets had a hellish week: Bitcoin and Ethereum are down 18.36% and 27.44% in the past week, respectively, and both are well-off the all-time highs they reached back in November.
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Some are blaming the January crypto slump on the Fed, the Covid-19 Omicron variant, or other macro factors, while others think it indicates the arrival of a much-dreaded crypto winter a la early 2018.
Amid Sunday’s sea of green (however temporary), some top altcoins are faring much better than Bitcoin and Ethereum. Solana, the Ethereum challenger blockchain and the seventh biggest coin by market cap, is up nearly 6% in the past 24 hours, trading at $98.51.
Dogecoin, the top meme coin, is up more than 8% in the past day to 14 cents, still miles away from its all-time high of 73 cents last May.
The top performing name overall in the past 24 hours is LUNA, the native token of Terra and the ninth largest cryptocurrency. It’s up 9.56% in 24 hours, trading for $67.45. The Terra network, which lets users create stablecoins, has had a blistering couple of months, repeatedly hitting new highs even while the big dogs struggled.