The bullish performance of the cryptocurrency market this week marks a positive start. The appeal for riskier assets increased in the current bearish macroeconomic context, and the market began to rally towards the end December.
Monday 02.46 AM EAT (East African Time), saw the market capitalization all cryptocurrencies fall to $1.08 Trillion, down 2.63% over the past 24 hours. According to Coingeko, the overall volume of crypto market transactions in the past 24 hours fell 41.82%.
This week’s update is bullish for the cryptocurrency landscape. Here are five things to watch for.
Bitcoin Its performance has been good and it traded higher at $21,251.06 despite losing 0.31% over the last 24 hours. After a better-than-expected U.S. Jobs report in October, the flagship cryptocurrency reached a seven week high.
Altcoin continues to show similar bullishness. The Ethereum price dropped 3.26% to $1,576 from the week before. However, the crypto’s performance this week has been exceptional. The token took advantage the late October push of the crypto market, rising all the way up to $1,655 and trying hard to reach its $1,700 goal. ETH gained 30% over two weeks. But the Federal Reserve’s 75 base point interest rate increase caused it to fall to $1,500.
Dogecoin traded at $0.1243, down 3.17 percent in the past 24 hours, but up 96.41% over the past 30 days. Elon Musk’s His recent $44 billion acquisition of Twitter triggered crypto’s bullishness.
Shiba Inu’s (SHIB), too, has been doing well. It saw a 25% increase over the past two weeks. But, it showed consolidation in 24 hours. This indicates a 2% decrease. Due to Elon Musk’s purchase of Twitter, a lot of the growth in these meme coins is due to the attention it received. The wild notion that Dogecoin or Shiba Inu could possibly be used on Twitter sparked massive buying pressure.
Arweave, (AR) has been among the most profitable since last Wednesday and continues to perform well. Its current take is associated Meta is the tech firm behind the massive Instagram revolution. This requires third-party crypto projects for their involvement in infrastructure solutions.