December 9, 2022
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Guide & Analysis

Bitcoin and altcoin rise to a new level

The entire cryptoactive market witnessed one of its most enjoyable weeks in recent memory, as many of the top cryptoactives ended the week with force.

Bitcoin and altcoin rise to new heights, bitcoin rose above $47,000 for the first time since its price fell in May. During the previous price drop, the asset saw its price drop more than 50% down to $29,000. However, BTC performed strongly in August.

According to available data, the asset’s value has increased by almost 40% when compared to its price in the same period last month. This is noteworthy considering the fact that the asset had to weather the storms of China’s hostilities to BTC mining and also to the FUD spread across Tesla with the decision to suspend acceptance of the cryptoactive as a form of payment for its vehicle.

Bitcoin and altcoin rise to a new level

Since then, we’ve witnessed El Salvador’s adoption of the asset as legal tender, and we’ve also seen lawmakers in other countries talk about the opportunities it presents.

Meanwhile, as digital gold nears the psychological level of $50,000 again, some analysts and market pundits are starting to predict that it could reach $100,000 as the controversial infrastructure project appears not to have an effect on the increase in the current price of assets.

As of this writing, Bitcoin is trading at $46,588 and its market capitalization is over $880 billion, according to CoinMarketCap.

Ethereum, Binance Coin and Cardano also appear

In addition to the Bitcoin price increase above $47,000, other cryptoactives like Ethereum, Binance Coin, Cardano and others also had a strong price performance.

Ethereum, since its London Hard Fork update aired, has performed strongly. The second largest cryptoactive by market capitalization saw its value rise above $3,000 again due to the price increase.

The London Hard Fork that had the EIP 1559 update also saw more than $10 million in digital assets burned, while featuring a base transaction fee for asset blocks.

Far from the Ether, the Binance currency, the native cryptoactive of the main cryptocurrency exchange, Binance, was also not left out. Digital currency, according to data from CoinMarketCap, had a price increase of more than 23% in the last 7 days.

Additionally, Cardano, another leading cryptoactive crosses the $2 mark during the massive price spike seen by the cryptocurrency market.

Unsurprisingly, all of these price increases played a role in pushing crypto’s entire market capitalization above the $2 trillion mark again. According to data from CoinGecko, the entire digital asset market is now $2.02 trillion.

Source: Coinspeaker

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