At the time of writing, the total crypto market cap was $1,065,628,469,022.754, owing to the significant rise in the prices of Bitcoin (BTC) and Ethereum (ETH), respectively. While Bitcoin has risen by more than 6% to $23,385 in the last 24 hours, Ethereum has risen by more than 3% to $1,561 in the same period.
Market bulls, particularly those holding onto their bags, would be relieved by this trend because it indicates that the digital currency ecosystem may be revitalized even in the absence of any noteworthy factor fueling the positive emotions.
With Bitcoin reaching its highest level in a month after falling as low as its 18-month performance last month, suspicions are developing about the market pausing and easing out of the threatening crypto winter.
Worst Days Could Still Be Ahead. Without sounding too pessimistic, the current spike in crypto prices is most likely a natural bullish corrective following the several-week-long market collapse.
Some of the most important events are still to come, such as the US Federal Open Market Committee (FOMC) meeting at the end of this month. With inflation significantly higher than expected, the Feds may be obliged to hike interest rates again, most likely by more than the 75 basis points reported the last time, all in an attempt to reduce inflation.
If this occurs, the stock market is bound to respond in a way that may cancel out the current growth in the digital currency ecosystem. While the gravity cannot yet be predicted, there is a strong possibility that the industry is not yet out of the woods, and while the omen remains favorable, the crypto winter may be far from over.
As a reminder, WikiBit is ready to help you search the qualifications and reputation of projects in a bid to protect you from hidden dangers in this risky industry!
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