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In the past seven days, all of the top 10 cryptocurrencies rose by double digits, signaling a new surge in the cryptocurrency market.
Bitcoin has achieved a three-week high, with a price of $43,300. According to cryptocurrency market tracker CoinMarketCap, the price of Bitcoin has declined somewhat since then, to a little around $42,800.
Following the bullish increase in Bitcoin, the remainder of the cryptocurrency market experienced a surge. Ethereum (ETH) is just above $3,000, Binance Coin (BNB) is $407.28, Ripple (XRP) is $0.8455, Cardano (ADA) is $0.9729, Solana (SOL) is $91.56, and Avalanche (AVAX) is $86.84, according to the top 10 cryptocurrency coins by market cap.
As shown in the screenshot above, all of the top 10 cryptocurrencies are up by double digits in the previous seven days. Furthermore, except for the stablecoins on the list, such as Tether (USDT), USD Coin (USDC), Terra (LUNA), and AVAX, the bulk of the top 10 cryptocurrencies have continued to grow in the recent 24 hours.
This may indicate that the feared cryptocurrency winter will not occur. Even though the cryptocurrency market has encountered some setbacks in recent months, including the Russian-Ukraine conflict, UK financial watchdogs shutting down bitcoin ATMs, and a series of DeFi attacks, the market appears to have recovered and moved on.
There’s also the issue of growing global inflation, which has prompted some people to invest a portion of their money in cryptocurrency in the hopes of using Bitcoin and other cryptocurrencies as a hedge against rising inflation.
