After weeks of sluggishness, Bitcoin finally moved higher on Tuesday.
The largest cryptocurrency by market capitalization recently traded around $20,300, up nearly 5 percent in the past 24 hours, as long-term risk-averse investors took some encouragement from the third-quarter earnings reports of some big brands. The last time BTC broke above $20,000 was on October 5.
“Volatility returns to crypto”， ether (ETH) was more active, breaking $1,500, up more than 11%, to its highest level since the merger of the underlying ethereum blockchain last month. A technical overhaul on September 15 shifted the protocol from proof-of-work to a more energy-efficient proof-of-stake.
Other major altcoins have seen steady gains, with ADA and SOL gaining more than 13% and 11% recently, respectively. UNI, the native token of the Uniswap decentralized exchange, has recently gained more than 8%.
Cryptodata research analyst Riyad Carey wrote that BTC’s surge could be attributed to “limited volatility over the past month” and “the market is looking for signs of life.”
Will Bitcoin Soar in 2023? – Be careful with your wishes
The Bitcoin community is divided on whether the coin’s price will surge or crash in the coming year. Most analysts and technical indicators suggest that it could bottom between $12,000 and $16,000 in the coming months. This has to do with a volatile macroeconomic environment, stock prices, inflation, federal data and, at least according to Elon Musk, a recession that could last until 2024.
Post time: Oct-26-2022