Bitcoin (BTC) has risen nearly 5% in value to above $20,000 for the first time in about three weeks. The change in momentum was also welcome news for crypto-related stocks, with Coinbase’s share price up 13%. What is it? Bull market or bear trap?
Crypto Market Is Growing
After several weeks of stagnation, unexpectedly for many, Bitcoin price settled at above $20,000. Other cryptocurrencies are also growing in price, with some overtaking bitcoin in percentage terms. In this regard, maximalists optimistically declare that BTC will never fall below this price threshold again.
CoinMarketCap data shows that the world’s largest cryptocurrency is up 4.4% over the past 24 hours, peaking at $20,800.
However, the second largest cryptocurrency, Ethereum, is currently showing a much higher level of growth. In one day, the coin has grown by 10%, and now the price is trying to settle at the $1,500 level. Over the pas 7 days, Ethereum has increased by almost 20%.
The growth leader among all cryptocurrencies today has become the Toncoin cryptocurrency. The founder of Telegram, Pavel Durov, had to officially abandon this project after the SEC ban. Still, the TON cryptocurrency has shown an increase of as much as 52% over the past 7 days.
BTC hasn’t been this high in almost three weeks. However, during this time, it managed to keep the support level at $19,000.
Mixed Sentiment on Wall Street
As mentioned before, the change in momentum has also been welcome news for crypto-related stocks. For example, the price of Coinbase shares increased by 13%.
In turn, MicroStrategy, a business intelligence company that is an aggressive investor with more than 130,000 BTC in reserve, rose by 11.6% by the close of trading.
All this may indicate that investors are again considering investing in risky assets. It is also important to note that the S&P 500 and Nasdaq ended trading with positive results.
However, the sentiment was broken after some of the biggest tech companies posted disappointing results, indicating that the stock still has room to fall.
In the third quarter of 2022, Google Ads growth was 6%. While this may seem impressive initially, it is actually the weakest performance in nine years.
And it seems that cryptocurrencies have played a role here. The search giant saw a significant pullback in revenue from advertisers in the sector.
Regarding a complete market reversal or a bear trap, opinions are mixed.
On the one hand, investors are in a stage of uncertainty and fear due to world events. On the other hand, in times of crisis, there is such a thing as ‘redistribution of wealth.’ And who knows, perhaps the current time is the very moment of ‘redistribution’, and those who enter the market on time will be generously rewarded for their courage.
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The recent situation in the cryptocurrency market seems pretty optimistic since the rates of many coins continue their growth. Still, it remains only to observe how the price of digital gold will change in the near future.