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The price of bitcoin added 12% this past week, with the price of ethereum adding a similar amount as the predicted market quake rocked the stock and crypto markets.
However, the gains of bitcoin and ethereum pale in comparison to the gains of some smaller cryptocurrencies this week (including the meme-based viral challenger Dogecoin).
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“Investors are hoping the bear market will end with the start of the new calendar year,” Alex Kuptsikevich, FxPro senior market analyst, said in emailed comments.
Ethereum’s two main rivals, cardano and solana, have each jumped more than 20% since this time last week. Saltworks
Further down the ladder, another ethereum rival that arose from the ashes of Facebook’s failed digital currency, aptos, jumped 30%, nearly doubling its price in a week.
Avalanche’s avax jumped 35% after developer Ava Labs announced it will offer crypto infrastructure through Amazon Web Services (AWS) with the goal of facilitating “blockchain adoption in enterprises, institutions and government.”
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Despite the rise in the prices of bitcoin, ethereum and the broader rise in the price of cryptocurrencies, market watchers remain nervous that more volatility could be on the way.
“Bitcoin and other major cryptocurrencies traded in a narrow range for most of the month,” Michael Safai of Dexterity Capital said in an emailed note.
“Cooling inflation and a slower news cycle allow cryptocurrencies to break some of that correlation with stocks and global macro that drove prices in 2022. Any recovery will continue to be a long, slow march, and sensitivity to the main risk remains. It is likely, however, that we there are still a few major upheavals left in cryptocurrency, with some bankruptcies to be resolved and other companies still struggling to stay solvent. This will have a bigger impact on prices over the next few months.”