• Bitcoin, the leading cryptocurrency by market cap, has lost more than any other cryptocurrency in 2022 due to the crypto winter and the Luna crash and FTX disaster.
• Bitcoin has gained almost 22% in the past week, crossing the $20,000 mark almost after four months. Currently trading at $21,274, the coin is testing the $22,000 resistance level.
• Investors believe 2023 to be the end of crypto winter and that Bitcoin’s movement beyond the $22,000 resistance level would further strengthen their belief and increase their investment activities in the crypto space.
The past week has been a great one for the crypto market, with many of its top coins seeing double-digit growth. Bitcoin, the leading cryptocurrency by market cap, has seen the most gains, rising almost 22% since last week and crossing the $20,000 mark after four months. Currently trading at $21,274, the coin is testing the $22,000 resistance level.
The crypto winter and the Luna crash and FTX disaster have caused Bitcoin to lose more value than any other cryptocurrency in 2022. Despite this, investors believe that 2023 will be the end of the crypto winter, and that Bitcoin’s movement beyond the $22,000 resistance level would further strengthen their belief and increase their investment activities in the crypto space.
Ethereum has also seen growth, rising 13.89% in the past week and hitting its highest price jump since the FTX crash. It is currently trading at $1514.33. The recent decrease in the US’s Consumer Protection Index (CPI) for the month of January might have also been a contributing factor to the growth of the entire crypto market.
The crypto market is looking up, and with Bitcoin testing the $22,000 resistance level, investors are optimistic that the coin will surge beyond this level. If this happens, it could be the start of a new era of growth for the entire crypto market. The next few weeks will be crucial in determining whether Bitcoin will be able to break through the resistance level and enter a new phase of growth.