Bitcoin’s (BTC) price is on course to register its highest weekly increase in nine weeks, as it has risen by 13 percent so far this week.
According to an initial report by Livemint, the leading cryptocurrency by market capitalization briefly traded over $22,000 before declining marginally. The cryptocurrency’s market value now exceeds $400 billion, bringing the whole cryptocurrency market back close to $1 trillion.
This week’s performance of the cryptocurrency’s price exceeds that of the preceding nine months, with the last week as favourable as this one happening in October of last year. The trading desk at WazirX reacted to BTC’s price movement, stating:
Bitcoin surpassed $22,000 for the first time in three weeks yesterday, as both conventional and cryptocurrency markets reacted favourably to the U.S. Federal Reserve’s assurances that recession fears are exaggerated.
The trading desk of the exchange also noted that market sentiment has improved, with the BTC Fear and Greed Index reaching 20, its highest level in two months. Notable is that the indicator is based on emotional market behaviour. Some investors may see fear as a buying opportunity, while greed may indicate the market is headed for a correction.
Ether for Ethereum, on the other hand, has risen above $1,200 amid a broader cryptocurrency market rebound that has seen other cryptocurrencies increase in value. Bitcoin saw its worst quarterly performance in more than a decade during the second quarter of this year, when its value fell by around 58 percent, from $45,524 to just under $19,000.
Ethereum, the second-largest cryptocurrency by market capitalization, lost approximately 69 percent of its value during the second quarter of 2018, making it the worst quarter for the cryptocurrency since its debut in 2015.
This week, Bloomberg Intelligence analyst Mike McGlone said that he thinks Bitcoin might be on course for “one of the biggest bull markets in history,” or it could be a “failed experiment in the process of becoming obsolete.”