The bitcoin price has added 12% this last week, with the ethereum price adding a similar amount as a predicted market earthquake shook up equity and crypto markets.
However, bitcoin’s and ethereum’s gains pale in comparison to the rallies seen by some smaller cryptocurrencies this week (including a viral, meme-based dogecoin challenger).
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“Investors are hoping the bear market is over with the start of the new calendar year,” Alex Kuptsikevich, FxPro senior market analyst, said in emailed comments.
Two major ethereum rivals, cardano and solana, have each leaped more than 20% since this time last week. Solana
Further down the charts, another ethereum rival that emerged from the ashes of Facebook’s failed digital currency, aptos, has rocketed 30%, almost doubling its price in a week.
Avalanche’s avax has rocketed 35% after developer Ava Labs announced it would be offering crypto infrastructure through Amazon Web Services (AWS) with the aim of facilitating “enterprise, institutional, and government adoption of blockchain.”
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Despite the bitcoin, ethereum and broader crypto price rally, market watchers are still nervous there could be more volatility ahead.
“Bitcoin and other major cryptocurrencies have been trading in a tight range for the better part of a month,” Michael Safai at Dexterity Capital said in an emailed note.
“Cooling inflation and a slower news cycle are enabling cryptocurrencies to break some of that correlation to equities and the global macro that drove prices in 2022. Any recovery will continue to be a long, slow march and the sensitivity to headline risk remains. It’s likely, however, that we still have a couple of big shakeouts left in crypto, with some bankruptcy messes that have to be sorted and other firms still fighting to stay solvent. This will have a bigger impact on prices over the next couple of months.”