This week saw a jump in all cryptocurrency markets, and stocks exposed to the sector also benefited.
Since the year 2023 began, the majority of the well-known cryptocurrencies have recovered their value, including Bitcoin, Ethereum, Litecoin, Solana, DOGE, and of course Pi Coin, which was listed as an IOU on the Atlantis Exchange platform and other exchanges.
Currently, Bitcoin is trading above $20,000, Ethereum is trading above $1500, and Litecoin has risen in price to position at $87.9. Pi Network’s native token Pi is said to have increased significantly in worth to hit $35,000 as opposed to the value it traded at on Wednesday ($25,000) on the Atlantis platform.
Source: A screenshot of the Pi price on Atlantis platform
With the bitcoin now trading above $20,000 for the first time since the FTX meltdown in early November, Bitcoin’s (BTC) 2023 climb is still going strong.
After circling about the mid-$16,000 range since mid-December, the largest cryptocurrency by market capitalization opened the week close to the $17,000 mark. With a current price of $20,250, bitcoin has increased by more than 20% so far this year. Even said, the cryptocurrency, which reached a high of $65,000 in November 2021, is still towards the bottom of a terrible bear market.
Ether (ETH), which has gained more than 20% year to date and is above $1,500 for the first time since early November, is also trending nicely higher.
Source: Screenshot
Coinbase (COIN), a cryptocurrency exchange, increased by 39% this week, and Marathon Digital Holdings (MARA), a bitcoin miner, increased by 76%.
Traditional markets also saw gains for the week, with the S&P 500 rising more than 2% as Q4 earnings season got underway and U.S. inflation numbers—while still elevated—kept falling. The first monthly decrease in inflation in 2.5 years as well as additional substantial annual drops in both the headline and core readings have added to the optimism, according to Erlam.
T.I Ukende is a professional writer and ICT consultant. He has written many evergreen articles for Benuecast blog, classicgist, ellabase and many others before birthing the newsway blog.
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