After weeks of slow and steady recovery, the crypto market is starting to appear bullish. Double figure growth over the previous 7 days can be observed across most of the industry, with +20% growth not uncommon among the more popular coins. The likes of Bitcoin and Ethereum have not only recovered from the late-February market drop, but they have also now exceeded these previous positions and will be looking towards clawing back some of their longer term losses from around the November period when they both hit peak value.
After an up and down start to the week, Bitcoin climbed and continued to climb to a high point of +$47,000 at the back end of the period. There was much less downward volatility for BTC across the week, with an incremental value climb observed throughout. While the biggest price leap came at the end of the week, day traders would have enjoyed a +$2k increase on their investments at certain points. Traders using the ZB Positive Grid trading bot would have enjoyed fruitful weeks, with the market only heading one way — upwards.
Peaking at $3,324 at the end of the week, Ethereum experienced a 7 days similar to its Bitcoin counterpart. A gradual value climb of just under $500 overall, there was actually more opportunity for day traders in the ETH market as a result of short positive rallies in value. At the beginning of the week, Ethereum shot up in value by $150 in just a 3 hour period, demonstrating the degree of opportunity in the market overall.
Popular coins such as Solana, Polkadot, Shiba and Doge all returned 15%-25% increases, with all but Doge up 20% week-on-week. One thing that is consistent across most crypto on the market coming into this week is a late rally between Sunday night and Monday morning — hopefully setting the tone for another positive week across the market. Polkadot will have its opening 2021 value of +$30 in sight if it manages to keep pushing upwards.
Undoubtedly, there is still a considerable way to go in the crypto market before it gets to a place where it is exceeding the positions we saw in November 2021, however it has shown great maturity to bounce back from short term value dips. For example, Polkadot is currently trading at $22, which is a solid recovery on the previous month. However, it’s a considerable way off its $53 peak at that time. Ethereum nearly hit $5k at the same time, but is currently trading at $3,318. The story is similar for Bitcoin too, which — though recovered from short term impacts — is a considerable way off its $67k November peak.
This is the next step for the crypto market now it has clawed back its short term losses; chip away at the longer term losses and keep pushing towards its peak price points.
