Crypto values today also increased, with Bitcoin on track for the greatest weekly gain in 9 months

The previous day, Bitcoin reached $22,000 for the first time in three weeks.

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Bitcoin is expected to post its highest weekly increase since late October. The highest rise for a similar time period since 2021 was seen in the largest cryptocurrency by market capitalization, which was up more over 13 percent for the week.

The price of the biggest and most widely used cryptocurrency in the world was rising by more than 8% and trading beyond the $22,000 level. According to CoinGecko, the market capitalization of all cryptocurrencies climbed again above the $1 trillion threshold today after increasing by more than 5% in the previous day to reach $1.01 billion.

“Bitcoin crossed the $22,000 level last day for the first time in 3 weeks as the traditional as well as the crypto markets responded positively to the reassurance given by the U.S. Federal Reserve that the concern regarding recession is blown out of proportion. The BTC market sentiment also moved in the favourable direction, reaching 20 on the Fear & Greed index, the highest in 2 months,” said WazirX Trade Desk.

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The second-largest cryptocurrency, Ether, which is connected to the Ethereum network, increased more than 7% to $1,254. Shiba Inu price increased by more than 7% to $0.000011, while Dogecoin price was trading about 4% higher at $0.07.

“The crypto market continued to rally for another consecutive day as most cryptos showed up in the green zone on Thursday. Bitcoin hovered above the US$22,000 level and is up by more than 23% from the year’s low at US$17,592. If bulls can hold it there, we may see some more upward moves soon. On the other hand, Ethereum also broke the US$1,200 vital level, and the price is not far from its resistance at US$1,281. Shiba Inu also rose after the ecosystem announced to get its stablecoin and new reward token. Overall, the market seems to be on bullish sentiment,” said Edul Patel, CEO and Co Founder of Mudrex.

Today’s performance of other cryptocurrency prices also increased for XRP, Solana, BNB, Litecoin, Stellar, Chainlink, Tron, Uniswap, and Tether. Prices for Polygon, Apecoin, Avalanche, and Polkadot have increased between 4 and 14 percent during the past day.

Due to monetary tightening and a spate of catastrophes in the digital asset sector, which is still regaining its composure after a binge on borrowing, Bitcoin is still more than 50% lower in 2022.