Cryptocurrency News: Bitcoin Up 14.3%, Ether Up 26.4% In 5 Days: What’s Driving Them?

For the past one month, the cryptocurrency market has been significantly bullish. On July 20, till 6.15 pm UTC, Bitcoin was quoted at US$ 23,820.20 surging by 1.82% in the intra day trading. The asset has been bullish by 15.90% in the last 1 month, and increased by 14.37% in the last 5 days. Yesterday, Bitcoin closed at US$ 23,395. Bitcoin is the largest crypto coin concerning its market capitalization.

Additionally, other major crypto coins are also bullish today. Ether was quoted at US$ 1,569.61, gaining by 1.75%. Yesterday, Ether closed at US$ 1,542.65. Litecoin was quoted at US$ 60.11, gaining by 3.80%, Dogecoin was quoted at US$ 0.0725 gaining by 5.16%, and Cardano was quoted at US$ 0.5159 gaining by 0.055% today, till last traded.

Analysts are thinking, that although the crypto market is ‘stable’ now, the risks are not over yet. The crypto market is a highly volatile asset. Hence, investors must be cautious before any investment.

The US interest rate can be hiked by the US Fed to around 75 bps, for controlling the high inflation rate. This will eventually impact the crypto market. Ryan Browne, in a report in Forbes, said, “Cryptocurrencies were touted as a source of value uncorrelated with traditional financial markets. But as institutional capital poured into digital assets, that thesis failed to materialize once the Fed began hiking interest rates and traders fled equities.” The present rally of bitcoin shows a recovery of 200-week moving average, which is making investors optimistic. However, the market is waiting for the US Fed’s upcoming declarations.