Bitcoin and Altcoins Go Green, Is the Market Finally in Recovery?

crypto market reaches $3 trillion market cap
  • Bitcoin (BTC) has finally gone green and is showing bullish signs.
  • Many altcoins have followed Bitcoin’s rally and have also all gone green. 
  • Many are hoping that this is the start of the end to the long-drawn crypto winter.

According to many crypto charts of altcoins and the cryptocurrency pioneer — Bitcoin (BTC), it seems the crypto market is on its way to a steady inevitable recovery. Many investors are hoping this to be the start of the end of crypto winter. 

At the moment, not only has Bitcoin (BTC) gone green on all the crypto charts, but so have a majority of altcoins as well. To name a few, Ethereum (ETH), Binance Coin (BNB), Ripple (XRP), Cardano (ADA), Solana (SOL), Polygon (MATIC) and Polkadot (DOT) have all gone green. 

More so, memecoins like Dogecoin (DOGE) and Shiba Inu (SHIB) have also gone green. However, Shiba Inu (SHIB) is no longer seen as a memecoin in the eyes of many. Still, the prices of all these tokens and cryptos are currently on the rise and are not showing any signs of slowing down. 

To highlight, Ethereum has been flying over the last week. Certainly, it turned many heads and made headlines over the past few days. Presently, the price of Ethereum (ETH) is $1,594, according to CoinGecko. Meanwhile, Bitcoin (BTC) is $23,632.  

The reason behind the sudden rally could be attributed to many factors. Specifically, the most important factor is where the Crypto Fear & Greed Index lies. After weeks and weeks of single digits on the scale, the number now points to 31. 

This is excellent news and shows that the market is slowly leaning closer towards the greed index over the previously prevailing fear index. Besides this, many investors have taken the matter of their crypto assets into their own hands. 

To elaborate, the last few weeks had thrown the crypto industry into chaos as more and more centralized exchanges began to freeze its users’ crypto assets on its platforms. For example, the latest to do so is crypto exchange Zipmex. The exchange just halted withdrawals in light of the current market situation. In addition, other companies such as Celsius had to file for bankruptcy

Despite all this, it seems the crypto community’s practice of holding onto their assets to make it through the crypto winter is finally starting to pay off. Lastly, according to Grayscale, it looks like the Bitcoin network is perfectly on track to process a value of $18 trillion this year.    

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A focused and vigilant storyteller for all things blockchain and cryptocurrency. Besides consuming every piece of literature about the metaverse, she can often be found at industry convections looking for the latest scoop.