Market Wrap: What happened with the top five cryptocurrencies this week? (17-Dec-2021 to 24-Dec-2021)
It’s looking like the crypto market might finally be coming out of its recent slump, as the past seven days have seen the majority of assets in the green, including all of our top five. It seems that the market has rebounded just in time for Christmas, and 2021 might end on a good note for investors.
It’s difficult to pin down exactly why the markets are on the up at the moment, it could be speculated that some could be “buying the dip” with increased confidence in the market. It’s significantly interesting, as the U.S. Federal Reserve’s decision to hike interest rates three times next year usually gives a bearish signal to investors, especially for crypto, which is considered a speculative asset.
The change can also be seen in the Crypto Fear and Greed Index, which analyses emotions and sentiments in the crypto market. It was sitting at a score of 41 out of 100, only slightly within the “Fear” section, an improvement on the score of 29 from last week.
Let’s take a look at the highs and lows for the week.
Bitcoin hit this week’s low of US$45,723 early in the week on Tuesday, since, it’s been on the rise, breaking over the US$51,000 mark early this morning and reaching the week’s high of US$$51,430 at the time of writing.
Much like last week, Ethereum has been mostly stable around the US$4,000 mark this week also. It did dip to US$$3,727 on Saturday, December 18, and has since stayed on the up, hitting a high of US$4,157 early this morning.
Binance Coin hasn’t completely recovered from its fall last week, but it is up 4.6 per cent this week, breaking over the US$550 mark this morning to hit US$552, a seven-day-high from its low of US$510 on Tuesday.
Solana has seen stability around the US$180 mark this week, dipping to a low of US$169 for an hour on Saturday before quickly climbing back. Much like the others on this list, it’s seen a rapid rise to hit a weekly high this morning of US$191.
Cardano has had the most significant increase in our top five this week, with a rise of 19.9 per cent over the past seven days. Cardano is on a trajectory to reach US$1.50 at the time of writing, a big increase from the week’s low of US$1.20.