In the last week, Cryptocurrencies showed exciting price movements to investors. More than a dozen coins exhibited a substantial double-digit rise in value within a week. However, after facing a devastating year, this positive market movement is getting mixed reactions from the crypto community. While some think of it as the initial sign of the bull market, others think of it as a bull trap.
If you are an investor, it is essential for you to know what is creating green candles in your invested cryptocurrencies.
The below blog is a quick go-through of the latest crypto news and updates that turned the market green last week.
The recent bullish phase in Crypto started when the Baby Doge team announced plans to make its Burn portal live on 13th February 2023. This announcement caused Babydoge to surge nearly 25% on the same day. If we look at Babydoge’s journey over the past 30 days, the meme coin increased a whopping 300%. Amid the uncertain market sentiments post-FTX fall, this tremendous surge in the token gave a much-needed ray of hope to the crypto community.
Some international news and announcements also contributed to the spread of greenery in the crypto market. For instance, the Bank of Brazil announced on 12th January to allow citizens to pay their taxes in crypto. On the next day, another anticipated announcement of Visa partnering with Wirex to issue Crypto debit cards in 40 countries came in. The cluster of such supportive news on Crypto adoption made an upward impact on the market, giving momentum to dozens of cryptocurrencies to make significant surges.
The Top gainers of the last 7 days are BTC (14.67%), ETH (13.21%), Polygon MATIC (28.81%), DOGE (7.80%), Ethereum PUSH (69.79%), FIL (76.14%), VET (38.80%), SOL (23.99%), SC (32.75%) and ICP (33.13%).
The abnormal price growth of 41% in FIL coin occurred due to its significant recent collaborations with Chainstack, a renowned Blockchain service provider. This partnership will focus on the launch of the Virtual Machine of Filecoin that will soon allow many Web3 developers to deploy high-potential Filecoin-based dApps.
Elon Musk brought the biggest twist in the market this week by suddenly posting a series of tweets declaring Floki (his pet dog) as the new CEO of Twitter. The news sent the famous meme crypto, Floki Inu (FLOKI), to an instant rally outperforming all the other crypto assets. The meme coin has been experiencing vertical growth since the news, recording a stunning surge of 160.47% within a week. With the rising price of Floki, many other doge-based memecoins also broke their resistance levels. DOGE rose 5.52%, Baby Doge rose 23.73%, and Shiba rose 6.82% in the last 7 days.
So, Are we in a bull market?
Though the recent incidents in the market are showing noteworthy signs of a bull market, it is still too soon to make any prediction. Since there have been many incidents of pump and dump in the history of Crypto, we can not neglect the possibility of the recent surge turning out as one too. However, it is surely a good time to book some short-term profit for crypto traders, if used rightly. The trajectory of Bitcoin and other top cryptocurrencies in the upcoming weeks will be a crucial indicator in deciding the actual status of the crypto market.
