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Crypto Investor Confidence Increases 10%

Navigasi - Bitcoin price was at the level of $22,909 on Tuesday (19/07). It was the biggest one-day percentage increase since February 28.

Crypto Investor Confidence Increases 10%
Crypto Investor Confidence Increases 10%

The move pushed Bitcoin's market cap to $427.2 billion, or 41.33% of the total crypto market cap. At its highest, Bitcoin's market cap is $1,275.5 billion.

Over the past seven days, Bitcoin has seen an increase in value, as it is up 12.09%. The volume of Bitcoin traded in the twenty-four hours to the time of writing is $40.4 billion or 41.36% of the total volume of all cryptocurrencies.

Crypto prices continued to soar on Wednesday (20/7/2022) trading amid increasing investor confidence about the future of the economy.

Bitcoin managed to explode past USD 23,000 earlier in the day, up over USD 23,700 at one point. The largest cryptocurrency by market cap recently traded close to $23,600, up more than 6 percent over the previous 24 hours and up about 20 percent from a week ago.

However, bitcoin's performance pales in comparison to Ether, the Ethereum blockchain token, which has skyrocketed by about 50 percent over the past seven days as updates pour in about merging.

The merger will change the protocol from the current proof-of-work model to a more environmentally friendly proof-of-stake model. The second-largest cryptocurrency by market cap after bitcoin advanced comfortably above $1,500, an increase of more than 1.5 percent over the previous day.

AdvisorShares asset manager CEO Noah Hammond said it was likely the crypto market had found its price bottom.

“It feels like we are in a price trough, bouncing off the bottom and then going up, and over the last month, Ether has been moving up significantly,” Hammond said.

"Positive momentum, which is good to see," continued Hammond.

The crypto market's gains matched Tuesday's sharp gains in equity markets as the market continues to look favorable on some recent earnings, particularly in the financial services sector. Goldman Sachs (GS) and Bank of America (BAC), among others, have reported better-than-expected quarters in recent days.

Investors have even found a boost in the US central bank's possible decision to increase interest rates 75 basis points instead of the stronger 100 points.