Bitcoin ($ BTC) Price on track for biggest weekly gain in 9 months, data shows

Data show that the price of the flagship cryptocurrency Bitcoin ($ BTC) is about to post its biggest weekly gain in 9 weeks, as it has risen 13% so far this week and seems to show no signs of slowing down. while flirting with the $ 22,000 mark.

As first reported by Livemint, the number one cryptocurrency traded at market value just over $ 22,000 before falling slightly. The market value of cryptocurrency is over 400 billion dollars and helps the cryptocurrency area close to 1 trillion dollars again.

The cryptocurrency’s price performance this week tops what it has seen in the last 9 months, with the last week being as positive as this in October last year. WazirX’s trading table commented on BTC’s price action and said:

Bitcoin crossed the $ 22,000 level on the last day for the first time in 3 weeks, as the traditional as well as crypto markets reacted positively to the assurance from the US Federal Reserve that the concern about recession has been blown out of proportion.

The exchange’s trading table added that market sentiment has also increased, with BTC’s fear and greed index rising to 20, the highest it has been in two months. The index, it is worth noting, is based on emotional behavior in the market. When fear sets in, some investors may see a buying opportunity, while greed may be a sign that the market needs to be corrected.

Ethereum’s ether, on the other hand, has jumped to $ 1200 in the midst of a broader upswing in the cryptocurrency market as so many other cryptocurrencies are jumping. The rise comes shortly after Bitcoin delivered its worst quarterly result in more than a decade, when in the second quarter of this year it lost around 58% of value, going from $ 45,524 to just under $ 19,000 at the end of the three-month period.

Ethereum, the second largest cryptocurrency by market value, lost over 69% of its value in the second quarter of this year, making it the worst quarter recorded for the cryptocurrency since its launch back in 2015.

This week, Bloomberg Intelligence analyst Mike McGlone revealed that he believes Bitcoin may be heading for “one of the biggest bull markets in history” based on a number of factors, or crypto may be a “failed experiment about to become redundant”. “

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