Red packets for the Lunar New Year, Ethereum hits 2800, major cryptocurrencies see a weekly gain of about 10%.
Yesterday, the Taiwan stock market opened for the Year of the Dragon, with TSMC challenging the NT$700 mark, seeing nearly an 8% increase. Throughout the week, the top ten cryptocurrencies have also seen gains of around 10%. Have you received your lucky red envelope for the Lunar New Year?
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Bitcoin Surges Again, Reflecting Halving Trend?
Bitcoin surged again yesterday, reaching a high of $52,816, marking a new high since November 2021, still about 30% below its all-time high of around $69,000.
According to a report by The Block, Jag Kooner, Derivatives Product Manager at Bitfinex, stated:
The current market trend aligns with the rebound before the halving, a trend observed in previous Bitcoin cycles. Historically, these trends have started approximately eight weeks before the halving event.
The next Bitcoin halving is anticipated to take place in April.
He believes that this rebound might surpass the previous cyclical high points. It is noteworthy that in the past week, Bitcoin has once again become a $1 trillion asset, primarily driven by inflows into the spot Bitcoin ETF.
Top 10 Coins Rise Together, Each with about 10% Weekly Gain
The performance of the top 10 cryptocurrencies has been impressive recently.
ETH
With a weekly gain of 16.5%, Ether finally broke through the January high of $2,717. The next catalyst could be the London upgrade or the Ethereum spot ETF?
AVAX
With a weekly gain of 17.1%, AVAX once again surpassed Dogecoin (DOGE) to reclaim the seventh spot by market capitalization. Citigroup is using Avalanche's Spruce Subnet to test tokenization of private equity funds, attempting to explore new operational models and improve market efficiency using blockchain technology.
LINK
With an 8.8% weekly gain, LINK re-enters the top ten by market capitalization. One of the world's largest telecommunications service providers, Telefónica, is collaborating with the decentralized oracle network Chainlink to ensure security and prevent hacks and vulnerabilities related to Web3, including "SIM swapping" attacks.