The cryptocurrency space came alive in the last 24 hours to extend its gains for the week despite growing global uncertainties amid recession fears.
Bitcoin, the world’s most dominant cryptocurrency, appreciated by 4.53% in the last 24 hours to take its gains to 12.64% in the last 7 days.
In the last 7 days, Eth, the token of the Ethereum protocol, has gained 21.36% from about $1000 a coin it traded a week ago to $1,235.67 on Thursday.
Similarly, BNB extended its gains to $242.45, an increase of 1.40% in 24 hours and 14.33% in the last 7 days to underscore a possible shift in the financial markets towards cryptocurrency, especially with global assets, both traditional haven assets like gold and even risk assets like stocks, commodities, etc, trading at a record-low.
Bitcoin and other cryptocurrencies crashed after Luna stablecoin plunged from over $40 billion market value or $90 a coin to about $800,000 in market value or $0.00004 a coin. The huge decline and the speed in which it happens, three days, sent a shocking wave to the investment world and alerted people to the danger of investing in an unproven and regulated space like cryptocurrency.
However, seasoned traders have said it is not unique and newbies would have to learn that in cryptocurrency investing, there are bearish and bullish seasons. This, they attributed to the Bitcoin Halving, a process in which Bitcoin reward for miners is halved after every 210,000 blocks or four years.
Still, experts like Changpeng Zhao, the Chief Executive Officer of Binance and the richest cryptocurrency investor alive, had called on people to only invest in cryptocurrency projects with real-world use cases.
Popularly known as CZ and estimated by Bloomberg to have a net worth of $96 billion, had repeatedly said the cryptocurrency space is here to stay and encourages inventors and innovators to focus on solving real-life problems.
