Crypto Bear Market Turning Around? Bitcoin Price Holds Above $21K, Ethereum Price Pumps Over 15% This Week

With cryptocurrency prices showing significant bullish momentum this week, the question on everyone’s mind is whether or not the seventh-month-long bear market is coming to an end? Bitcoin is up over 12% this week, trading at $21.6k, while ETH is up over 15.49% in the past seven days. The global crypto market cap is at $958 billion, nearing the $1 trillion mark.

Is The Bear Market Over?

It’s too early to tell whether or not the cryptocurrency bear market is over, but the third quarter of 2022 is off to a tremendous start, spelling hopeful sentiment for the year’s second half.

It’s no surprise that Bitcoin followed the stock market price action this year. The recovery of the global economy and the stock market would be a significant indicator of the shift in market sentiment.

Some good news regarding the U.S. economy is the rapidly declining mortgage rates, which fell off a cliff Friday. According to a report by Yahoo Finance:

“U.S. mortgage rates fell sharply and for the second straight week as monetary policies meant to slow the economy take hold of the housing market.”

The rapid decline in mortgage rates means homeownership just got substantially cheaper, which should incentivize the housing market as more buyers can now afford to take out and get approved for mortgage loans.

In other economic news, CPI (Consumer Price Index) numbers are scheduled to be released next week (July 13th), which should shed light on the state of inflation for June. If the CPI numbers show a decline in the inflation rate, this could further push stock markets and, in return, cryptocurrency markets into bullish territory.

It’s Altcoin Month

With the recent price volatility of Bitcoin, other cryptocurrencies like Ethereum, BNB, XRP, and Solana have outperformed BTC this month.

According to the Altcoin Season Index from blockchaincenter.net, it’s Altcoin month, with the current index at 84 points.

altcoin season altcoin month

Altcoin month is registered when the index surpasses 75 points, and Bitcoin month is when the index falls below the 25-point range.

One cryptocurrency in particular which saw substantial price growth in the past 30 days is none other than TRON (TRX)—rising from a low of $0.05 on June 14th to a high of $0.07 today.

TRON’s Ecosystem continues to grow, and its USDD stablecoin made a spectacular recovery after dipping nearly 10% on June 19th.

The fact that Justin Sun managed to defend USDD’s peg with reserves and avoid another Terra Luna disaster significantly increased investor confidence in TRON’s stablecoin and its TRX cryptocurrency. The recovery of USDD is likely a significant contributor to Tron’s bullish price action this month.

Final Thoughts

While crypto markets could still show additional bearish momentum in the coming weeks and even correct further, there’s no doubt that now is an excellent opportunity to Dollar-Cost Average and keep an eye on undervalued projects.

For those that still believe in the future of the Metaverse, now could be an excellent opportunity to look at investing in virtual real estate on popular platforms like Decentraland, The Sandbox, and ApeCoin’s Otherside for prices nearly 90% cheaper than in November of 2021.

Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any service.

Follow us on Twitter @themerklehash to stay updated with the latest Crypto, NFT, AI, Cybersecurity, and Metaverse news!

Image Source: jakarin2521/123RF

The post Crypto Bear Market Turning Around? Bitcoin Price Holds Above $21K, Ethereum Price Pumps Over 15% This Week appeared first on The Merkle News.


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