Blockchain projects are pulling the crypto market up

Bitcoin Ethereum

Blockchain projects are pulling the crypto market up, as Bitcoin price closed last week low, near 21,100 USD. Right now, the upside moment has changed, taking the price to 21,800 USD, the highest end of last month’s range.

Last week Ethereum gained 14.1% and is growing up to another 6.7% since Monday, going to 1430 USD. Being one cut above BTC this time, ETH broke the upper bound of last month’s trading range. The second cryptocurrency’s rise underlines the increased demand for risk among crypto enthusiasts.

The past 24 hours, Dogecoin rose to 1/8% and Polygon to 16%.

The crypto market in total rose 9.5% over the week. Bitcoin’s dominance was bearish by 1.1 percentage points to 41.7% over the same period.

The Crypto Fear-and-Greed Index didn’t change on the week, coming back after lowering to 24 points . On Monday, this index was low to 20, but with recent market news, cryptos are believe to leave the extreme fear territory.

Bitcoin recovered from its previous declines the second half of the week. BTC has been merging under 200-week level average for nearly a month, moving around 22,550 USD. The most important cryptocurrency cant move away from the 20K level yet.
Ethereum manifested remarkable earn after its developers approved the blockchain migration to PoS on September 19, 2022. Last week, Ethereum fell above its 200 week average, which could stimulate buyers to trade on technical signals.

We also noticed a growth in investor interest in networks of blockchain, as noticed in the transcend of Ethereum, Polygon, Solana and Avalanche. Meanwhile, the NFT market is still starting to vanish. It can be explained as investors love on going projects instead of collecting short-term speculation.

If Bitcoin dependence wears out on the stock market in the coming months, experts will see bitcoin as digital gold one more time.

The UN advised that countries prohibit cryptocurrency adverts and ask for all cryptocurrency exchanges and wallet to file with regulators.

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