Bitcoin and Ethereum are gaining positive traction in 2023 after a continuous crypto winter that kicked off nearly a year ago.
The crypto market is back on the rise this week after Bitcoin and Ethereum hit new milestones.
Bitcoin surpassed $30,000 on Tuesday for the first time since June 2022. As of this writing, the largest crypto is trading for $30,235 after climbing as much as 7% over the past 24 hours. The second-largest crypto, Ethereum, is nearing the $2,000 mark, trading for $1,908, after rising roughly 3% in the past day.
Maybe the crypto winter is over and we’re moving into a crypto autumn? Bitcoin is doing a lot better today than it was in May 2022 when the crypto market began to crash, and the coin was trading for roughly $29,000. In June 2022, Bitcoin dropped below $20,000 for the first time since 2020. Still, we’ve seen Bitcoin hold in the $45,000 to $50,000 range, typically, and we can’t forget when the coin was going for an all-time high of $68,000 in November 2021.
Ethereum’s trajectory has been rocky for several reasons, including its big network merge that happened last fall. At its height in November 2021, Ethereum was trading for $4,815. The crypto shortly plummeted to $1,083 in November 2022 before seeing an uptick in December. The Ethereum network is preparing for another upgrade called Shanghai on Wednesday which will complete the network’s transition from the proof-of-work to the proof-of-stake mechanism.
Bitcoin and Ethereum are usually on the rebound together, so seeing both of their values rise at the same time this year should be no surprise. Analysts predict both cryptocurrencies will continue to rise in the coming months, but we all know crypto trends have minds of their own.