Early on Sep 10, Bitcoin traded near $21,300, up nearly 7% over the past 7 days. Meanwhile, Ethereum, the second largest cryptocurrency, increased 11% to $1,735 over the past week. Other cryptocurrencies in the top 10 also gained strongly, with Cardano up 14%, Solana up 12.5%, and Ripple up nearly 9%. The crypto market cap crossed the $1 trillion level.
Along with the crypto market, the stock market has also shown positive signs with Dow Jone jumping nearly 400 points on Sep 9. However, as central banks around the world continue to raise interest rates to fight inflation, the crypto market or risky assets rising may only happen in the short term, according to analysts.
“It’s too early to predict that we are approaching another bull run, but if Bitcoin regains a higher support level between $22,000-$25,000 then it may boost investor confidence and ease off the selling pressure across crypto assets,” said Tarusha Mittal, co-founder of crypto staking platform UniFarm.
This weekend also marked the return of Terraform Labs’s LUNA. LUNA surged more than 4 times on Sep 9, from $1.7 to $5.5. With a sharp increase in price, LUNA became the 55th largest cryptocurrency by market cap with $1 billion. Another cryptocurrency of Terraform Labs, LUNC, also skyrocketed 78%.
Howard Greenberg, a crypto expert at Prosper Trading Academy, thinks that the sharp price increase in the short term suggests that LUNC or LUNA is still a meme coin. “It will be a very volatile trade, and if someone chooses to enter the trade I would make sure you have an exit plan for both downside and upside”, he told CoinDesk.
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