Tuesday Talk: Can BTC and ETH Keep It Up?
The crypto market’s comeback has been slowed down on Tuesday, with most coins declining by 2% or more. Still, if we consider the week-on-week price comparison, ETH, BTC, and many other altcoins are up by more than 10% despite Tuesday’s slight drop off. Let us take a look at the performances of BTC and ETH today, and give a few pointers on what to focus on for the rest of the week.
BTC: $43,485.26 (-1.44% over the past 24 hours)
Readers would recall that BTC was down at around $33,000 just over 2 weeks ago, and thus the fact that BTC has recovered to over $45,000, and only dropping back to $43,500 today, is massively impressive, considering analysts weren’t sure how long it would take for BTC to reach back to above $40,000 after the massive crash in late January. Now BTC is aiming for $50,000, and that would take another 15%+ price jump from the current level to reach. Granted, this could easily occur given the swingy nature of crypto, but without any sudden news, investors should not expect the dramatic upswing to end the week last week to occur again this week.
ETH: $3087.51 (-1.86% over the past 24 hours)
ETH had a similar track of recovery to BTC. Dipping below $2,200 on January 24th, ETH made incredible gains over these past 2 weeks or so, increasing its total market capitalization by more than 40%, and jumped back to above $3,200, before slightly losing steam today, ending on a note of near $3,100. ETH, as discussed in previous articles on the blog, is the more scalable and more promising crypto coin compared to BTC, given its ability for developers to create applications on its platform, and its strong links to DeFi protocols and the minting of NFTs. How long ETH will take to get back to its previous all-time high set in November 2021 is unknown; however, given the confidence the market has in ETH, even after the crash two weeks ago, it is only a matter of time before ETH breaks records yet again.
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