Without a doubt, 2022 was a pivotal year in the crypto world, with digital currency prices plummeting dramatically across the board. The crypto market has been impacted by everything from the economic downturn to rising interest rate hikes and crypto news.
We’ve put together the final week of 2022 with the most prominent cryptocurrencies’ prices, such as Bitcoin (BTC) and Ether (ETH), for you to review.
From the seven-day chart, the crypto market did not show any significant price movements; the BTC/USD price was stable at the $16.5k level, while ETH/USD stayed at the $1.2k level; both Bitcoin and Ether ended the year with more than 70% price loss from their peaks during November 2021. However, today’s chart shows the market is opening up for 2023 with more positive notes.
At the time of writing, Bitcoin (BTC), the largest digital currency, is trading at around $16,700; the market is watching if it can reach $17k. Ether (ETH) and XRP (XRP) are currently trading at $1,217 and $0.344, respectively.
Price Movement of Cryptocurrency
Bitcoin, the largest cryptocurrency by market cap, has seen a slight price movement. On December 31, 2022, it ended with $16,500. Today Bitcoin price has already risen to $16,700 with a market cap of $324b at the time of writing.
In the previous seven days, Ether, the second-largest cryptocurrency by market cap, on December 27, 2022, ETH/USD went up to $1,230, which was the highest price of the week, then fell back to a bit below $1,200. At the time of writing, Ether (ETH) had regained its $1,200 level, and its current price is $1,217, with a market capitalization of $149b.
XRP rose with positive trends on December 27; the XPR price reached$ 0.371 but then went under on December 29, 2022, to $0.344 and fell further to $0.324 on January 2, 2023 but then rose quickly following the pattern of Bitcoin and Ether. Today’s XRP (XRP) is trading at $0.3446, and its total crypto market cap is around $17b, ranking sixth in the crypto market.
Macro Perspective
Despite all crypto events and economic downturns, the crypto world has demonstrated that it is a vibrant ecosystem with a significant impact on the global scale that can withstand significant setbacks.
Positive notes and trends appear for 2023; as China softens its Covid 19 policy, it could signal that the supply chain bottlenecks are being resolved; thus, more factories will reopen, and businesses will soon return to pre-pandemic levels.
Furthermore, the price of the commodities is falling, which may help reduce the cost of the goods and services. Eventually, the inflation rate should go down because of the commodities price decrease.
Lastly, the next U.S. Federal Reserve meeting will be held from January 31 to February 1. Hopefully, they will increase the interest rates at a minor basis point, and inflation reports will continue to fall.
The crypto market recovery will take time, but cryptocurrencies are here to stay, and the world is still watching them. However, for the time being, investors should exercise caution before investing.
Crypto Market Summary
To summarize the previous seven days of coin performance, the market has yet to gain significant trading volume. Bitcoin (BTC) had decreased by 0.87%, Ether (ETH) had gone down by 0.11%, XRP had fallen by 0.55%, USDC, and USDT stablecoins are currently trading at around $0.999, and the current crypto market cap is around $807b at the time of writing.
Disclaimer: Please note that this is not trading advice, and we recommend you carry out your research before making any trading decisions. This article is for informational purposes only.