The cryptocurrency markets look set to end the seven-day period in a stronger position to where they started off, although there is scarce evidence of an imminent rally to resuscitate global market capitalisation.
At US$853.5bn, total market value across all crypto assets representing close to 3% gains week on week.
Bitcoin (BTC) looks set to end the week approximately 3.3% higher barring any shocks in the afternoon session. While the benchmark cryptocurrency’s market price of US$16,970 is still heavily compressed following the collapse of the FTX exchange in early November, it at least represents the second straight week of gains.
Ethereum (ETH) added 7% in the week and is currently changing hands at US$1,280. While ETH briefly managed to recapture US$1,300, bearish pressure remains firmly planted at that price point.