The overall better mood in the financial markets also caused cryptocurrency prices to surge for the weekend. On Friday morning, many digital systems increased noticeably. Bitcoin, the largest internet currency by market value, rose above $20,000 again.
The high was $20,830 (EUR 20,811), which is an increase of almost $1500 or about seven percent from the previous day. Other crypto assets such as Ether or XRP rose at a similar rate to Bitcoin. The market value of all approximately 20,900 digital systems rose again above the $1 trillion mark. The record value of nearly three trillion dollars, marked in November 2021, is still a long way off.
This week, many digital currencies came under pressure from a mostly gloomy mood in the stock markets. The correlation between general market sentiment and crypto prices is high, as digital assets are considered particularly risky investments. If the mood in the financial markets deteriorates, this often pulls the still young crypto values down. The latter are already known for particularly high price swings.
Source: Krone
I’m Wayne Wickman, a professional journalist and author for Today Times Live. My specialty is covering global news and current events, offering readers a unique perspective on the world’s most pressing issues. I’m passionate about storytelling and helping people stay informed on the goings-on of our planet.
