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Widespread relief as 2023 market rebound continues for Bitcoin, ETH, others

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The recent bullish trend continued on the crypto currency market with Bitcoin, Ethereum, and Solana all posting impressive price surges for the third consecutive week.

Within the last week, Bitcoin surged by 16% to $22,963, Ethereum rose by about 14% to $1,656, and altcoin Solana rose by over 40% to $25.

The news comes as relief to millions of beleaguered traders, who suffered a series of reversals during 2022’s crypto-winter.

Solana, again, leads the market rebound for the third week in a row, while Ethereum, which fell more than 60% in 2022, has over the past weeks, seen an upsurge in demand that has been linked to the risk-on sentiment prevalent on the market. 

Analysts have, meanwhile, attributed the market performance to the background activities of institutional investors, or “whales”, who have scooped up more than $363 million in Bitcoin and XRP, and another $135 in ETH, since the turn of the year. 

Others, on the other hand, highlight the fact that for the first time in four months, the crypto trading trends are on an upward trajectory. 

However, despite these gains, the coins are still a long way off from their peak performance values of over $65,000 for Bitcoin, $4,811 for ETH and $258.93 for Solana in November 2021. 

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