After dropping below the $20,000 mark on Saturday, Bitcoin (BTC-USD) has managed to stay above the psychologically critical $20,000 level so far this week. The crypto world’s bellwether currency has gained 0.6% over the past week and now has a market capitalization of about $386.8 billion.
The other major name, Ethereum (ETH-USD), is also up 5.5% over the past week and now has a market cap of $141.54 billion. Furthermore, both Coinbase (COIN) and Applied Blockchain (APLD) closed higher yesterday. Meanwhile, after crypto lender Celsius’ troubles, two more names have seen their fortunes change amid the turmoil in crypto.
Coinbase shares are down 77% so far this year, in sync with Bitcoin’s 57.5% slump during this period. The uptick in Bitcoin’s price seems to be a major factor behind Coinbase’s 12% gains yesterday.
Likewise, crypto-miner Applied Blockchain too jumped 12% yesterday. The price gains are substantial considering the stock hit its 52-week low last week and is still down 67.3% in the past month.
As liquidity continues to dry up amid the recent Fed rate hikes, the promise of crypto is quickly coming undone. Further corrections in cryptocurrencies can be expected as troubled firms firesale their holdings. This, in turn, can lead to further troubles for other names still fighting it out in the crypto ecosystem.
Meanwhile, crypto names in the listed space are on the uptick, as weekly positive gains in the two biggest cryptocurrencies seem to have rekindled investors’ hopes.