Bitcoin had traded to the highest level since April 2022 on Tuesday, with the rally that helps to fuel the gains within the smaller cryptocurrencies.
Bitcoin, which is the biggest cryptocurrency BTCUSD, which is -0.59% by market cap, increased more than 4.2% in the last 24 hours to more than $44,000 precisely on Tuesday, as per CoinDesk data. It has increased by 13.4% in the last seven days and increased by 157% YOD. The crypto has still been down over 35% from the peak it held back in 2021.
Ether ETHUSD, which is -0.28%, increased by 1.9% in the 24 hours to lightly trade above $2,300 on Tuesday, which is its highest level since May 2022. The crypto has been up by 1.9% in the past 24 hours and has increased by 10.5% over the last seven days.
Increased Trading Activity
However, the smaller token had also gone through appreciation of price and had increased trading activity. The market share for this trade volume for “altcoins” or cryptocurrencies apart from bitcoin or ether had jumped to 67% in the previous week, which is the highest since March 2022, as per the analysts at Kaiko Research.
This is mainly because “traders continued rotating into riskier assets amid an ongoing rally,” the analysts mentioned in a Monday note.
Bitcoin had dipped by 0.3% in the last 24 hours and remained unchanged from what it was seven days back after Changpeng Zhao, the Binance co-founder, in November pleaded guilty to the criminal charges to the criminal charges for violating the Secrecy Act of the US banks and agreed to discontinue his role as the head of the company. The company also had to pay a fine of $4.3 billion.