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BNB
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$558.25 -2.60519
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Solana
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$137.50 -2.14544
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XRP
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$0.527475 -0.37558
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Shiba Inu
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$0.0000164 -3.85374
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Pepe
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Bitcoin
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$59,494.00 -2.58735
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Ethereum
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$2,355.90 -2.53622
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BNB
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$558.25 -2.60519
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Solana
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$137.50 -2.14544
Solana price
XRP
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$0.527475 -0.37558
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Shiba Inu
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$0.0000164 -3.85374
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Pepe
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Bonk
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$0.0000197 -2.08381
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Bitcoin
Bitcoin (BTC)
$59,494.00 -2.58735
Bitcoin price
Ethereum
Ethereum (ETH)
$2,355.90 -2.53622
Ethereum price
BNB
BNB (BNB)
$558.25 -2.60519
BNB price
Solana
Solana (SOL)
$137.50 -2.14544
Solana price
XRP
XRP (XRP)
$0.527475 -0.37558
XRP price
Shiba Inu
Shiba Inu (SHIB)
$0.0000164 -3.85374
Shiba Inu price
Pepe
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$0.0000091 -0.43622
Pepe price
Bonk
Bonk (BONK)
$0.0000197 -2.08381
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The Crypto Market is Slowly Recovering, Bitcoin Leads the Charge 

News
The Crypto Market is Slowly Recovering, Bitcoin Leads the Charge 

On Monday, the key term ‘short’ on social platforms spiked to its highest level in nearly four months. Notably, BTC has surged 15.3% since. When the crowd overwhelmingly thinks there is a likely cause of an upcoming surge or drop, the opposite typically comes true, according to Santiment data.

Bitcoin Leads the Market to Recovery

Bitcoin has gained more than 20 percent in the last week. It reached its highest level in over a month. 

The price of Bitcoin rose for seven days, reaching its highest level in almost eight months, at around $23.5K. It provided investors with some much-needed positive movement after months of losses.

Despite the positive movement, Bitcoin is trading at around one-third of its November peak. Some analysts believe the rally is a temporary relief, while others think it is a sign that the market has finally bottomed out.

The sudden rise of Bitcoin has evoked the phrase “Crypto winter“, a common sentiment among crypto traders. In 2021, the market cap of cryptocurrencies will reach around $3 trillion. However, since then, its value has gradually declined.

There have been many bear markets in the history of cryptocurrencies. However, the one that happened in 2022 is considered the most significant. It is due to the widespread use of trading leverage and the technical issues of the system.

The recent increase in the prices of cryptocurrencies is considered a positive sign that the bear market is starting to reverse. It suggests that the industry is on the way to recovery.

Bitcoin Short-Seller Profits Jump by 50%

According to Ihor Dusaniwsky, a data analyst at S3 Partners, the short interest in Grayscale Investments’ Bitcoin Trust has increased significantly over the past couple of months. Its return is second-best among all exchange-traded funds. The average amount of money investors bet against the trust is around $87 million. It ranks as one of the most profitable assets in the US.

Due to the significant decline in the value of crypto-related assets, some investors are starting to target funds and stocks related to this sector. This year, digital assets have been negatively affected by the rising interest rates and the fight against inflation. Bitcoin is currently down around 50%, while other cryptocurrencies are also down more than 50%.

One of these is the ProShares Bitcoin Strategy ETF, which has returned around 40% since the beginning of the year. According to S3, this fund follows GBTC’s list of most profitable short positions. On the other hand, the ProShares Short Bitcoin Strategy Fund has attracted over $68 million in assets since its June launch. This amount is high despite its 17% plunge.

Solana(SOL) and Avalanche(AVAX) Made Significant Gains

The currencies Solana and Avalanche have seen significant increases in value over the past week. It is due to the increasing number of investors looking to diversify into the cryptocurrency market.

SOL is currently trading at $45.04, a significant increase from its previous 7-day trading range. Despite this, it was 82% below its peak of $259.96 on November 6, 2021. Over the past seven days, AVAX has gained 49.4%. Its price has risen by 5.8% in the past 24 hours. However, it is 82% below its November 21, 2021, high of $144.96.

In addition, Ethereum, which is the world’s second-largest cryptocurrency, has gained more than 50% since last week. It was also boosted by news that a certain event called The Merge has a potential date that could go live.

To reduce its energy consumption, Ethereum will switch to a proof-of-stake system instead of a proof-of-work one. Developers of the cryptocurrency claim that this upgrade is the most significant in its history.