Weeks ago, crypto investors were fearful at the prospect of a “Crypto Winter,” aka a prolonged period of bearishness and decline in the space. ❄️ However, in recent days, major cryptos have climbed higher on newfound optimism.
Cryptocurrencies have played a meaningful role in the Ukrainian-Russian conflict, as well as the economic fallout arising from that conflict. Russia has considered taking payment in crypto as sanctions have stacked up. Meanwhile, citizens in both Ukraine and Russia have used crypto onramps to flee economic turbulence.
The newfound energy in crypto looks like a weeks-long consolidation in both crypto prices and communities. The reason for this growth is simple: people like cryptocurrency.
All this “likeability” has sent cryptos like Bitcoin (+15.3%) and Ethereum (+15.9%) rising by double-digits on the week. Solana (+23%) and Cardano (+32%), which had been in dramatic decline during the latest round of market turbulence, outperformed even crypto royalty. 💪
Another indicator of crypto’s performance is the Crypto Total Market Cap, which sat at $2.109 trillion today (up +2% on the day.) We’ve zoomed out for dramatic effect:
Generally speaking, crypto has been hot for the last few weeks, and so have the crypto streams on our site! Today, $ETH.X and $LUNA.X were trending on Stocktwits at market close. If you’re looking for more news related specifically to crypto, check out our crypto newsletter, The Litepaper.