This Week in Crypto: Bitcoin Ends in the Green as Ethereum Dips 8.5%
Bitcoin Crosses $60K Again
Volatility in the crypto market reached extreme levels earlier this week, with Bitcoin plummeting from $63,000 to $49,438 as fear of recession grew among investors following a job report that showed the unemployment rate in the United States had increased to 4.3%.
The rising tension in the Middle East was another factor that caused Bitcoin to fall by significant margins. However, the coin has managed to recover, surging 0.97% to trade at $60,084 as of this writing. The recovery rally started when the initial jobless claims report indicated that the filings for unemployment weren’t as bad as many had expected.
Furthermore, FTX debtors made a positive update, which fueled the rally further. According to the update, the fallen crypto exchange was getting closer to compensating its creditors after raising over $12.5 billion. FalconX head of research David Lawant wrote on X that the compensations will allow creditors to invest in the crypto market, thus increasing demand.
Ethereum Fails to Capitalize on ETF Hype
As Bitcoin recovers, Ethereum remains in the red with a 7-day loss of 8.5%. Data from CoinGecko shows the second-largest token by market capitalization trading at $2,695. ETH is performing poorly despite the hype around Ethereum spot ETFs, which hit the market a few weeks ago.
Some experts claim that the token is witnessing big sell-offs because of investors’ disloyalty. They argue that Ethereum investors are not as loyal to the crypto asset as Solana or Bitcoin investors.
XRP and Solana Become Top Performers This Week
XRP and Solana have been the top two performers among the leading ten cryptocurrencies by market capitalization. Solana is up 7.5% this week and now trades at $153. XRP, on the other hand, has rallied 5.6% to $0.5763. The token started to surge following a ruling that its issuer, Ripple, had been instructed to pay a fine of $125 million to the US Securities and Exchange Commission (SEC).
This ruling is considered a massive win, given that the SEC demanded a $2 billion fine from Ripple to end a lawsuit it brought against the crypto company in 2020.
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