The weekly returns of the world's most important cryptocurrencies reached triple digits this Tuesday (5). According to Coin Market Cap, Bitcoin (BTC) hit another 2023 high of $43,400 around 2:10 p.m. today.
Furthermore, the world’s second largest cryptocurrency, Ethereum (ETH), held the $2,200 level and recovered last Monday (4). This year the increase is around 90%.
Among the ten largest virtual currencies in the world, Solana (SOL) is the highlight of 2023, rising an incredible 509% this year. Read more about this cryptocurrency here.
Check out the performance of the ten largest tokens in the world this afternoon:
| # | Surname | Price | 24 hours % | 7d% | YEARLY % |
| 1 | Bitcoin (BTC) | $43,485.48 | 4.46% | 14.08% | 162.81% |
| 2 | Ethereum (ETH) | $2,269.82 | 2.11% | 9.71% | 89.75% |
| 3 | Tether USDt (USDT) | $0.9999 | 0.02% | 0.03% | 0.03% |
| 4 | BNB (BNB) | $231.57 | 0.30% | 0.02% | -5.98% |
| 5 | XRP (XRP) | $0.6169 | -0.57% | 0.59% | 81.50% |
| 6 | Solana (SUN) | $60.83 | 0.06% | 5.07% | 510.89% |
| 7 | USDC (USDC) | $0.9999 | 0.01% | 0.02% | -0.01% |
| 8th | Cardano (ADA) | $0.4095 | 2.27% | 5.98% | 66.17% |
| 9 | Dogecoin (DOGE) | 0.09112 US dollars | 2.77% | 12.97% | 29.69% |
| 10 | TRON (TRX) | $0.1035 | 0.51% | 0.14% | 89.92% |
Source: Coin Market Cap
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Bitcoin: what happened?
The market as a whole is optimistic about the approval of the first spot Bitcoin ETF in the United States, which could inject millions into the digital asset market.
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Unlike cryptocurrency ETFs already available in the US, a spot index fund requires the manager to have cash tokens.
In other words, the demand for digital assets from these large investors would, according to market laws, lead to rising prices.
Looking at the macroeconomic scenario, the general market expectation is that interest rates will be eased in the US.
Last Friday (1), the President of the Federal Reserve (Fed, central bank of the USA) excited investors with speeches in which he indicated a reduction in monetary tightening in the country.
How far will it go?
Analyst Vinícius Bazan, head of cryptocurrency research at Empiricus, confirms that prices could reach $45,000 by the end of 2023 – even with just over three weeks left until the end of the year.
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However, it is worth remembering that the price of BTC has been increasing week after week since October, according to Cryptorank.
“Prices are now quite inflated, the ideal is not to buy everything at once because there could be a sharp correction along the way,” he comments.
It is worth remembering that the cryptocurrency market is known for its sudden movements – both appreciation and depreciation.
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