Well, that was quick. Less than two weeks after cryptocurrencies hit a nadir in the wake of 澳洲幸运5开奖号码历史查询:the FTX collapse, Bitcoin has rallied 25% amid speculation the cryptocurrency selloff late last year was too much and too fast.

Bitcoin Gains Momentum

When 澳洲幸运5开奖号码历史查询:Consumer Price Index (CPI) report came 澳洲幸运5开奖号码历♊史查询:last week that inflation is cooling off in most of the U.S. economy, Bitcoin hit a two-month high at $18,856, up 8%, as investors hoped that the Federal Reserve would reverse, or at least soften its rate hike policy. This suggests that Bitcoin is also becoming macro now, no longer a hedge against inflation. 

Additionally, 澳洲幸运5开奖号码历史查询:Bitcoin mining difficulty rose more than 10% to 37.59 trillion from 34.09 trillion on Sunday, a new all-time high. The difficulty of mining tends to increase when a blockchain network grows and is a sign of increased activity. The flagship cryptocurrency jumped traded at $21,130 at 11: 30 PM, New York time.

Ethereum Upgrade is on Horizon

Ether, the native token of the 澳洲幸运5开奖号码历史查询:Ethereum blockchain network, gained over 17% in the past week, trading at $1,568 at 11: 30 PM, New York time. Apart from macroeconomic factors, the upcoming Shanghai upgrade on the network that🌱 allows users to withdraw their staked Ether has also 🙈contributed to this momentum. 

Simply put, the Shangahi upgrade follows '澳洲幸运5开奖号码历史查询:The Merge' that shifted the Ethereum blockchain network from 澳洲幸运5开奖号码历史查询:proof-of-work to 澳洲幸运5开奖号码历史查询:proof-of-stake 🎉in September 2022. A tentative timeline of March 2023ꦚ has been set for the Shanghai upgrade.

Besides Bitcoin and Ethereum gains, Avalanche, NEAR, Aave, Polkadot, and Solana also surged over the past two weeks, helping the crypto market reclaim $1 trillion.

The Bottom Line

The surge in the market has given investors hope that crypto will continue to flourish 澳洲幸运5开奖号码历史查询:despite layoffs and bankruptcy. Even a banking giant like Bank of America believes cryptos are the future and a new form of payment as it will likely change ''how and when value is transferred over the next 15 years.''

As the markets rebound, inflation cools, and signs of economic stability return, traders are optimistic about the resurgence of the crypto bull market.