The last week was one of the worst weeks of the current crypto winter as all the big cryptocurrencies have experienced a rapid decline in their prices.
However, as compared to the last week, this week was much more stable and a real sign of an increase in cryptocurrency prices occurred on the 4th of December 2022.
Bitcoin’s (BTC) price increased by 2.7%, and by the end of Sunday, Bitcoin was being traded in the market at around $17,000.
Compared to Bitcoin, Ethereum has prices that have experienced relatively large increases. Ethereum price surged by 6.7% and on Sunday evening Ethereum price was marked at $1,285.
Although Bitcoin, the world’s biggest and most expensive cryptocurrency, and its nearest rival Ethereum both have enjoyed the price hike.
But the biggest gain in the prices was achieved by Dogecoin, amid the recent rumors about Twitter, DOGE’s prices surged up rampantly.
DOGE’S Bullish Run Surpasses BTC AND ETH
On Sunday, December 4, 2022, Dogecoin’s prices have taken a giant stride forward as prices increased by 21.5%.
On Sunday evening DOGE was trading around $0.10. Over the past several weeks Dogecoin was constantly making headlines. However, experts do believe that today’s bullish run came after a tweet from Elon Musk.
The Twitter CEO hinted at the development of Twitter 2.0 and further added that Dogecoin will be the medium of payment for Twitter’s transactions.
Although Elon Musk has not shared any details about the practical outlook of the project or how it will work.
But this Tweet was enough to make the DOGE army happy and excited that their beloved coin will be Twitter’s official digital currency.
As the result Dogecoin was the top trend on Twitter, following the public sentiment DOGE’s price was on the rise and it was the highest-traded cryptocurrency on Sunday.
Several Other Names Also Enjoyed the Surge in Their Prices
The ongoing winter marks the worst winter for the whole cryptocurrency market and crypto tokens.
After the poor crypto week, this week was relatively lucrative for cryptocurrencies. Apart from Bitcoin, Ethereum, Dogecoin, and Solana, a few other names were also among the top gainers of this week.
For instance, Chainlink (LINK) experienced a surge in its price as it touched the $7.59 mark.
In addition to that, Uniswap’s (UNI) price rose up to 12% at $6.12. Polygon (MATIC) also rose by 8.4% to $0.922278.
Will the Current Bullish Trend Will Last Longer
Lawmakers and regulators looked into doubt the fact that the current price rise is an indication of market stability.
They also added that the current cryptocurrency turmoil was intensified by the demise of Terra and FTX. But Terra and FTX’s collapse was not the only factor causing the current turmoil.
In addition to that regulators also indicated the real economic issues are interest rate uncertainty, China’s Covid-19 worries, and the Gas crisis in Europe.
They also said that the after-shocks followed by the collapse of FTX are still quite intense. Multiple cryptocurrency exchanges are claiming that their assets which were invested in FTX’s interest wallets are being frozen.
As all these issues are yet to be resolved, legislators are clear that today’s overall positive trend in the cryptocurrency market is temporary.
The European Central Bank also published an eye-opening paper that articulated that Bitcoin stability at $20k before the demise of the FTX crypto exchange was artificially held and it was the last attempt to keep Bitcoin stable.
Regardless of the outcome of the FTX saga, Bitcoin was bound to drop.
As experts and lawmakers are still convinced that crypto prices will soon plunge again, the current rise in prices is an opportunity for those investors who are ready to go all out for short-term gains.
Even though Bitcoin and Ethereum have shown signs of recovery, DOGE’s bulls have outpaced all other cryptocurrencies.
