Bitcoin and Ethereum’s pricing has seemingly gathered upward momentum, as the world’s most popular and valuable cryptocurrencies have seen substantial value increases over the weekend. As reported by CoinDesk, Bitcoin climbed 5%, opening Monday morning above the $22,000 mark for the first time since June’s bloodbath-inducing crash (to the tune of 34%). Ethereum, which is of particular interest for anyone eyeing a GPU upgrade, posted even higher gains, reaching a 20% increase in the same period – it now trades at $1,479.
The cryptocurrency market crash in June happened as the market dipped even further in the “Extreme Fear” indicator, reaching one of the lowest-ever values of six points, according to the Crypto Fear & Greed Index. However, following the recent increase in confidence from investors during the last week, that same index now sits at twenty points.
There are some likely catalysts for the price recovery this weekend. On Friday, the Bank of America said it was seeing “continued signs of fading sell pressure” in crypto, “Over the last two weeks, digital assets’ market value fell 4% vs. 30% over the prior four weeks,” said Alkesh Shah and team in the note.