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Inflation news and a strong stock market kept BTC and ETH in the lock this week, giving SOL, AVAX and LDO a big boost.
Return of the Bulls?
Knock on the wood, but there are two weeks until 2023 – and no green shoots of cryptocurrencies have been cut off yet.
None of the top 20 crypto coins saw significant losses this week. Bitcoin (BTC) and Ethereum (ETH) rose on encouraging signs that US inflation slowed in December.
BTC surpassed $19,000 on Thursday for the first time since FTX collapsed in early November, after the Bureau of Labor and Statistics said inflation slowed to 6.5% in December – down from 7.1% the previous month.
Markets (both stocks and cryptocurrencies) have clearly taken these trends as signs that the Federal Reserve may be reluctant to slow down interest rates to combat rising prices.
On Friday night, BTC continued its rally, surpassing $20,000 and recovering FTX-induced losses. According to data from CoinGecko, the price has risen 23% over the past week to currently $20,699.
ETH posted similar gains, rising steadily since Wednesday on inflation reports. The world’s second largest currency pumped an exciting 21% for the week, surpassing $1,400 on Thursday and trading at $1,538 on Saturday morning. ETH had not seen highs like this since November 8th, when FTX collapsed and took the crypto market down with it.
Equities are also on the rise
Equities fared similarly, with both the S&P 500 and the Nasdaq posting their best weekly returns since November.
While crypto traders welcomed the boom on Wall Street, others advised caution. Stefan Rust, CEO of Laguna Labs:
“It is worrying that Bitcoin is moving in a green direction with traditional financial indicators and stock markets. As we know, Bitcoin was created as an alternative financial system to Wall Street and it feels like we could lose our way.”
Meanwhile, the biggest gains of the week rose on crypto-specific news that was independent of macroeconomic trends.
AVAX, Avalanche’s native blockchain token, surged a whopping 29% on Wednesday alone after announcing that its developer Ava Labs will soon be offering cryptographic infrastructure through a partnership with Amazon Web Services. In doing so, Amazon will use its market leadership to drive Avalanche adoption in the public and private sectors. AVAX finished the week up 44% on Saturday morning.
Lido, the liquid stack protocol, posted similarly impressive gains this week in fueling developments on the Ethereum network.
Since Ethereum merged with a proof-of-concept system in September, network participants have been able to earn new ETH as a reward for putting existing ETH on the network. Lido is a cutting edge service that allows users to pool and stake their ETH to earn more. Over $7 billion worth of ETH was staked through the project.
But these users have not been able to withdraw their staked ETH so far. That opportunity will come with Shanghai, an upgrade to the Ethereum network expected to launch in March. As Ethereum core developers have reported no issues with the rollout of the update, LDO is up 41% this week.
And then there is Solana. After a brutal streak at the end of the year due to its close association with the FTX ecosystem and Sam Bankman-Fried, SOL is on a comeback tour, up 65% in the past seven days to currently $22.40.
Text proof: Decrypt
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