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The cryptocurrency market will hit the ground running in 2023, wiping out last year’s tragedy, with some tokens posting double-digit gains in the past week.
Top 10 cryptocurrencies such as Ethereum (ETH-USD) and Cardano (ADA-USD) turned green this week, while Bitcoin (BTC-USD) has been steadily rising since the beginning of the year.
check: crypto live price
Cryptocurrency market capitalization was at $895 billion (£738 billion) on Wednesday, up about 1% over the past 24 hours, according to Coingecko.
Bitcoin has risen above $17,000, up 4.7% to $17,468 over the past week at the time of writing.
Ethereum, the second-largest cryptocurrency by market capitalization, surged more than 10% last week to $1,336.
read more: How Cryptocurrencies Fell To Earth In 2022: 8 Charts Telling The Story Of A Cruel Crash
Memecoin Dogecoin (DOGE-USD) surged 9.5% last week to $0.077.
Cardano has surged 25% over the past 7 days and made its biggest profit at $0.316.
Cardano founder Charles Hoskinson took to Twitter to discuss the rally.
Regarding future updates to the smart contract blockchain, he said:
“Millions of people working together for growth and implementation.”
According to Hoskinson, Cardano’s “Voltaire Upgrade” will see millions of people working together for the growth and utility of ADA, the blockchain’s native cryptocurrency.
However, the year-to-date gains have been overshadowed by signs of poor health in the burgeoning industry.
Coinbase (COIN) has been forced to cut jobs and is closing most of its operations in Japan as part of a move to adjust international investment amid a downturn in the digital assets sector.
The cryptocurrency market took a hit to its reputation in 2022 after the collapse of the FTX cryptocurrency exchange.
read more: Crypto: Can Stablecoins Maintain a Dollar Peg After the Terra Debacle?
The Bahamas-based exchange collapsed in early November 2022, defeating former cryptocurrency mogul Sam Bankman Freed.
This fueled an industry struggle after the collapse of Terra’s UST algorithmic stablecoin in the summer of 2022.
Tera’s decline has led to the bankruptcies of several cryptocurrency companies, resulting in a decline in the total market cap of the sector, which fell by more than $2 trillion in 2022.
Watch: Web3 Sectors to Watch in 2023 | Crypto Miles
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