The top cryptocurrency leaders are all in the green, despite a horrible 2022. None of the top twenty cryptocurrencies suffered any major losses this week.
Both Bitcoin (BTC), and Ethereum (ETH), have experienced modest appreciation. Throughout the week According to CoinMarketCap data they are up 2% & 5%, respectively, in the last seven days. Bitcoin At $16,922, the current exchange rate is at $16,922. Ethereum currently trades at $1,263 as of the writing.
The market leaders were not able to keep up with the rapid recovery rally of Solana, (SOL), which rose 32% in one week. This is the largest increase among top-20 coins.
Solana’s rally began with an 11% bump Monday. Surprise rebound followed SOL was in freefall after the November FTX collapse. Sam Bankman Fried, founder of the exchange was a prominent investor and booster in the Solana ecosystem.
Solana surged further 16% in 24 Hours On Tuesday, BONK, a rival Dogecoin based in Solana, was dropped to NFT holders, creators, and developers. BONK has increased 43% in value since then.
Metaverse tokens Ape Coin and Axie Infinity (AXS), also sustainably Their gains starting at the beginning The week’s top stories. APE climbed 12% to $4.04, while AXS grew 18% to $7.06.
Cardano and Litecoin rose by just over 11% each this week. Litecoin has a value of $76 while ADA is 27 cents. Cosmos Hub (ATOM), nearly caught up to their pace, with an 8.5% rise to $10.16. Ethereum Classic (ETC), up 30%, trades at $20.19
The Federal Reserve and the two other U.S. regulators issued Tuesday a Statement in the Face of the FTX Fallout. Statement warning banks about the “significant volatility and vulnerabilities over the past year.”
The joint statement continued: “Based on the agencies’ current understanding and experience to date, the agencies believe that issuing or holding as principal crypto-assets that are issued, stored, or transferred on an open, public, and/or decentralized network or similar system is highly likely to be inconsistent with safe and sound banking practices.”