Most cryptos, including bitcoin and other altcoins, are losing their gains following a short surge this week. Bitcoin and Ethereum were exhibiting indications of a minor comeback, with over 3% and 7.7% rises in the past seven days, respectively.
#Bitcoin price at the start of December
— Documenting Bitcoin 📄 (@DocumentingBTC) December 1, 2022
Market trust, however, has not been noticeably restored after the collapse of cryptocurrency powerhouse FTX. All major cryptocurrencies, including Bitcoin and Ethereum, are trading in the red.
The sole top gainers in the previous 24 hours, according to CoinMarketCap statistics, are Terra Classic (LUNC), Trust wallet (TWT), and EthereumPoW (ETHW), with 13%, 9%, and 20% increases, respectively. Bitcoin and Ether have also lost 17.34% and 19.81% in the previous 30 days, respectively.
Before the FTX fall, BTC was hovering around $21,000, triggering a market carnage. In the previous 30 days, it dropped to a low of $15,590 before rising to its current price of $16,921. In duration of one month, ETH has seen a similar pattern, reaching a high of $1,661 before dropping down to the $1,000 region. At the time of writing, ETH is trading at $1,272.
Dogecoin has risen more than 20% in the past seven days with the announcement of Twitter 2.0 and the possibility of adopting DOGE for payments on Twitter. The protracted bear market, however, has erased the profits, with DOGE down 4% in the previous 24 hours. The disastrous decline of FTX has undoubtedly discouraged a portion of investors from HODLing. There was also a significant increase in currency outflows as investors shifted to self-custody.