While 2022 went off to a rocky start, it seems that the cryptocurrency market is regaining its ground. Starting with Bitcoin, the world’s largest cryptocurrency is up by 4% for February 2022, now with a value of $43,525. While Bitcoin is far from its record high of $69,000 last November 2021, the slight gain should be viewed as positive news for those who have invested in the said cryptocurrency.
On the other hand, Ether has gained 6% in value, giving it a value of $3,026. The same positive news can be said for memecoins like Dogecoin and Shiba, which have gained in value by 3% and 5% respectively. Among the most-used cryptocurrencies, the biggest winner is Solana, which pulled off a hefty 10% gain, giving it a value of $101 as of February 2022.Other cryptocurrencies that posed gains include Stellar, Avalance, Cardano, Polygon, XRP, Polkadot, Terra, and Binance Coin.
The upward market trend for cryptocurrencies like Bitcoin in February 2022 can be attributed to investors making adjustments to their portfolios in anticipation of more aggressive moves from the Fed. There are reports that the Fed might raise rates to as much as seven times the current rates this year in an effort to combat inflation.
Traders are still playing it safe, however, as tensions between Russia and Ukraine can drastically affect the cryptocurrency market.