Bitcoin held firmly above $21K and other key cryptos were largely in the green. Tokens for Metaverse majors are soaring even as their protocols struggle to keep users engaged. TheSamReynolds and JPRubin23 report
By James RubinThe largest cryptocurrency by market capitalization was recently trading at $21,215, up 1.2% over the past 24 hours but a marked improvement from its levels little more than a week ago. BTC's roughly 25% surge over the past seven days has come amid rising investor confidence that inflation is waning and the economy will land softly.
Ether was recently changing hands at 1,573, a 1.5% gain from Monday, the same time. ETH is up 20% during the past seven days. Other major cryptos were largely in the green with popular meme coin Shiba Inu recently jumping more than 12% and DOT, the token of the smart contract platform Polkadot rising more than 4%. The"The fact that we are now flirting with $21,500 is amazing," JJ Kinahan, CEO of trading provider IG North America, told CoinDesk TV's"First Mover" program.
Kinahan added:"We're going to get up to about the $22,500 level, before you really start to see resistance." A day after the long, U.S. holiday weekend, equity markets were mixed with the tech heavy Nasdaq up ever so slightly, but the Dow Jones Industrial Average and S&P 500 sinking, as investors weighed fourth-quarter declines in profits at financial service giants Goldman Sachs and Morgan Stanley, which are among the first companies to report earnings.
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