Ether has fared even better. Prices stood at $4,390 at the time of writing — with gains of 10% over the past 24 hours. The ETH/BTC conversion rate has now hit its highest level since 2018.
And take a look at this — the ETH/BTC conversion rate has now hit its highest level since May 2018, with Ether continuing to gain dominance in the crypto markets at Bitcoin's expense. Some of this has been attributed to how ETH's supply is diminishing as a result of Ethereum Improvement Proposal 1559, which makes the asset deflationary by burning a portion of transaction fees.
Many major altcoins — including Solana, Cardano, Polkadot, Dogecoin and Polygon — have also posted double-digit gains as they continue their recovery following a gruesome weekend.
Back in Bullish Territory?
Although BTC's bounceback is welcome news, technical analysts are striking a cautious tone — warning that we're not out of the woods yet.
It isn't just the crypto markets that are in the green — European stocks also enjoyed something of a resurgence on Tuesday, too.
The FTSE in London, the CAC 40 in Paris and the DAX in Frankfurt were all up in early trading, amid optimism that the Omicron coronavirus variant may not be as serious as first feared.
Researchers do believe that Omicron will become the dominant strain of COVID-19, with the U.K. among the countries confirming that this variant is now spreading in the community.
However, preliminary data from some hospitals in South Africa — where this variant was first detected — indicates that it may cause less serious illness.
Experts have cautioned that it may take some time to get a clearer picture on the threat Omicron poses, not least because hospitalizations often lag behind infections.
Market jitters were triggered by concerns that the new variant could slow down the global economy, or lead to new lockdown restrictions being imposed.