Tethereum

Despite the midweek correction, Bitcoin and Ethereum are enjoying impressive rallies over the past seven days.<a href="https://decrypt.co/resources/what-is-bitcoin-four-minute-instant-guide-explainer" rel="noopener noreferrer nofollow">Bitcoin</a> (BTC) and <a href="https://decrypt.co/resources/what-is-ethereum-quickly-explained-four-minute-guide" rel="noopener noreferrer nofollow">Ethereum</a> (ETH) are leading the weekly gains among the ten largest cryptocurrencies by market cap as their prices soared 11.2% and 9.7%, respectively.At the time of writing, Bitcoin was changing hands at $20,981, up 1% over the day, with Ethereum trading at $1,551, up 2% in the past 24 hours, data from <a href="https://www.coingecko.com/" rel="noopener noreferrer nofollow">CoinGecko</a> shows.These are by far the best results among the market’s largest crypto assets, with the sixth-placed <a href="https://decrypt.co/price/xrp" rel="noopener noreferrer nofollow">XRP</a> gaining 5% over the past week, followed by <a href="https://decrypt.co/resources/what-is-polygon-matic-and-why-it-matters-for-ethereum" rel="noopener noreferrer nofollow">Polygon</a> (MATIC), which is up 4.3% over the same span.The solid performance shown by the two leading cryptocurrencies comes despite the Wednesday correction that <a href="https://decrypt.co/119494/crypto-panics-then-jeers-at-doj-announcement-of-major-action-against-tiny-chinese-exchange-bitzlato" rel="noopener noreferrer nofollow">occurred</a> in anticipation of a major announcement from U.S. federal prosecutors that many thought would target a major player in the sector.Though markets indeed felt the pinch, with both BTC and ETH plunging about 5% immediately after the announcement of the announcement, the correction turned out to be largely short-lived as the criminal charges were filed against a little-known Hong Kong-based cryptocurrency exchange Bitzlato, which the Feds <a href="https://decrypt.co/119494/crypto-panics-then-jeers-at-doj-announcement-of-major-action-against-tiny-chinese-exchange-bitzlato" rel="noopener noreferrer nofollow">called</a> of a key member of a so-called “crypto crime axis.”The latest move has also been seen in the hefty rise in the entire market&#39;s capitalization. This time last week, the crypto market hovered around a <a href="https://www.coingecko.com/en/global-charts" rel="noopener noreferrer nofollow">$943 billion capitalization</a>; today, that figure is over $1 trillion.<h2 id="header-0">Has Bitcoin bottomed yet?</h2>With Bitcoin eyeing the key $21,000 level, the total market capitalization of all cryptocurrencies has once again <a href="https://www.coingecko.com/en/global-charts" rel="noopener noreferrer nofollow">surpassed the $1 trillion mark</a>, something experts see as a sign of the market’s potential recovery after the painful crypto winter of 2022.According to CoinGecko’s recent annual <a href="https://www.coingecko.com/research/publications/2022-annual-crypto-report" rel="noopener noreferrer nofollow">crypto industry report</a>, last year, which saw the <a href="https://decrypt.co/117420/story-of-the-year-crypto-contagion-terra-ftx" rel="noopener noreferrer nofollow">demise of several high-profile players</a>, ended with a total crypto market capitalization of $829 billion, which is 64.1% lower than the $2.3 trillion in January 2022.Daily trading volumes have steadily trended downwards over 2022 as well, averaging at $86.0 billion, said the report.<img src="https://img.decrypt.co/insecure/rs:fit:1536:0:0:0/plain/https://cdn.decrypt.co/wp-content/uploads/2023/01/content_1-Total_Crypto_Market_Cap___Spot_Trading_Volume_2022.png&#64;webp" />Source: CoinGecko.“2022 marked a turning point for the crypto industry—one that flushed out unsustainable excesses from the bull run,” CoinGecko co-founder Bobby Ong said in a statement shared with Decrypt. “In this new year, we hope to see crypto slowly make a recovery, with more efforts going towards rebuilding trust and credibility.”As for last week’s performance beyond the top ten, the three top gainers performers are <a href="https://decrypt.co/resources/what-is-solana-a-scalable-decentralized-network-for-dapps" rel="noopener noreferrer nofollow">Solana</a> (SOL), which is up 28.5% over the past week, the Ethereum-based meme coin <a href="https://decrypt.co/resources/what-is-shiba-inu-shib-meme-coin-dogecoin-rival" rel="noopener noreferrer nofollow">Shiba Inu</a> (SHIB), whose price rallied 20.7% over the span, and <a href="https://decrypt.co/resources/what-is-polkadot-how-to-buy-it" rel="noopener noreferrer nofollow">Polkadot</a> (DOT) with a 10.9% surge.

Bitcoin, Ethereum Enjoy Bullish Week as Crypto Market Adds $77B

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TETHEREUM

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