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Alex Dovbnya
Bitcoin and major altcoins are on a roll after posting massive losses in 2022
Faced with many setbacks in 2022, crypto enthusiasts have reason to hope.
Bitcoin rose again today, peaking at $18,385 on the Bitstamp.
During its nine-day rally, which marks the longest bullish streak since 2020, the flagship cryptocurrency added more than 10%
Major altcoins are also in the green, with Ethereum (ETH) breaking above the $1,400 level.
As reported by U.Today, Ava Labs recently entered into a partnership with Amazon Web Services, a subsidiary of tech giant Amazon. As a result, the price of the AVAX token accelerated a double-digit price increase.
Experts attribute this recent increase in risk assets to a cooling in inflation expectations, coupled with the expected slowing of interest rate hikes by the Federal Reserve. Michael Purves of Tallbacken Capital Advisors told Bloomberg that risk assets should see bullish price action in the near term.
Bitcoin’s gains provide a stark contrast to last year’s over 60% drop. The massive correction was triggered by various crypto blowouts, including the implosion of the FTX exchange and the arrest of its controversial founder Sam Bankman-Fried.
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