Crypto is making a big comeback. Will it last?

It has been an absolutely brutal year for investors in bitcoin and other cryptocurrencies.

Bitcoin has lost more than half its value in 2022. Now hovering around $23,000, the price of a single bitcoin has plunged more than 65% below last year’s all-time high of nearly $70,000. The value of all cryptos has tumbled from about $2.2 trillion at the end of 2021 to a little more than $1 trillion currently.

Bitcoin, the world’s biggest crypto, makes up about 42% of the total market, but 2022 has been just as terrible for the owners of other crypto-related assets such as Coinbase. The brokerage’s stock has plummeted 75% so far this year. Shares of rival Robinhood have lost half their value.

There are hopes that the worst for crypto might be over. Bitcoin has gained more than 15% in the past week, and two other top cryptos have surged even more.

Solana is up more than 35% in the past seven days while ethereum, or ether for short, has climbed nearly 45%. Ether, the second-most valuable crypto, is widely used to finance purchases of non-fungible tokens, or NFTs, the digital assets that have taken the collectibles world by storm.

Source: https://edition.cnn.com/2022/07/19/investing/bitcoin-cryptocurrencies-stocks-coinbase/index.html