Post by Nihan on Mar 3, 2023 6:51:36 GMT
The top cryptocurrencies held up well in February, marked as it was by renewed inflation worries, a tight labor market and the possibility of more Federal Reserve interest rate hikes.
Bitcoin prices briefly topped $25,000 in late February before finishing the month at $23,327, a 1.3% monthly gain. Ethereum (ETH) prices rose 3.7% in February to close out the month at $1,630.
Among the 10 largest cryptocurrencies by market capitalization, Polygon (MATIC) was the best February performer with a 6.6% gain. Dogecoin (DOGE) was the worst performer with a 7.4% loss.
Following February’s gains, Bitcoin prices are up 40.8% year-to-date, while Ethereum prices are up 36.2%. Crypto prices have been resilient so far in 2023 after both Bitcoin and Ethereum each logged their worst annual performance since 2018 last year.
Rising interest rates triggered crypto winter in 2022, producing a wave of industry bankruptcies and sending the prices of most popular cryptocurrencies tumbling.
Bitcoin prices briefly topped $25,000 in late February before finishing the month at $23,327, a 1.3% monthly gain. Ethereum (ETH) prices rose 3.7% in February to close out the month at $1,630.
Among the 10 largest cryptocurrencies by market capitalization, Polygon (MATIC) was the best February performer with a 6.6% gain. Dogecoin (DOGE) was the worst performer with a 7.4% loss.
Following February’s gains, Bitcoin prices are up 40.8% year-to-date, while Ethereum prices are up 36.2%. Crypto prices have been resilient so far in 2023 after both Bitcoin and Ethereum each logged their worst annual performance since 2018 last year.
Rising interest rates triggered crypto winter in 2022, producing a wave of industry bankruptcies and sending the prices of most popular cryptocurrencies tumbling.