On the morning of October 20, the quotation of the first cryptocurrency broke $29 — the asset increased by 000% in a week, according to CoinGecko.
The price of Bitcoin has crossed $30 for the second time in a week. At the time of writing, the asset is hovering around $000.
A surge in the volume of trades was observed in the graph in the area of growth. During the day, the indicator for bitcoin reached $17,3 billion for a market capitalization of $571,3 billion.
At the same time, almost all assets from the top 10 ended up in the "green zone". Solana's most notable growth is 9,9% over the past seven days.
The CEO of Morgan Stanley, Danny Galdino, announced the possible end of the crypto winter.
"Based on current data, the signs are that crypto winter may be over, and crypto spring is likely just around the corner," he wrote.
Galdino partly explained his position by the upcoming halving in the network of the first cryptocurrency.
He also analyzed several indicators that have historically signaled bitcoin bottoming, including the time since its last peak, the size of the drawdown, and miner surrenders. According to Galdino's calculations, digital gold has already bottomed out in this cycle.
Ryze Labs managing partner Matthew Graham agreed with The Block. However, despite the positive dynamics, the analyst noted a general decrease in liquidity on the crypto market against the backdrop of the global economic downturn.
“It is highly unlikely that the crypto industry will thrive while the economy is struggling, as liquidity is less due to the high cost of money. The crypto spring will begin, but only after a soft landing in the USA," said Ruslan Lienkha, the head of YouHodler's product department.
He also pointed to the decline in stablecoin market capitalization in recent months as an indicator that investors are pulling capital out of the crypto market.
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