Bitcoin and Ethereum tokens have grown in value two days in a row, sparking hope among investors and advocates that the crypto market is on the rise.
The cryptocurrency market traded at its highest value in three weeks, according to the Wall Street Journal. Bitcoin has gained from $18,000 to $20,000 in value over the last few weeks, and the token rose to $20,500 on Wednesday. Ethereum saw a similar rise in value, according to Cointelegraph. The token’s success has led some analysts to believe it could end the “crypto winter” — the name given to the steep decline in values of digital currencies over the past year.
The upward growth could point to “a building crypto sentiment shift,” according to Noelle Acheson, crypto researcher and author of the Crypto is Macro Now newsletter.
“It remains to be seen whether this is enough to awaken the momentum traders, but it does feel like something has changed,” Acheson added.
Many digital currencies saw their value dip over the summer after the Luna currency crashed.
The signs of a crypto thaw arrive after lawmakers in the United Kingdom voted to recognize cryptocurrency as a financial instrument, allowing it to be more effectively regulated by financial agencies in the country.