As the market recovers, Bitcoin rises to a five-month high above $22,500

Post author By Odette
Post date January 21, 2023

The recovery of the cryptocurrency market this week received a further boost on Friday as Bitcoin (BTC) rocketed to levels not seen since August 2022, with other market heavyweights like as Ethereum (ETH) and Solana (SOL) also recording large increases.

According to data from CoinGecko, the price of bitcoin has reached a high of $22,687 so far this afternoon. At its current price of $22,613, it has increased by about 8% over the last 24 hours. The last time Bitcoin reached that high was on August 18, 2022, a long time before the bankruptcy of the exchange FTX in November saw the price of the most popular cryptocurrency tumbling below the $16,000 barrier.

With today’s unexpected increase, Bitcoin’s seven-day gains now stand at 20%, with a 34% increase over the past 30 days. Bitcoin is still 68% below its all-time high price of almost $69,000, which it reached in November 2021, but recent gains indicate that the cryptocurrency sector is rebounding after a difficult 2022.

With a price increase of about 7% today, Ethereum, the second-largest cryptocurrency by market capitalization, reached a four-month high of $1,656. As per CoinGecko, it last reached this high in September 2022. ETH has gained 17% this week and 36% over the past 30 days, both significant gains.

In general, the value of cryptocurrencies has increased by 6% over the last day, with coins like Dogecoin (DOGE), Cardano (ADA), and Ripple’s XRP showing comparable gains.

In contrast to the majority of the rest of the crypto market this week, Solana (SOL) is surging. Late in December, the coin’s value dropped to a nearly two-year low of just over $8. As of right now, it has increased by 18% to a price above $25.

It represents a 52% increase for SOL this week alone and is the highest price tracked for Solana since the market fell during the FTX uncertainties in November. In the past 30 days, Solana’s price has more than doubled, despite the previously noted drop into the single digits. After briefly dropping out of the top 20 in December, it is now the tenth-largest coin by market capitalization.