Bitcoin Surges to Five-Month Peak Above $22,500 as Market Rebounds

Bitcoin Surges to Five-Month Peak Above $22,500 as Market Rebounds

  • Bitcoin
  • January 20, 2023
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This week’s crypto market rebound got another jolt on Friday afternoon as Bitcoin (BTC) blasted off to heights unseen since August 2022, with fellow market leaders like Ethereum (ETH) and Solana (SOL) also posting sizable gains.

Bitcoin has peaked as high as $22,687 so far this afternoon, per data from CoinGecko, and at a current price of $22,613 has risen almost 8% over the past 24 hours. The last time that Bitcoin traded that high was on August 18, 2022, well before November’s collapse of exchange FTX sent the leading cryptocurrency’s price plummeting below the $16,000 mark.

Today’s sudden pump pushes Bitcoin’s seven-day gains to 20%, with a 34% jump registered over the last 30 days. Bitcoin remains down 68% from its all-time high price above $69,000 set in November 2021, but the recent gains show a crypto market on the rise after a brutal 2022.

The price of Ethereum, the second-largest cryptocurrency by total market cap, has climbed almost 7% today to $1,656, marking a four-month peak for the coin. It last traded this high in September 2022, according to CoinGecko. ETH is now up 17% on the week, with a sizable 30-day increase of 36%.

Overall, the cryptocurrency market has seen a 6% boost in value over the past 24 hours, with coins like Dogecoin (DOGE), Cardano (ADA), and Ripple’s XRP posting similar gains during the span.

Solana (SOL), however, is skyrocketing compared to most of the rest of the crypto market this week. The coin, which fell to a nearly two-year low of just above $8 in late December, has climbed 18% today to a current price above $25.

It’s the highest price tracked for Solana since the market declined amid November’s FTX uncertainty, and marks a 52% rise for SOL this week alone. Solana has more than doubled in price over the last 30 days, including the aforementioned dip into single digits. It’s now the 10th-largest coin by market cap after briefly falling out of the top 20 in December.

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