Bitcoin (BTC) continues to rise in 2023. Bitcoin price has risen above $20,000 for the first time since FTX’s collapse in early November. This rise of BTC, the largest cryptocurrency with its market value, also positively affected altcoin prices. Here is the change in BTC price and the highest rising altcoins in the last 24 hours…
Bitcoin price started the weekend with a serious rise
The largest cryptocurrency by market cap has been hovering in the $16,000 region since mid-December. Next, cryptocoin.com As we reported, it started the week near $17,000. Bitcoin, which is around $20,900 on Binance at the time of writing, has gained more than 20 percent in the first two weeks of this year. It is also worth noting that the coin registered a local top of $21,258 on Binance. You can see this price action in the chart below:
Still, the crypto, which hit $65,000 in November 2021, remains close to the lower end of a brutal bear market. According to Craig Erlam, senior market analyst at Oanda, $20,000 was “once seen as a disturbing low, but now represents a potential rebound sign.” Also, Ethereum (ETH), which has risen more than 20 percent since the beginning of the year and surpassed $1,500 for the first time since the beginning of November, has risen nicely.
Major altcoins rally
The rise in Bitcoin’s price has also affected other cryptocurrencies. If we look at the top 100 by market capitalization, the Solana (SOL) has increased the most by 40 percent in the last 24 hours. On the other hand, Decentraland (MANA) rose 28 percent, while Aptos (APT) rose 28.68 percent. Gala (GALA) gained 24.11 percent, while CRV rose 19.73 percent and NEAR rose 24.5 percent. On the other hand, popular metaverse/game coins Axie Infinity (AXS) and The Sandbox (SAND) rose 19 percent. Finally, Helium (HNT) and Optimism (OP) increased by 24 percent and 19 percent, respectively.
What’s behind the uplifting feeling?
Crypto-related stocks have also benefited from this week’s rally. Shares of cryptocurrency exchange Coinbase rose 39 percent, while Bitcoin miner Marathon Digital Holdings (MARA) rose 76 percent. Traditional markets were also up during the week, with the S&P 500 gaining more than 2 percent as Q4 earnings season began, although inflation data remained high. “The optimism is coupled with the first monthly drop in inflation in two-and-a-half years and the sharp annual declines in both headline and fundamental data,” Erlam wrote.
Nicholas Colas, co-founder of market analysis firm DataTrek Research, said the US Federal Reserve’s policy still matters. But he wrote that “other issues such as the reopening of China, the US economic and corporate earnings growth rate and positive real interest rates will remain important.” “None of this guarantees that 2023 will be a good year for risk assets, but says it will look much more normal than last year,” Colas said.
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