Bitcoin (BTC), the largest crypto currency by market capitalisation has been hovering at the $16,000 mark since early December and started the week at $17,000 mark. Now at over $20,000 it has gained over 20% in the first two weeks of 2023.
The price of bitcoin still remains near the low end of the brutal bear market that has gripped the crypto-currency market, having traded at a high of over $65,000 back in Nov 2021. However the $20,000 mark, which was once seen as a disturbing low, now potentially represents a sign of a revival.
Also showing strong gains in the market, ether (ETH) has risen over 20% year to date and is now trading over $1,500 for the first time since November 2022. Crypto related stocks have also benefited from the rally, with Coinbase (COIN) up 39% and bitcoin miner Marathon Digital Holdings (MARA) up a massive 79%.
With the overall crypto-market is still in the middle of a crypto-winter, its market-cap hit the $1 Trillion dollar mark on Jan 14th for the first time since November 2022 and is showing strong signs that it will continue to grow.
This is due in part to overall global financial markets starting to recover and tech stocks on the rebound, however it is also due to investments made in new technologies in the space over the past 6 months that bring much needed improvements in transparency and security.
While the market still has a long way to go in order to get back to the $2 trillion dollar cap it reached in April 2022, things are starting to look up again for crypto holders.