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

This week’s crypto market rebound received one other 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) additionally posting sizable positive factors.

Bitcoin has peaked as excessive as $22,687 to date this afternoon, per information from CoinGecko, and at a present worth of $22,613 has risen nearly 8% over the previous 24 hours. The final time that Bitcoin traded that prime was on August 18, 2022, nicely earlier than November’s collapse of exchange FTX despatched the main cryptocurrency’s worth plummeting beneath the $16,000 mark.

In the present day’s sudden pump pushes Bitcoin’s seven-day positive factors to twenty%, with a 34% bounce registered over the past 30 days. Bitcoin stays down 68% from its all-time excessive worth above $69,000 set in November 2021, however the latest positive factors present a crypto market on the rise after a brutal 2022.

The worth of Ethereum, the second-largest cryptocurrency by complete market cap, has climbed nearly 7% at present to $1,656, marking a four-month peak for the coin. It final traded this excessive in September 2022, in line with CoinGecko. ETH is now up 17% on the week, with a large 30-day improve of 36%.

General, the cryptocurrency market has seen a 6% increase in worth over the previous 24 hours, with cash like Dogecoin (DOGE), Cardano (ADA), and Ripple’s XRP posting related positive factors in the course of the span.

Solana (SOL), nonetheless, is skyrocketing in comparison with a lot of the remainder of the crypto market this week. The coin, which fell to a nearly two-year low of simply above $8 in late December, has climbed 18% at present to a present worth above $25.

It’s the best worth tracked for Solana because the market declined amid November’s FTX uncertainty, and marks a 52% rise for SOL this week alone. Solana has greater than doubled in worth over the past 30 days, together with the aforementioned dip into single digits. It’s now the Tenth-largest coin by market cap after briefly falling out of the top 20 in December.

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