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Bitcoin (BTC)’s 2023 surge continues, with the cryptocurrency surpassing $20,000 for the first time since FTX collapsed in early November.
The largest cryptocurrency by market capitalization started the week near $17,000 after hovering in the mid-$16,000s since mid-December. Bitcoin, currently at $20,250, is up more than 20% in the first two weeks of the year. Still, the cryptocurrency, which he broke above $65,000 in November 2021, remains near the lower end of a brutal bear market.
Sure, $20,000 [was] What was seen as a worrying low now may be showing signs of a resurgence,” said Craig Earlam, senior market analyst at forex market maker Oanda.
Ether (ETH) is also on a solid rally, up more than 20% year-to-date and threatening $1,500 for the first time since early November.
The CoinDesk Market Index (CMI) is up 14% this week.
Crypto-related stocks also benefited from this week’s rally. Exchange Coinbase (COIN) is up 39%, while Bitcoin miner Marathon Digital Holdings (MARA) surges 76%.
read more: Dead Crypto Names Ring High As Bitcoin Bounces
The S&P 500 rose above 2% as the fourth quarter earnings season kicked off and US inflation remained elevated, with traditional markets also holding a week high. “Optimism is exacerbated by the slowest monthly inflation rate in two-and-a-half years and further sharp annual declines in both headline and core indicators,” Earlam wrote.
Nicholas Kolas, co-founder of market analysis firm DataTrek Research, said while U.S. Federal Reserve policy remains important, he said, “China’s reopening, the pace of growth in the U.S. economy and corporate earnings, and positive Other issues, such as the real interest rate on the
“This doesn’t guarantee that 2023 will be a good year for risk assets, but it does say it looks much more normal than last year,” said Colas.
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