The price of Bitcoin today reclaimed the crucial $20,000 mark for the first time since June 2022, when it displayed it greatest decline.
The total value of all digital assets has now recaptured the critical level of $1 trillion, with Bitcoin and Ethereum both rising over 20% over the course of the last week.
Since the beginning of November, when the abrupt crash of FTX sent values plunging, this is the first time the overall cryptocurrency market has been assessed at this level.
The largest independent cryptocurrency data aggregator in the world, CoinGecko, revealed that between January 11 and 14, from a low of $17,318 to a high of $21,247, Bitcoin surged which is a 22.5% gain.
Additionally, this week has seen double-digit rises for the majority of altcoins.
With a 20.7% spike over the past week, Ethereum, the second-largest cryptocurrency by market cap, has followed a similar pattern to Bitcoin. According to CoinGecko, it is now at $1,548.
Coin Desk media said that these numbers aren’t irrational, “as the underlying networks of several major tokens saw favorable fundamentals.”
Strong transactional activity on Cardano and Solana (cryptocoins) may have contributed to recent increases in those networks’ native ADA and SOL token prices.
The same source claimed that ether’s fundamentals have improved due to the imminent Shanghai upgrade and that Polygon’s upcoming hard fork, a network update, has caused MATIC to increase by 22% over the past week.
Back in June, the digital currency sector was heavily affected by the global crisis, namely, the Russia-Ukraine war.
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