Bitcoin Retakes $20K, Leading as Broad Crypto Rally Continues
Crypto markets across the board surged this week, with crypto-exposed stocks also benefitting from the advance.
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Bitcoin's (BTC) 2023 surge continues, with the crypto now above $20,000 for the first time since the FTX collapse in early November.
The largest cryptocurrency by market capitalization started the week near the $17,000 mark after hovering in the mid-$16,000 area since mid-December. Now at $20,250, bitcoin has gained more than 20% in the opening two weeks of this year. Still, the crypto – which topped $65,000 in Nov. 2021 – remains near the low end of a brutal bear market.
Indeed, $20,000 “once [was] deemed a disturbing low but now potentially represents a sign of a revival,” according to Craig Erlam, senior market analyst at foreign exchange market maker Oanda.
Also moving nicely higher is ether (ETH), ahead more than 20% year-to-date and threatening $1,500 for the first time since early November.
The CoinDesk Market Index (CMI) rose 14% for the week.
Crypto-related stocks also benefited from the rally this week: Exchange Coinbase (COIN) was up 39% while bitcoin miner Marathon Digital Holdings (MARA) surged 76%.
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