Bitcoin Is Getting Close To $24,000

On Monday morning in Asia, bitcoin reached its highest price in five months. Ether increased in value along with the top ten non-stablecoin cryptocurrencies, with Litecoin and Solana posting the largest gains. The total cryptocurrency market capitalization remained above $1T for the eighth consecutive day, the longest streak since August 2022.

Bitcoin was up 3.2% in the 24 hours in Hong Kong, at US$23,764, after reaching a high of US$23,918 overnight. It has increased by 4.6% in the last calendar week. On Monday morning, Ether was up 4.7% to US$1,645 and up 1.1% for the week. As the network recovered from FTX-related damages, Solana, a network that Sam Bankman-Fried once backed, increased 8.9% to US$26.11, with a 7.8% weekly gain.

After reporting that its network has had zero downtime in 11 years, Litecoin rose by 6% to US$94.98, bringing its weekly gains to 8.4%.

The total crypto market cap increased by 3.2% to $1.08T, while total trading volume increased by 38% to $51.28B.

Positive Sentiment In The Crypto Market

A group of crypto-focused exchange-traded funds has had an incredible start to 2023, with big gains rarely seen among diversified equity funds.

The $3.9M Valkyrie Bitcoin Miners ETF (WGMI) has led the way with a 101% return since the beginning of the year. Still, several rival funds have also posted gains ranging from 40% to 80%.

Most of these ETFs are still well below water for long-term investors, having been battered by last year’s “crypto winter” and the broader sell-off in technology stocks. Still, the nascent rally does point to the niche sector’s ability to recover due to its inherent volatility.

Apparent signs of life in the cryptocurrency market, with BTC rallying 38% by January 27 to $22,900, fueled the crypto ETF recovery. Solana, a smaller digital token, has increased by 145%.