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Bitcoin, ether and other cryptocurrencies extended last week’s rally into the weekend.
After flirting with the psychological breakthrough level for several days, bitcoin broke above $20,000 this week. The coin’s price on Saturday fell to around $20,800, up 22% from last week’s price of $16,900.
Bitcoin hasn’t seen this level since the November stock market crash of last year, according to crypto data tracker TradingView.
Bitcoin price on TradingView.
Cryptocurrency market caps rose across the board this week, including Bitcoin rising 4.33%, Ether rising 5.7%, and Solana surging more than 26%. Other coins with thriving market cap gains include Polkadot (11.8%), Polygon (6.3%) and Avalanche (5.4%).
Crypto heatmap on TradingView.
Crypto stocks and structured products
Crypto stocks also performed well, with bitcoin approaching $19,000, although S&P 500 stocks remained relatively flat.
Coinbase ($COIN) shares jumped 41% and bitcoin miner Marathon Digital saw its stock rise 80%, likely due to the rising price of bitcoin. Traditional markets grew by around 2% during this period.
For structured products, GBTC jumped 28% and ETHE 17%.
In addition, recent data revealed that funds focused on digital assets started 2023 with a bang: Ondo Finance launched three US Treasuries and token bonds on January 10, and two Abu Dhabi-based venture capital firms have teamed up to create a billion-dollar Web3 investment. funds on January 11, The Block previously reported.
2023 The Block Crypto, Inc. All rights reserved. This article is provided for informational purposes only. It is not offered or intended for use as legal, tax, investment, financial or other advice.
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