Bitcoin Recaptures $20,000, Leading As Broad Crypto Rally Continues

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Bitcoin (BTC)’s 2023 surge continues, with the crypto now surpassing $20,000 for the first time since FTX collapsed in early November. CoinDesk reports: The largest cryptocurrency by market capitalization started the week near the $17,000 mark after hovering around $16,000 since mid-December. Now at $20,250, bitcoin has gained over 20% in the first two weeks of this year. Still, the crypto – which topped $65,000 in November 2021 – remains near the bottom of a brutal bear market. Indeed, $20,000 “once [was] considered a worrying low but now potentially represents a sign of recovery,” according to Craig Erlam, senior market analyst at forex market maker Oanda.

Ether (ETH) is also doing well, up 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) rose 39% while bitcoin miner Marathon Digital Holdings (MARA) jumped 76%.

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