Bitcoin Climbs to 5-Month High Above ,500 as Market Recovers – Decrypt

Bitcoin Climbs to 5-Month High Above $22,500 as Market Recovers – Decrypt

This week’s crypto market rebound received another jolt on Friday afternoon as Bitcoin (BTC) rocketed to heights not seen since August 2022, with other market leaders like Ethereum (ETH) and Solana (SOL) also posting sizeable gains .

Bitcoin reached as high as $22,687 this afternoon, according to data from CoinGecko, and is up almost 8% in the last 24 hours from the current price of $22,613. The last time Bitcoin traded this high was on August 18, 2022, well before the FTX collapse in November sent the price of the leading cryptocurrency plunging below $16,000.

Today’s sudden pump pushes Bitcoin’s seven-day gains to 20%, with a 34% surge over the past 30 days. Bitcoin remains 68% below its all-time high above $69,000 set in November 2021, but recent gains show a crypto market on the rise after a brutal 2022.

The price of Ethereum, the second largest cryptocurrency by total market cap, is up nearly 7% today to $1,656, marking a four-month high for the coin. It last traded at this high in September 2022, according to CoinGecko. ETH is now up 17% on the week with a sizeable 30-day gain of 36%.

Overall, the cryptocurrency market has seen a 6% increase in value over the past 24 hours, with coins like Dogecoin (DOGE), Cardano (ADA) and Ripples XRP posting similar gains over the span of time.

However, Solana (SOL) has surged this week relative to the rest of the crypto market. The coin, which fell to a nearly two-year low of just over $8 in late December, is up 18% today to a current price of over $25.

It’s the highest price for Solana since the market tumbled amid FTX uncertainty in November and marks a 52% gain for SOL this week alone. Solana’s price has more than doubled in the past 30 days, including the aforementioned plunge into single digits. It is now the 10th largest coin by market cap after briefly falling out of the top 20 in December.

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