Reporter | Si LinweiThe cryptocurrency market is showing signs of recovery.On January 14th, market data showed that the price of Bitcoin exceeded $21000, and it is currently quoted at $21065, a 24-hour increase of 11
Reporter | Si Linwei
The cryptocurrency market is showing signs of recovery.
On January 14th, market data showed that the price of Bitcoin exceeded $21000, and it is currently quoted at $21065, a 24-hour increase of 11.99%. Ethereum also rose, with its latest quotation exceeding $1500 to $1558, up over 20% so far this year.
As the world's largest cryptocurrency by market value, Bitcoin has been hovering around the region of around $16000 since mid December, and has opened this week close to the $17000 mark. The current price of Bitcoin is $20250, which has increased by over 20% in the first two weeks of this year. However, compared to breaking the peak of $65000 in November 2021, Bitcoin is still at the bottom of the bear market.
Benefiting from the rebound of the two leading companies, the total market value of cryptocurrencies has once again exceeded trillions of dollars. According to CoinGecko data, on January 14th, the total market value of encryption returned above $1 trillion, reaching $1022285681934 as of the time of publication, a 24 hour increase of 5.2%.
Cryptocurrency related stocks also benefited from this week's gains, with Coinbase (COIN), the largest compliant cryptocurrency trading platform in the United States, rising 39% this week, while MarathonDigital Holdings (MARA), a Bitcoin miner, surged 76% this week.
In the past year 2022, cryptocurrencies experienced a brutal liquidation wave. Against the backdrop of the Federal Reserve's aggressive interest rate hikes, the downfall of FTX and Three Arrows Capital led to a continuous decline in cryptocurrency prices. According to Wind data, in 2022, Bitcoin ranked last among major global asset classes with a decline of 65.41%. As 2023 approached, Bitcoin prices hovered around the $16000 level for several months.
Like cryptocurrencies, US stocks are also recovering, with the S&P 500 up 0.40%, the largest weekly gain in the past two months. The Dow Jones rose 0.33%. The Nasdaq rose 0.71%. The Nasdaq 100 rose 0.71%, marking its sixth consecutive day of gains, marking the longest consecutive day of gains since 2021.
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