Bitcoin has taken just over two months to recover from the damage caused by the collapse of SBF’s former crypto empire, as the asset soared to over $21,000 earlier today.
Most altcoins saw an equally impressive rally, if not more so, in the past week, culminating in double-digit price increases on Friday and early Saturday morning.
BTC surpassed $21K
After a violent year, which saw the demise of former crypto giants like Terra, 3AC, and Celsius, the end of 2022 saw the hard and fast demise of FTX, Alameda Research, and countless companies related to them.
Being some of the biggest names in the industry up to that point, their downfall resulted in massive price drops for the entire market. Bitcoin fell from over $21,000 to under $16,000 in days. He spent the next few weeks around the latter with brief attempts to regain some ground, but to no avail.
It was at the start of the new year that the cryptocurrency finally saw some relief and broke above $17,000 earlier this week. This turned out to be a key moment as BTC continued to rise and approached $20,000 last night.
The bulls really stepped on the gas at this point and pushed the asset above $20,000 and even just over $21,000 today. This meant a full circle for bitcoin since the FTX crash in about two months.
Although BTC has retraced several hundred dollars since then, it still stands well above $20,000 and its market capitalization is approaching $400 billion. Its dominance over alts has skyrocketed in the last 24 hours, rising to 40.8% after dipping to 39% last week.
SOL steals the show
Altcoins have also been impressive since the start of the year, and the last 24 hours have only solidified this. Solana, for example, had dipped below $8 by the end of 2022. However, it spiked in the following weeks, resulting in a price surge above $23 today. This meant that the asset nearly tripled its USD valuation in about two weeks.
Ethereum has also rocketed above $1,500 for the first time in months. Binance Coin’s 6% daily rise has helped it break above $300.
Green dominates the entire altcoin landscape, with Dogecoin, Polygon, OKB, Polkadot, Tron, and Uniswap posting gains of up to 11% in one day.
Overall, the crypto market capitalization added $80 billion a day and came within inches of touching the coveted $1 trillion line.
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