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Bitcoin reached the $20,000 mark - the entire cryptocurrency market is on the rise.

Published: 2023-01-14

For the first time since the collapse of the FTX cryptocurrency exchange in November, Bitcoin reached $20,000. Following the largest cryptocurrency, the entire digital asset market, including related securities, is showing positive dynamics.

Bitcoin started the week at about $17,000, although since mid-December it has been trading around $16,000. Last night, the largest cryptocurrency by capitalization overcame $21,000, but now its quote has stopped at $20,920 according to CoinDesk. In November 2021, bitcoin set a record as it crept close to $69,000, and the $20,000 bar, once thought to be an alarming low, is now seen as some kind of resurgence. Ethereum also demonstrates decent growth - the second largest cryptocurrency by capitalization has gained more than 20% since the beginning of the year.

The current week turned out to be successful for the shares of crypto-currency companies: Coinbase crypto-exchange papers added 39%, and the Marathon miner grew by all 76%. However, traditional markets are also showing growth: even before the publication of reports for the past quarter, the S&P 500 index increased by 2%. Analysts attribute the general optimism to the first monthly decline in US inflation in 2.5 years, although other factors, such as the resumption of production in China, are also contributing. There is no guarantee that 2023 will be a good year for risky assets, but there is hope that the market dynamics will be more adequate than last year.