Bitcoin surges to $44,000 for the first time since April 2022
Crypto prices peaked around two years ago, with Bitcoin nearly hitting $70,000. However, it took a downturn, hitting a low near $15,000 post-FTX's collapse.
2023 witnessed a rebound in prices, but these gains seemed hard-earned, as rallies were often followed by setbacks. By mid-October, Bitcoin stabilized around $27,000.
Bitcoin, the largest cryptocurrency by market cap, surged over 4.2% in the past 24 hours, briefly reaching above $44,000 on Tuesday, as per CoinDesk data.
Over the past week, Bitcoin surged by 13.4% and soared 157% year-to-date. Despite this, it remains down over 35% from its 2021 peak.
Bitcoin momentarily touched $45,000 on Coinbase, recently surpassing $40,000, a level not seen since early 2022.
Ether rose by 1.9% in the last 24 hours, briefly trading above $2,300 on Tuesday, marking its highest point since May 2022.
Smaller tokens also witnessed increased trading and price surges. "Altcoins'" trade volume surged to 67%, the highest since March 2022, as traders shifted to riskier assets amidst the ongoing rally.
This trend was attributed to traders continuing to move towards riskier assets amidst the ongoing rally, as per analysts at Kaiko Research.
Meme tokens like Dogecoin rose by 4.9% in the past 24 hours and 14% over the week, hovering around $0.09.
Shiba Inu observed a 12.4% increase over the past week and a 4% rise in the last 24 hours, settling around $0.000009.