This weeks recovery of the crypto market got another jerk on Friday afternoon when Bitcoin (BTC) shot up to heights not seen since August 2022, with other market leaders like ether (ETH) and Solana (SOL) also posted sizeable gains.
Bitcoin has reached as high as $22,687 this afternoon, according to data CoinGecko, and at the current price of $22,613, it is up almost 8% in the last 24 hours. The last time Bitcoin traded this high was on August 18, 2022, well before that FTX exchange collapse in November dropped the price of the leading cryptocurrency 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 Dogecoins (DOG), Cardano (ADA) and Ripple’s XRP Posting similar profits throughout the range.
However, Solana (SOL) has surged this week relative to the rest of the crypto market. The coin that fell to a nearly two-year low from just over $8 at the end of 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 fall out of the top 20 for a short time In December.
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