The price of Bitcoin (BTC) has topped $23,000 U.S. for the first time since August 2022 as the current bull run in cryptocurrencies shows no signs of stopping.
Bitcoin’s price is now at levels not seen since before the collapse last November of the FTX cryptocurrency exchange, which pushed the entire crypto sector into turmoil.
The price of Bitcoin, which is the largest cryptocurrency by market capitalization, has now risen from a low of $16,000 U.S. at the start of 2023, and has gained more than 10% in the last week.
The price of Ethereum (ETH), the second largest cryptocurrency by market cap, is also rallying and has gained more than 5% in the past week to trade $1,635 U.S. per token.
The cryptocurrency market shrugged off the January 20 bankruptcy filing of crypto lender Genesis. Analysts speculate that the Genesis bankruptcy had been widely expected and was built into the pricing of crypto assets such as Bitcoin.
The bankruptcy of Genesis is linked to the collapse of FTX, which has caused contagion throughout the entire crypto industry.
In early December 2022, Bitcoin’s price was near $15,000 U.S., down more than 75% from an all-time high of $68,000 U.S. reached in November 2021.
