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Bitcoin Hits Five-Month High Above $22,500 as Market Rebounds Cryptocurrency

This week crypto market rebound had another jolt Friday afternoon as Bitcoin (BTC) soared to heights not seen since August 2022, along with other market leaders like Ethereum (ETH) and Solana (SOL) also posting significant gains.

Bitcoin has peaked at $22,687 so far this afternoon, according to data from CoinGecko, and at the current price of $22,613, is up nearly 8% in the past 24 hours. The last time Bitcoin traded this high was on August 18, 2022, long before FTX Exchange November Collapse caused the price of the major cryptocurrency to drop below the $16,000 mark.

Today’s sudden pump pushes Bitcoin’s seven-day gains to 20%, with a 34% jump recorded in the past 30 days. Bitcoin remains down 68% from its all-time high above $69,000 set in November 2021, but recent gains show a rising crypto market after a brutal 2022.

The price of Ethereum, the second-largest cryptocurrency by total market cap, soared 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 massive 36% increase over 30 days.

Overall, the cryptocurrency market has seen its value increase by 6% in the past 24 hours, with coins like Dogecoin (DOGE), gimbal (ADA), and Ripple’s XRP posting similar gains over the period.

Solana (SOL), however, is soaring against most of the rest of the crypto market this week. The coin, which fell to a nearly two-year low from just over $8 at the end of December, shot up 18% today to a current price above $25.

This is the highest price tracked for Solana since the market fell amid November FTX uncertainty, and marks a 52% rise for SOL this week alone. Solana has more than doubled in price over the past 30 days, including the aforementioned single-digit drop. It is now the 10th largest coin by market capitalization after briefly falling out of the top 20 in December.

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