Bitcoin Price Fully Recovers From FTX Crash: Market Watch

Bitcoin has taken just over two months to recover from the damage caused by the collapse of former crypto empire SBF, as the asset surged above $21,000 earlier today.

Most alternative coins have seen an equally impressive rally over the past week, culminating in double-digit price jumps on Friday and early Saturday.

BTC surpassed $21,000

After a violent year that saw former crypto giants like Terra, 3AC, and Celsius sink, the end of 2022 witnessed the loud and fast debacle of FTX, Alameda Research, and countless companies associated with them.

Since they were among the most well-known names in the industry up to that point, their crash resulted in massive price drops for the entire market. Bitcoin fell from over $21,000 to under $16,000 in a matter of days. It spent the following weeks around the latter making brief attempts to gain some ground, but to no avail.

As the new year began, the cryptocurrency finally saw some relief, breaking out above $17,000 earlier this week. This turned out to be a key moment as BTC continued to climb and neared $20,000 last night.

The bulls really ramped up at this point, pushing the asset above $20,000 and even just over $21,000 today. This meant that Bitcoin came full circle with the FTX collapse in about two months.

Despite being down several hundred dollars since then, BTC is still hovering well above $20,000 and its market cap is close to $400 billion. His dominance over the alts has exploded in the past 24 hours and stands at 40.8% after dipping to 39% last week.

BTCUSD. Source: TradingView

SOL steals the show

Altcoins have also been strong since the beginning of the year and the past 24 hours have only strengthened that. Solana, for example, had fallen below $8 by the end of 2022. However, the following weeks saw an upward trend, resulting in the price rising above $23 today. This meant the asset nearly tripled its USD valuation in about two weeks.

Ethereum also surged back above $1,500 for the first time in months. Binance Coin’s 6% daily surge helped it surpass the $300 mark.

Green dominates the entire altcoin landscape, with Dogecoin, Polygon, OKB, Polkadot, Tron, and Uniswap posting gains of up to 11% in one day.

Overall, the crypto market cap increased by $80 billion daily and was inches away from hitting the coveted $1 trillion mark.

Overview of the cryptocurrency market.  Source: Quantify Crypto
Overview of the cryptocurrency market. Source: Quantify Crypto
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Cryptocurrency charts by TradingView.

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