Bitcoin (BTC) Surges by 10% to Attain 23K Price Level

  • Bitcoin’s (BTC) price surged by over 10% in the previous week.
  • BTC Fear & Greed Index  is currently at “Neutral.”

The world’s most prominent cryptocurrency Bitcoin (BTC) kicks off the new year by retaining its bullish momentum. BTC peaking at over $23,000 price range, the first milestone since early August. Last weekend, Bitcoin began to show a positive trend, reaching a high of $19,942 before resting in the $18,000–$17,000 region. 

Bitcoin (BTC) price chart (Source: CoinGecko)

Since the collapse of the cryptocurrency exchange FTX, crypto traders has the most challenging times. However, the king of the cryptocurrency industry traded as high as $23,282, while the significant crypto lending company Genesis Global Capital filed for Chapter 11 bankruptcy protection late on 19 January 2023.

Bitcoin Signaling Positive Price Momentum 

On January 13, the largest cryptocurrency by market capitalization breaks the “Fear zone,” which was then scored at 31 after the price of BTC rallied with seven straight green candles. According to Alternative.me, Bitcoin Fear and Greed Index is at “Neutral” with a score of 50 out of 100. Also, after a year of volatile market movements, the global market cap once again reached its $1 trillion cap.

Bitcoin (BTC) Fear & Greed Index (Source: Alternative.me)

Currently, Bitcoin and other altcoins are muted responses to the ongoing effects of FTX’s demise and Genesis bankruptcy news. At the time of writing, BTC traded at $22,743, surged by 10% over the last week, and 35% in the previous 14 days. 

Additionally, the largest altcoin Ethereum (ETH), climbed by around 5.5% in the last 7 days to trade at $1,637 with a market cap of $197 billion. ETH increased by 27% in just 14 days. And 34% in the preceding month. 

Further, other altcoins also buzzing social media with massive price surges and new updates. In just 30 days Aptos (APT) is up by 264%, Litecoin (LTC) increased by 34%, and Axie Infinity (AXS) soars up by 86%. Moreover, memecoin Shiba Inu’s (SHIB) upcoming layer-2 blockchain “Shibarium” updates boosted its price by 40.5% in 7 days. And Dogecoin (DOGE) surged by 5% in the last 24 hours. 

A journalism graduate who is passionate about writing loves to dance and travel currently starts exploring blockchain technology.