Cryptocurrencies are rising in value: Bitcoin is already trading at $23,000, Ethereum is over $1,600

January 26, 2023  14:29

The bankruptcy of cryptocurrency FTX has had an extremely negative impact on the entire cryptocurrency market. In November 2022, prices of popular cryptocurrencies fell and remained very low for a long time. Now everything seems to have normalized in the market and cryptocurrency prices are rising. Currently, one bitcoin can be bought for around $23,000 and Ethereum – for over $1,600.

On Nov. 9, 2022, one bitcoin was worth about $16,700, which was the lowest price in six months. From then until Jan. 10, the price of bitcoin barely exceeded $17,000. However recently its exchange rate began to rise, reaching $22,600 by Jan. 20 and about $22,900 on Jan. 26. During the last 24 hours the rate increased by 2.4%, and during the week – by 11.35%.

At the peak of its popularity, one bitcoin was worth $64,400 in November 12 2022. The highest price per bitcoin in the last six months was recorded on August 12-13 at $24,000. If the current trend continues, bitcoin may reach that figure again soon.

As for Ethereum, while its average price was around $1,700 in the summer of 2022, then it fell to $1,000-1,200 in November amid problems on the FTX exchange and a decline in investor confidence in cryptocurrencies. The exchange rate started rising steadily in January and reached $1,500 on January 14 and $1,660 on January 20. Today, one Ethereum can be bought for about $1,600. It is up 4.43% in one day and almost 6% in one week.

Many other cryptocurrencies are also thriving today. Cardano and Solana, for example, are up nearly 15% in one week, and Dogecoin is up 8%.

The collapse of FTX led many large investors to become disillusioned with cryptocurrencies, deciding that the structure of the cryptocurrency market is too risky and the losses are too high, and therefore cryptocurrencies can hardly be considered as a means of portfolio diversification or digital gold.

Cryptocurrency rates, which have been at a low level for quite some time, only confirmed investors' fears. However, it is possible that in the near future the situation will change, and cryptocurrencies will again begin to attract existing and future investors.

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