Bitcoin has marked a notable surge this week as the cryptocurrency surpassed $20,000 in the first month of the year, YChart data has revealed.
The crypto coin entered this week at roughly $17,000 after a dismal performance in November and December last year. The current BTC value is under a third of its $65,000 high in November 2021.
Currencies such as Ether (ETH) have also gained more than 20 percent of their value year-to-year. According to reports, the second-ranked cryptocurrency could see prices around $1,500.
The optimistic news comes amid the ongoing bear market across the crypto industry. The ongoing FTX collapse and rise in global fraud cases have prompted governments to tighten national regulations.
Bitcoin Trends in the New Year
News of the short rally comes amid a bearish market performance from 2022’s scandals involving FTX, Alameda Research, and 130 affiliates.
On 11 November, the companies filed for Chapter 11 bankruptcy in the United States. The developments sparked a huge bank run on the company’s native FTT token, which also sent BTC, ETH, and others tumbling to historic lows.
Despite challenges from FTX, Voyager and Three Arrows Capital (3AC) collapses, BTC began trading higher this week due to strong US jobs data. The US Bureau of Labor Statistics (BLS) figures showed a yearly 3 percent job growth for the country, boosting cryptocurrency values globally.
Glassnode data also revealed seven-month lows for Bitcoin outflows around the Christmas season. Outflows peaked around 143,000 BTC but dropped to one-tenth of previous figures near 25 December.
