WEEKLY ANALYSIS - Bitcoin again above $20,000, will 2023 be a recovery for crypto?

Although the context is not the most favourable, Bitcoin is once again crossing an important psychological threshold after difficult months.

The cryptocurrency market has started 2023 on a bullish momentum, with Bitcoin returning above the $20,000 mark it lost last August and all digital assets taking the bullish road, especially after the release of the US Consumer Price Index (CPI) report.

During the last week, Bitcoin (BTC) price peaked at $21,284, surging 20.62% in 7 days and constantly remaining in the $20,000 area all over the week. According to CoinMarketCap data, the BTC price is up 0,67% in the last 24 hours, trading at $20,846 with a market cap of $401.588.158.094 and a 24-hour trading volume of $23.472.092.410.

Ethereum (ETH) price has also surged during the whole week, trading at its highest level since November 8th as demand for the network also continues to build up. ETH hit the $1,576 mark in the early hours of today, climbing over 0.79% in the last 24 hours and consolidating its week gains over 16.93%. The live price is $1.544 with a 24-hour trading volume of $7.704.317.122 and a market cap of $188.996.501.492.

Even altcoins are currently seeing massive gains, bringing the global crypto market cap to a remarkable 1.95% increase over the last 24 hours to $979.30B, close to hit the $1 trillion mark. The best performer of the week is Aptos (APT), with a 99.76% gain and Solana (SOL) is among the best performers, surging 42.18%, followed by Avalanche (AVAX) gaining 32.72%. On the other hand, Nexo (NEXO) is the worst performers of the week, down 2.26%. Binance USD (BUSD) and USD Coin (USDC) are also on the red.