Copy link
Increase text size
Decrease text size
Link copied

Bitcoin trading above $17K for the first time in 2023

The entire crypto market capitalization surged by 3 percent in the past 24 hours.

Image by: Wikimedia Commons

Mon, 09 Jan 2023, 16:14 pm UTC

The price of Bitcoin (BTC) rallied on Monday, January 9, 2023, and traded above $17,000. The latest price movement of the world’s largest crypto by market cap marks the first time it breached the $17K mark this year.

Bitcoin managed to sustain its momentum so far as, at the time of writing, BTC traded at $17,257.94 based on Coinmarketcap data. Aside from marking the first time BTC reached 17K this year,

Monday’s rally also marked the first time BTC touch the price level in three weeks. The last time Bitcoin traded above $17,000 was on December 16, 2022. From December 17 until January 8, this year, the crypto has been trading at the $16K price level.

It’s not just Bitcoin that made a rally on Monday. In fact, the entire crypto market capitalization surged by 3 percent in the past 24 hours, according to Yahoo Finance.

Cardano posted the biggest gains among the top 10 cryptocurrencies. ADA posted an impressive increase of almost 17 percent in the past 24 hours and soared to $0.32.

Ethereum, the world’s second most valuable crypto after Bitcoin, also posted gains along with the broader market. ETH rose by 5 percent during the past 24 hours and traded at $1,335.31 at the time of writing.

Does Monday’s rally mean that Bitcoin has already formed a market bottom? Here’s what analysts have to say.

Coinbase Institutional’s David Duong views Bitcoin’s push past the $17,000 as something positive. This could suggest that BTC is on its way to testing $17,800, its next technical level.

Meanwhile, blockchain data from FundStrat hints that buyers are now eager to accumulate Bitcoin in the current price range. Investors have an “appetite to buy BTC at the very specific level of $16,00-$17,200,” according to FundStrat's Sean Farrell.

“This paints an incredible picture of a strong buy wall at current market prices and suggests a strong bottom is forming,” he added.

TokenPost | [email protected]

<Copyright © TokenPost. All Rights Reserved. >

  • Bitcoin (BTC) $36,642.50 (+1.08%)
  • Ethereum (ETH) $1,257.41 (+0.94%)
  • XRP (XRP) $0.224600 (+0.84%)
  • Cardano (ADA) $0.371500 (-3.70%)
  • Litecoin (LTC) $152.14 (+5.75%)
  • Bitcoin (BTC) $36,642.50 (+1.08%)
Jul 15, 2021 (Thursday)
13:30
BTC Surges by 1.16% Within 5 Mins, Marking 31,824.01 USDT
12:06
BTC Surges by 1.12% Within 5 Mins, Marking 32,104.8 USDT
10:25
BTC Drops by 1.03% Within 5 Mins, Marking 32,171.88 USDT
02:13
TriumphX Scouts 'MINAMCOMPANY' CEO Woo-Seong Lee As Creative Director
02:00
ETH Tops List Of Crypto Net Inflow With $298.96 Mln In Past 10 Hours
Jul 14, 2021 (Wednesday)
13:14
BTC Surges by 1.03% Within 5 Mins, Marking 32,738.08 USDT
09:03
BTC Surges by 1.01% Within 5 Mins, Marking 31,899 USDT
02:30
Crypto Market Sentiment On Jul 14: Market In "Extreme Fear"
02:00
ETH Tops List Of Crypto Net Outflow With $224.97 Mln In Past 10 Hours
Jul 13, 2021 (Tuesday)
02:30
Crypto Market Sentiment On Jul 13: Market In "Extreme Fear"
02:00
ETH Tops List Of Crypto Net Outflow With $178.61 Mln In Past 10 Hours
Jul 12, 2021 (Monday)
02:30
Crypto Market Sentiment On Jul 12: Market In "Extreme Fear"
02:00
BTC Tops List Of Crypto Net Inflow With $164.82 Mln In Past 10 Hours
Jul 11, 2021 (Sunday)
21:31
BTC Surges by 1.02% Within 5 Mins, Marking 34,475.6 USDT
10:00
ETH Tops List Of Crypto Net Inflow With $122.76 Mln In Past 18 Hours
06:17
SOBA Listed On LATOKEN
02:30
Crypto Market Sentiment On Jul 11: Market In "Extreme Fear"
02:00
BTC Tops List Of Crypto Net Outflow With $87.56 Mln In Past 10 Hours
Jul 9, 2021 (Friday)
21:40
BTC Surges by 1.08% Within 5 Mins, Marking 33,911.8 USDT
02:30
Crypto Market Sentiment On Jul 09: Market In "Extreme Fear"
Subscribe to the TokenPost newsletter!
Don't show me this again today.
Back to top
Copyright ⓒ TokenPost. All Rights Reserved.