Watch: Bitcoin recovers to pre-FTX crash levels — The Crypto Mile weekly update
This week’s The Crypto Mile Weekly Update reports on a cryptocurrency market that is a sea of green.
Bitcoin has broken through the $21,000 mark for the first time since the start of November 2022, before the FTX collapse.
Bitcoin stood at the $21,334 (£17,383) at the time of writing, up from a low of $16,000 at the beginning of the year.
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After the fall of Bahamas-based FTX, major crypto-firms such as Coinbase (COIN) and Kraken began implementing an array of lay-offs.
But since the beginning of 2023 green shoots have begun to grow. On the back of lower than expected inflation data from the US and the hints of fewer monetary tightening measures by the Federal Reserve, the entire cryptocurrency market capitalisation has again risen above $1tn.
The crypto market cap hit a high of $1.04tn on Wednesday, a rise of around 2.1% in 24 hours, according to Coingecko.
Solana (SOL-USD)made the biggest gains, briefly ousting polygon to gain entry to the list of the top 10 cryptocurrencies before falling back to eleventh position.
Solana made gains of 44.7% in the week — a rise to $23.59.
The second largest cryptocurrency by market capitalisation, ethereum (ETH-USD), has followed closely behind bitcoin, posting weekly gains.
Ethereum was up 20% in the week to $1,585, hitting a two month high over the weekend.