Bitcoin is Back Over $17,000 as Crypto Market Sees Weekend Gains

Joshua Ramos
Source: IG

The biggest news is the return of Bitcoin to a price above $17,000. The cryptocurrency market saw a host of weekend gains. Alongside the BTC increase, Ethereum also saw a rise through Monday-morning trading in Asia. Moreover, many of the top-10, non-stablecoin currencies saw a rise in their market capitalization.

The weekend’s positives for the industry were kicked off by the latest U.S. Jobs data. The positive economic development was released Friday, and Yahoo Finance noted it as the first spark of a Wall Street rally.

BTC Back Over $17,000

2022 was a year that many investors and businesses within the cryptocurrency sphere hope to forget about soon. Plummeting prices and abounding bankruptcies captured headlines throughout the year, with 2023 arriving alongside hope and optimism over the turning page.

Thus far, that hope has been answered with some positive developments within the market. The weekend saw the most popular cryptocurrency, Bitcoin, return again to a price above $17,000. Subsequently, it rose alongside Ethereum and the other top-10 cryptocurrencies in market cap, according to Yahoo. Furthermore, the weekend events saw a prominent shift for Cardano and BNB within the market cap metrics.

Specifically, the data shows that Bitcoin was up 1% to exactly $17,117 in the 24 hours leading to 8:00 a.m. in Hong Kong. That price marks the first above the $17,000 level that crypto has seen since late December. Overall, the week signaled a 2.9% increase for Bitcoin, as well as a 1.9% rise for Ethereum to $1,287. Subsequently, equating to a 7.3% rise during the week, according to CoinMarketCap.

Source: Analytics Insight

Interestingly as well, Cardano saw an increase of 7.3% at $0.29, which signifies an 18.8% jump in the past seven days. Additionally, CoinGate notes that the development comes as ADA, the Cardano Blockchain’s native token, reached the top-10 most used cryptocurrencies for payments.

Furthermore, BNB rose 5.3% to $274.77, as well as Polygon’s MATIC rose 4.1% to $.084, respectively. Yahoo reported that the total cryptocurrency market cap was $830 billion. Also seeing a total trading volume of $20 billion. There is hope that Bitcoin’s $17,000 return and the other cryptocurrency weekend gains are a sign of a strong few months ahead.