This week in markets: Bitcoin breaks $20,000 as altcoins, crypto stocks surge

Quick Take

  • Bitcoin broke past $20,000 this week — a price the crypto hasn’t seen since November.
  • Compared to last week, bitcoin’s price rose 22% from $16,900.

Bitcoin, ether and other cryptocurrencies extended last week's rally heading into the weekend. 

After flirting with the psychological breakthrough level for several days, bitcoin broke past $20,000 this week. The coin's price on Saturday dipped to around $20,800, up 22% compared to last week's price of $16,900.

Bitcoin hasn't seen this level since the November market crash of last year, according to the crypto data tracker TradingView. 

Bitcoin price on TradingView.

Cryptocurrency market capitalizations rose as a whole this week, including Bitcoin's 4.33% increase, ether's 5.7% rise and Solana's soar of over 26%. Other coins with prosperous market cap gains include Polkadot (11.8%), Polygon (6.3%) and Avalanche (5.4%). 

Crypto heat map on TradingView.

Crypto stocks and structured products

Crypto stocks also did well as bitcoin neared $19,000 — even as S&P 500 stocks remained relatively steady. 

Coinbase shares ($COIN) surged 41% and the bitcoin miner Marathon Digital saw its stock rise 80%, most likely due to the rise in bitcoin's price. Traditional markets rose about 2% during that time. 

For structured products, GBTC surged 28% and ETHE rose 17%.

In addition, recent data found that digital asset-focused funds started 2023 out with a bang: Ondo Finance launched three tokenized U.S. Treasuries and bonds on Jan. 10, and two Abu Dhabi-based venture firms partnered to create a billion-dollar web3 investment fund on Jan. 11, The Block previously reported.


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