After 2021, in early 2023, it appears that experts’ predictions about cryptocurrencies are coming true. Cryptocurrency has begun to recover, marking the first major rise since July 2021. Bitcoin, the world’s largest and most popular cryptocurrency, has been climbing steadily for the past three days.
Bitcoin Leads the Crypto Market Rebound
According to the Indian trading platform Coinswitch, Bitcoin is currently trading at ₹17,39,773, giving investors an 11.50% return in the last 24 hours.
- Lowest price (past day): ₹15,20,517.29
- Highest price (past day): ₹17,39,773
The key takeaway is that this recovery trend began a week ago when Bitcoin was trading at just ₹14,47,664 — meaning the coin has delivered a 19% return in just seven days. However, it’s still about 65% below its original peak value.
Current Bitcoin Market Overview
According to CoinMarketCap, Bitcoin’s live data shows:
| Metric | Value |
|---|---|
| Current Price | $20,942.63 USD |
| 24-Hour Trading Volume | $38,568,362,181 USD |
| 24-Hour Price Increase | 11.22% |
| Market Capitalization | $403,385,003,904 USD |
| Circulating Supply | 19,261,431 BTC |
| Maximum Supply | 21,000,000 BTC |
These figures confirm Bitcoin’s strong market presence and renewed investor optimism.
Why the Crypto Market Struggled in 2022
The broader cryptocurrency market suffered major setbacks due to several high-profile events:
- The crash of Terra Luna
- Bankruptcy of Celsius Network
- Collapse of FTX Exchange
These incidents shook investor confidence, causing Bitcoin’s price to drop around 65% over two years. The prolonged bear market created uncertainty and hesitation among traders and new investors alike.
Signs of a Sustained Recovery
Experts suggest that the recent rally may mark the start of a gradual crypto rebound. Key factors fueling optimism include:
- Renewed institutional interest in Bitcoin and Ethereum
- Stabilization of inflation and global interest rates
- Stronger regulatory clarity in major markets
While it’s still early to declare a full recovery, the signs indicate that cryptocurrency could be regaining its footing in 2023.
FAQs
Q1: Why is Bitcoin’s price rising again?
The increase is driven by investor confidence returning after a long bearish phase, improved trading volumes, and broader economic stability.
Q2: How much has Bitcoin recovered in 2023?
Bitcoin rose nearly 19% in a week and 11.50% in the last 24 hours, currently trading around ₹17,39,773.
Q3: What caused the crypto crash in 2022?
Major events like the Terra Luna collapse, Celsius bankruptcy, and FTX failure led to a massive sell-off across the crypto sector.
Q4: Is it a good time to invest in Bitcoin now?
Analysts believe recovery signs are promising, but investors should proceed with caution and consider market volatility.
Q5: Will other cryptocurrencies recover, too?
Historically, altcoins tend to follow Bitcoin’s lead. If Bitcoin’s rally continues, other cryptocurrencies are also expected to gain.
Final Thoughts
The crypto market’s 2023 revival is a breath of fresh air for investors who endured two years of turbulence. While challenges remain, Bitcoin’s surge above ₹17,39,773 marks a pivotal step toward restoring market confidence. If the momentum sustains, 2023 could well be remembered as the year cryptocurrency began its comeback.
