Bitcoin prices have shown resilience lately. (Photo illustration by Chesnot/Getty Images)
Bitcoin prices have shown strength lately, managing to hold on to most of their recent gains after reaching their highest value since August over the weekend.
The world’s most valuable digital currency by market capitalization, which has generated countless headlines since coming into existence more than 13 years ago, reached $23,167.00 today, according to TradingView data.
At this point, it was down only slightly from the multimonth high of close to $23,300 that it attained on Saturday, when it was trading at its loftiest value since approximately August 19 on TradingView.
Upon reaching the aforementioned intraday high, the cryptocurrency was up roughly 40% since the start of the year and close to 50% since falling to less than $15,500 on TradingView in November.
[Ed note: Investing in cryptocoins or tokens is highly speculative and the market is largely unregulated. Anyone considering it should be prepared to lose their entire investment.]
After trading within a reasonably tight range for several weeks, bitcoin prices have taken off, rising from roughly $16,500 at the start of this year to their recent five-month high, before proceeding to retain the majority of these latest gains.
The digital asset has managed to show this strength in the face of continued difficulty within the industry, as the FTX saga continues to play out and crypto lender Genesis Global Capital, LLC filed for Chapter 11 bankruptcy protection January 19.
The organization’s holding company, Genesis Global Holdco, LLC, announced this move in a press release, where it stated that it had taken this approach to “maximize value for all clients and stakeholders and strengthen its business for the future.”
Both Genesis Global Capital, LLC and Genesis Global Holdco, LLC exist under the umbrella of cryptocurrency firm Digital Currency Group.
