Bitcoin Prices Erase Yearly Losses, as Ether and Dogecoin Surge in Crypto Rally

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Bitcoin
and other cryptocurrencies staged a rally on Monday, with bitcoin erasing its yearly losses having surged more than 12% since the beginning of last week.

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The leading digital asset, bitcoin rose almost 6% over the past 24 hours to above $47,200, moving above the price of $46,200 notched on Dec. 31, 2021. Bitcoin prices had dropped as low as around $35,000 in volatile trading that was seen earlier this year.

“Bitcoin’s on-chain metrics, which have shown long term holders accumulating over the past few months, are finally proving to be accurate. With all macro headwinds being priced in for the short term, we are seeing some long-awaited relief,” said Marcus Sotiriou, an analyst at digital asset broker GlobalBlock (ticker: BLOK.Canada).

Smaller peer

ether
was just as buoyant. The price of the token underpinning the Ethereum blockchain network increased more than 6% to near $3,350, trading at the highest levels since mid-January.

Bitcoin and ether remain well off all-time highs of $68,990 and $4,865, respectively, reached in early November.

“Altcoins,” or smaller cryptocurrencies, experienced similar price action.

Solana
jumped 9%, with

cardano
and

litecoin
both almost 5% higher. “Meme” cryptos

dogecoin
and

shiba inu
—called that because they are mostly based on…