--- title: Bitcoin Is Up Nearly 30% This Year — Here’s What to Know About the Enormous Rally description: After a rough year in 2022, Bitcoin prices are up nearly 30% since the start of 2023, and other cryptocurrencies are rallying too. authors: - name: Sarah Hansen role: Senior Writer url: https://money.com/author/sarah-hansen/ bio: Sarah Hansen is a senior writer at Money covering all things personal finance. Previously, she covered economic policy and capital markets on the breaking news desk at Forbes. education: Northwestern University, New York University at_money_since: 2021 articles: 347 covers: - Investing - Banking - Business - Career Advice - Credit - Credit Cards - Economy and Politics - Education - Health and Wellness - Housing - Insurance - Lifestyle - Loans - Mortgages - Personal Finance - Professional Services - Retirement - Shopping - Taxes social: - https://www.linkedin.com/in/sarah-m-hansen/ former_staff: true editors: - name: Brad Tuttle role: Senior Editor url: https://money.com/author/brad-tuttle/ bio: Brad Tuttle is a former senior editor at Money with over 10 years’ experience covering a vast number of personal finance topics, including careers, cars, travel, budgeting, investing, insurance, credit cards, consumer psychology, real estate, banking, and shopping and deals. education: Columbia University School of Journalism, MS at_money_since: 2014 articles: 366 covers: - Investing - Banking - Business - Career Advice - Credit - Credit Cards - Economy and Politics - Education - Health and Wellness - Housing - Identity Theft - Insurance - Lifestyle - Loans - Mortgages - Personal Finance - Pets - Professional Services - Retirement - Shopping - Taxes - Technology social: - https://twitter.com/bradrtuttle - https://linkedin.com/in/brad-tuttle-834b225 former_staff: true published: '2023-01-18T18:20:47.000Z' modified: '2024-01-10T17:47:54.000Z' section: Investing tags: - Bitcoin - Cryptocurrency - News word_count: 328 canonical: https://money.com/bitcoin-prices-rise-start-2023/ type: NewsArticle source: structured-blocks --- > **Disclosure:** We research all brands listed and may earn a fee from our partners. Research and financial considerations may influence how brands are displayed. Not all brands are included. [Learn more](https://money.com/page/disclaimer/). ![Two Hands Praising Bitcoin With Graphs going up in the Background](https://img.money.com/2023/01/BitCoin_High.jpg) After a brutal 2022, [bitcoin](https://money.com/what-is-bitcoin/) is gaining steam again. Prices for the digital currency are on a major winning streak, rising nearly 30% since the beginning of January — soaring to about $21,439 per coin on Wednesday. And the rest of the [cryptocurrency](https://money.com/what-is-cryptocurrency/) industry is following suit: - The price of [ether](https://money.com/what-is-ethereum/) has risen more than 33% so far this year to nearly $1,600 per coin. - The value of the entire cryptocurrency market has now surpassed $1 trillion, according to data from CoinMarketCap, a level it hasn't reached since November. - Shares of [Coinbase](https://money.com/how-to-use-coinbase-beginners/), a popular crypto exchange, have gained about 35% in the last 5 days. ## What experts say Ed Moya, senior market analyst at the foreign exchange firm OANDA, attributed some of bitcoin’s dramatic rally to the fact that central banks appear likely to stop tightening monetary policy soon, as well as the fact that more investors are buying in. “Contagion fears have eased and the focus for many crypto traders is to ride this breakout,” he wrote in a [blog post](https://www.marketpulse.com/20230117/us-close-a-busy-tuesday-chinas-gdp-goldman-morgan-stanley-empire-ecb-commodities-mixed/) on Tuesday. ## Keep in mind This massive rally should remind investors just how volatile cryptocurrency prices can be — and that no one really knows where the market is heading. - After peaking in November 2021 at more than $64,000 per coin, the price of bitcoin dropped 45% in just three months to $35,000 per coin at the beginning of 2022. - Bitcoin continued to fall over the course of the year as bankruptcies within the industry, including the dramatic [collapse of the FTX exchange](https://money.com/how-ftx-crypto-exchange-problems-impact-investors/), eroded investor confidence. - Bitcoin ended 2022 at $16,600 per coin — 65% less than at the start of the year. Those price swings are a major reason [experts say](https://money.com/is-crypto-safe/) you shouldn’t invest any money in crypto that you aren’t prepared to lose. ```json { "@context": "https://schema.org", "@graph": [ { "@type": "BreadcrumbList", "@id": "https://money.com/bitcoin-prices-rise-start-2023/#breadcrumb", "itemListElement": [ { "@type": "ListItem", "position": 1, "name": "Home", "item": "https://money.com" }, { "@type": "ListItem", "position": 2, "name": "Investing", "item": "https://money.com/investing/" }, { "@type": "ListItem", "position": 3, "name": "Cryptocurrency", "item": "https://money.com/cryptocurrency/" }, { "@type": "ListItem", "position": 4, "name": "Bitcoin Is Up Nearly 30% This Year — Here’s What to Know About the Enormous Rally" } ] }, { "@type": "WebSite", "@id": "https://money.com/#website", "url": "https://money.com", "name": "Money", "publisher": { "@id": "https://money.com/#organization" } }, { "@type": "WebPage", "@id": "https://money.com/bitcoin-prices-rise-start-2023/#webpage", "url": "https://money.com/bitcoin-prices-rise-start-2023/", "name": "Bitcoin Is Up Nearly 30% This Year — Here’s What to Know About the Enormous Rally", "isPartOf": { "@id": "https://money.com/#website" }, "datePublished": "2023-01-18T18:20:47.000Z", "mainEntity": { "@id": "https://money.com/bitcoin-prices-rise-start-2023/" }, "inLanguage": "en-US", "breadcrumb": { "@id": "https://money.com/bitcoin-prices-rise-start-2023/#breadcrumb" }, "dateModified": "2024-01-10T17:47:54.000Z" }, { "@type": "NewsArticle", "headline": "Bitcoin Is Up Nearly 30% This Year — Here’s What to Know About the Enormous Rally", "articleSection": "Investing", "image": [ { "@type": "ImageObject", "url": "https://img.money.com/2023/01/BitCoin_High.jpg", "width": 2880, "height": 1920, "caption": "News-2023-Bitcoin-Price-is-Up" } ], "author": [ { "@type": "Person", "name": "Sarah Hansen", "url": "https://money.com/author/sarah-hansen/", "@id": "https://money.com/author/sarah-hansen/#author", "description": "Sarah Hansen is a senior writer at Money covering all things personal finance. 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