Bitcoin's 2023 rally gathers steam as cryptocurrency briefly tops $23,000

The price of the No. 1 token briefly topped $23,000 for the first time since Aug. 19, 2022, according to data from CoinGecko. Bitcoin has kicked off 2023 on a positive note, with

investors hoping for a reversal in the monetary tightening that spooked market players last year. Bitcoin is "increasingly looking like it has put in its bottom," according to

Vijay Ayyar, vice president of corporate development and international at crypto exchange Luno. Bitcoin rose further over the weekend, as traders took news of another crypto

bankruptcy in their stride and placed bets on a Federal Reserve "pivot" to cutting interest rates. The price of the No. 1 token briefly topped $23,000 for the first time

since Aug. 19, 2022, according to data from CoinGecko. It has since ebbed slightly to $22,859.20. The jump brings bitcoin up almost 39% since the start of January. Ether,

the second-biggest digital coin, rallied as high as $1,664.78 on Saturday — the first time it has surpassed $1,600 since Nov. 7, 2022. As of 6:40 a.m. ET, ether was worth

$1,639.30 apiece. Bitcoin has kicked off 2023 on a positive note, with investors hoping for a reversal in the monetary tightening that spooked market players last

year. The Fed and other central banks began cutting interest rates in 2022, shocking holders of risky asset classes, like stocks and digital tokens. Publicly-listed tech

stocks and private venture capital-backed start-ups particular took a beating, as investors sought protection in assets perceived as safer, such as cash and bonds.