Bitcoin price rose again above the $40K level which many analysts see as an important psychological support and level.
The largest cryptocurrency by market capitalization is up 10% in the past 24 hours, according to numbers from coinmarketcap, with bitcoin trading for $41,600.
Bitcoin got off to a bad start in 2022, collapsing to levels not seen in six months.
But the coin appears to be slowly recovering despite continuing to drop more than 40% from its all-time high, where Bitcoin reached $69,000 in November 2021.
Ethereum, the second largest cryptocurrency by market capitalization, also rose significantly.
At the time of writing this article, Ethereum is trading above the $3,000 level, up 9% in 24 hours.
It is 41% lower, as Ethereum previously recorded its highest level of $ 4878.26 three months ago.
Altcoins are moving up as they normally do and are tracking bitcoin with the recovery.
The cryptocurrency Solana, which is a competitor to Ethereum and the seventh largest cryptocurrency by market capitalization, is trading for $116 at the time of writing this article.
That's an 11% jump over 24 hours.
It's also up 22% in the past week.
Initially created as a joke, meme coins have also risen in the recent rise of the crypto market.
The cryptocurrency “Doge” is up 7% in 24 hours, and it is trading for $0.15.
While “Shiba Inu” is trading for $0.000023, an increase of 13%.
Both Bitcoin and Ethereum are believed to have lost their value in January due to macroeconomic factors in the US, especially after the Federal Reserve's statement on interest rates and inflation, which came as a shot at investors from risky assets, such as stocks and cryptocurrencies.
But now it seems that the cryptocurrency market is starting to rise and recover.
