BREAKING: Bitcoin Surpasses $22K, Hedera (HBAR) Rallies 35% Within Hours, Here Is the Reason for the Rise and What Analysts Say

After falling the previous day, Bitcoin rose once more to a comfortable level substantially above $21,000. The action caused bitcoin to rise to intraday highs of $22,456, which was last reached in September 2022.

The lead cryptocurrency was recently trading at over $22,276, up 5.76% over the previous 24 hours, as investors ignored the most recent consequences of the disgraced crypto exchange FTX and conflicting economic statistics. BTC kept following the more optimistic course throughout 2023.

The Crypto market is showing a decoupling from equities. The tech-heavy Nasdaq fell 1% this week, while the S&P 500 and Dow Jones Industrial Average (DJIA) also fell by more than a percentage point. Equities markets also continued to lose ground this week.

Investors struggled to square declines in housing starts and building permits with the publication of jobs data showing that the strong job market had not cooled, which showed a 15,000 weekly fall in Americans applying for unemployment.

The former suggested that the economy is not cooling sufficiently to appease central bankers, which is bad news for cryptocurrency, while the latter implied the opposite.

Hedera (HBAR) is up 33% in the last 24 hours at $0.076 and up 51% in the last seven days. Hedera has been named the winner of The Innovation Awards in the category “Innovation in DLT, Blockchain, and Crypto” per a Dmagazine report.

Avery Dennison, one of the most important material sciences companies in the world, confirmed Hedera’s attendance at the World Economic Forum this year. The same company is currently one of Hedera’s partners, which means the network is already attracting partners that are aligned with the WEF’s efficiency and sustainability plans.

Over the past seven days, the Hedera network has set new milestones, processing more than 323 million transactions, averaging 535 TPS. It also reached a new throughput ATH of 8,061 TPS while Achieving transaction finality in 3.56 seconds (avg).

Here Is What Analysts Say About the Bullish Scenario

The resilience of bitcoin in the wake of the Genesis bankruptcy news didn’t come as a surprise to traders. The GBTC discount immediately widened again as the market seems to have been anticipating the Genesis bankruptcy filing for the previous 48 hours.

”Genesis declaring bankruptcy removes a cloud of doom from the market, allowing cryptocurrency investors to concentrate on the fundamentals,” Markus Thielen, head of strategy and research at cryptocurrency services provider Matrixport stated.

“In 2023, there is a good chance for a breakthrough that might start a new bull market. The development of layer 2 solutions, ZK-rollups, privacy solutions, and many other emerging cryptographic capabilities excite us,” Bitwise’s analysts under the direction of Chief Investment Officer Matthew Hougan noted.

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