March 16, 2023: Bitcoin is grown 50% this year despite the collapse of central crypto-focused banks, beating major stock indexes and commodities.

On January 1, bitcoin began trading at just over $16,500. Today, it was hovering all over the $25,00 by Wednesday mark, thanks to a rally that started on Sunday.

The price increase this year comes after bitcoin crashed 65% in 2022 after several significant collapses of projects and hedge funds, bankruptcies, liquidity issues and the defeat of FTX, one of the biggest cryptocurrency exchanges in the world.

The recent rise has come as a surprise, given the closure of Silvergate Capital and Signature Bank, two of the significant lenders to the crypto industry. And Silicon Valley Bank, witnessing as the backbone of the technology startup industry, also failed.

“Bitcoin’s 50% surge in 2023 reflects how beaten down it was post the FTX collapse, the changing interest price outlook and the failure (& resurrection) of SVB,” Antoni Trenchev, the co-founder of crypto trading platform Nexo, said.

From its peak of nearly $69,000 in November 2021, bitcoin is decreasing by more than 60%.