Bitcoin Soars to 5-Month High Above $24K, Altcoins Follow Suit

• Bitcoin soared to a five month high above $24K following the US Federal Reserve’s interest rate hike.
• Matic and Avalanche were the top performing large-cap altcoins.
• Bitcoin closed its best January since 2013, marking a monthly increase of almost 40%.

Bitcoin, the world’s largest and most popular cryptocurrency, has seen an impressive surge in prices over the past month. Following the US Federal Reserve’s interest rate hike, Bitcoin soared to a five month high above $24K. This came as a surprise to many, as there had been some expectations that Bitcoin’s price would remain stagnant in the wake of the rate hike.

However, the asset went on a roll hours later, registering a new highest price level in over five months. Furthermore, Bitcoin closed its best January since 2013, with a monthly increase of almost 40%. This was certainly a major achievement for the asset, as it had only been able to break above $17,000 at the start of the year.

The impressive gains of Bitcoin have had a major impact on the larger-cap altcoins as well. Matic and Avalanche were today’s top performers from the larger-cap alts. Both of these cryptocurrencies have charted even more impressive gains on a daily scale, with ETH soaring to $1,700 earlier.

The impressive performance of Bitcoin and other cryptocurrencies has certainly been a major cause for celebration in the crypto space. Cryptocurrency investors and traders have been eagerly waiting for the asset to break above $20K, and the recent surge has certainly made this a reality. With Bitcoin continuing to rise and more altcoins following suit, this could be the start of an exciting new year for the cryptocurrency market.