Bitcoin recovers from losses, up about 4%

A number of cryptocurrencies have been rising at the start of the new year, recovering from recent losses as investor optimism returns to the market.

Bitcoin’s price rose about 3% in the last 24 hours to a level above $97.3K, bringing its gain in the new year to about 4% when trading is counted from January 1.

The CoinDesk 20 Index, a gauge of the broader cryptocurrency market, rose 4%. Solana, a popular Ethereum competitor, led the gains with a 6.7% increase.

Shares of cryptocurrency-related companies Coinbase and MicroStrategy also rose around 3.5%.