The new year has begun on a high note, as the cryptocurrency market experienced a strong rally with Bitcoin and other altcoins displaying double-digit gains. Despite a difficult "crypto winter" in 2022, characterized by falling prices and the collapse of two major players in the industry, the market has rebounded as predicted.

Bitcoin, which had been trading around $16,000, briefly reached a peak of $21,075 over the weekend. According to CoinMarketCap, BTC has seen a 22.39% increase in value over the past seven days.

Other major altcoins, including Ethereum, have also seen significant gains, with an increase of over 21.4% in the past seven days. Ethereum, which hit a monthly low of $1,160, rose to $1,563 before falling to its current price of $1,532.

Data from Coingecko shows that the global cryptocurrency market cap has surpassed $41 trillion and currently stands at $1.02 trillion. One standout altcoin is Solana, which has seen an impressive 71% gain over the past seven days.