The first month of 2023 is well underway, and the participants in the cryptocurrency market are already showing obvious signs of renewed optimism, demonstrated by the massive influx to the global crypto market capitalization in the last week.
Indeed, the global crypto market cap has increased from $852.34 billion on January 10 to $991.8 billion at press time, which means that $139.46 billion has entered the crypto sector in seven days, according to the data retrieved by Finbold from the crypto tracking platform CoinMarketCap on January 17.
In other words, the global crypto cap has grown by 16.36% in a week, in addition to the daily trading volume of all cryptos (including stablecoins and tokens) growing from $40.34 billion to $45.89 billion – an increase of 13.76%, as data indicates.
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With its recent results, the crypto market is only $8.2 billion away from once again claiming the $1 trillion valuation last observed in early November 2022, which represents the psychological threshold for the general market, with the next bullish stops being $1.5 trillion and $2 trillion.
Bitcoin leads the charge on $1 trillion cap
As usual, the crypto market’s advances are led by its largest assets by crypto cap – Bitcoin (BTC), Ethereum (ETH), Solana (SOL), Cardano (ADA), XRP, and others that have traded in the green zone for most of the previous seven days.
In particular, Bitcoin has increased by 22.62% since January 10, at the time of publication changing hands at the price of $21,153, as its market cap soared to $407.51 billion. The current price of the maiden decentralized finance (DeFi) coin also represents a 26.52% gain on its monthly chart.
As Finbold earlier reported, the machine learning algorithms over at PricePredictions projected that Bitcoin would continue to grow and likely trade at the price of $21,382 on February 1, 2023. At press time, this projection is even more bullish and stands at $21,587.
Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.
