The cryptocurrency market has begun the second week of 2023 with bulls retaining a significant advantage over bearish.
Leading cryptocurrencies such as Bitcoin (BTC) and Ethereum (ETH) have regained important levels as a consequence of the bullish momentum, while a subset of altcoins seem to be detaching and recording a sudden price increase.
Indeed, the market is seeing purchasing pressure, with the valuation of the global crypto industry reaching $853.57 billion as of press time on January 9. The market has seen an increase of $28.71 billion in the previous 24 hours compared to the $824.86 billion reported on January 8.
Currently, Bitcoin dominates the market with 39%, followed by Ethereum with 19%. Notably, despite the market’s recovery, the goal is to recapture the $1 trillion market value recorded by the end of 2022. In this situation, investors expect the market to expand on its promising start in 2023.
Even as altcoins like Cardano (ADA) take centre stage, Bitcoin is trading in the green zone and has reclaimed the $17,000 mark after weeks of consolidation below it. Bitcoin’s upward momentum is expected to continue in the next few days, based on the possibility of favourable macroeconomic news, according to the majority of analysts.
At press time, the flagship cryptocurrency was trading at $17,249, a nearly 2% increase over the previous twenty-four hours.
In addition, Bitcoin’s market capitalization now stands at $332.33 billion, signifying a 24-hour influx of over $6.27 billion. Expert and analyst in cryptocurrency trading, Michal van de Poppe, has forecast that the asset’s chances of breaking out have grown.
Similarly, Ethereum has recaptured the $1,300 mark, trading at $1,320 with about 5% daily gains.
Positive macroeconomic indicators that suggest a deceleration in inflation and, as a result, affect Federal Reserve monetary policy are primarily responsible for the current crypto market advances. Notably, the present trend came with the release of favourable employment statistics for December 2022.
