Why is Cryptocurrency Going Up?

Cryptocurrency has been through some rough roads with downturns and plunges. But finally, the market is out of the bearish waves. It is now riding on the bullish momentum due to weaker global macroeconomic headwinds and easing inflation. Amid higher and more stable trading volumes, global capitalization had over a $1.00 trillion market.

The main contributors to the improvement of the crypto market are Bitcoin and Ethereum. Within a month, both were able to remain stable and managed to trade in a positive range. Also, analysts are expecting the rally to prolong in the following weeks. The hike came after hints of better macroeconomic situations worldwide, particularly in significant US and UK markets.

Major coins from the broader cryptocurrency market took the lead this year. Bitcoin, the largest cryptocurrency, had a robust recovery and traded to a level almost reaching $23,500.00 with a positive change. On November 09, it experienced its lowest point, equating to $15,523.00. But, by the end of January 2023, BTC had shown an almost 40.00% rally, hitting a $23,945.00 30-day high.

Moreover, Ethereum displayed great strength and even jumped nearly 5.00% the previous week, currently having a $1,644.00 trading price.

On the other hand, the altcoins market is performing well, showing significant improvements in the past two weeks. Cardano and Solana each rose by 20.00% at the start of 2023. The prominent crypto market trading in “green” is pleasing crypto investors.

Every primary cryptocurrency dealt with immense corrections until the end of last year, coming after the fall of the crypto exchange FTX in November 2022. As a result, it ended 2022 with a shaky approach. However, it is obvious now that their market will be bullish in 2023.

The easing of macroeconomic activities made the market record some positive signs leading to a price rally. Overall, the trading volume of the crypto market rebounded to levels not seen since June 2021.

You might also like
Leave A Reply

Your email address will not be published.