As the crypto market soars by $280 billion, bitcoin prices are heading toward a record-breaking January.Table of Contents
As the crypto market soars by $280 billion, bitcoin prices are heading toward a record-breaking January.
By CoinUnited.io Research Team
2 min read
With a 39% increase since the new year began, the biggest token has achieved a first-month gain that has only been surpassed twice before, both times during the infancy of crypto. According to data compiled by CoinGecko, the total market value of digital assets increased by $280 billion in January, with several smaller currencies, such as Solana, Axie Infinity, and Decentraland, seeing price increases of over 100%. As of 10:44 AM EST on Monday, the price of Bitcoin has dropped 2.9% to $23,111, following a widespread drop in risk assets.
With high inflation moderating, central banks are expected to halt interest rate rises, if not lower borrowing costs later this year, contributing to a general comeback in risk appetite.
Amid continuing repercussions from Sam Bankman-FTX Fried's exchange's demise, such as the bankruptcy of crypto lender Genesis Global Holdco LLC and a wave of layoffs throughout the industry, the price of virtual currencies has continued to rise.
According to Noelle Acheson, author of the "Crypto Is Macro Now" newsletter, January "feels like a month of fresh beginnings, with developing clarity as to bankruptcy procedures, business restructurings, and market fundamentals pointing to the bottom being behind us."
However, there are still many people who are skeptical that the recent gains in crypto and tech stocks are sustainable. It's possible that rates may have to remain elevated for a little longer, making the gentle economic landing that markets are anticipating seem unrealistic.
Last week, a team of Bank of America Corp. strategists led by Michael Hartnett predicted that the recent uptick in speculative assets like Bitcoin and the Ark Innovation ETF would "likely reverse" if oil, wage, and consumer-price increases temporarily shifted the "soft landing" narrative into a "no landing" view in the coming weeks.
It's possible that Federal Reserve Chair Jerome Powell will keep the market that high interest rates will be maintained for the foreseeable future. The Federal Reserve is widely expected to scale back this week's rate rise to a quarter percentage point before he takes the podium.
Not all parts of the global market are sounding alarms, though. For instance, contrary to the common belief that interest rate rises have reached their near, hedge funds have accumulated the largest bearish bet on bond futures ever.
The current state of affairs is one in which momentum reigns supreme. In a letter published on Monday, Rick Bensignor of Bensignor Investment Strategies predicted that Bitcoin will reach $25,000. This was the price it had previously reached in August.
Use CRYP for information on the cryptocurrency market and TOP CRYPTO for the latest developments in the world of cryptocurrencies.
With high inflation moderating, central banks are expected to halt interest rate rises, if not lower borrowing costs later this year, contributing to a general comeback in risk appetite.
Amid continuing repercussions from Sam Bankman-FTX Fried's exchange's demise, such as the bankruptcy of crypto lender Genesis Global Holdco LLC and a wave of layoffs throughout the industry, the price of virtual currencies has continued to rise.
According to Noelle Acheson, author of the "Crypto Is Macro Now" newsletter, January "feels like a month of fresh beginnings, with developing clarity as to bankruptcy procedures, business restructurings, and market fundamentals pointing to the bottom being behind us."
Nevertheless, there are those who are skeptical that the recent gains in crypto and tech equities are sustainable. It's possible that rates may have to remain elevated for a little longer, making the gentle economic landing that markets are anticipating seem unrealistic.
Last week, a team of Bank of America Corp. strategists led by Michael Hartnett predicted that the recent uptick in speculative assets like Bitcoin and the Ark Innovation ETF would "likely reverse" if oil, wage, and consumer-price increases temporarily shifted the "soft landing" narrative into a "no landing" view in the coming weeks.
It's possible that Federal Reserve Chair Jerome Powell will keep the market that high interest rates will be maintained for the foreseeable future. The Federal Reserve is widely expected to scale back this week's rate rise to a quarter percentage point before he takes the podium.
Not all parts of the global market are sounding alarms, though. For instance, contrary to the common belief that interest rate rises have reached their near, hedge funds have accumulated the largest bearish bet on bond futures ever.
The current state of affairs is one in which momentum reigns supreme. In a report published on Monday, Rick Bensignor of Bensignor Investment Strategies set a $25,000 price goal for Bitcoin, which is the same amount it last reached in August.
Check out CRYP for the latest pricing on the cryptocurrency market and TOP CRYPTO for the latest headlines.
(Includes current events in the second paragraph.)
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