As The Broad Cryptocurrency Rally Continues, Bitcoin Retakes The Lead At $20,000

Broad Cryptocurrency Rally Continues: With the cryptocurrency currently trading above $20,000 for the first time since the FTX meltdown in early November, Bitcoin’s (BTC) 2023 climb is still going strong. After circling about the mid-$16,000 range since mid-December, the biggest cryptocurrency by market capitalization opened the week close to the $17,000 level. With a current price of $20,250, bitcoin has increased by more than 20% so far this year.

Even said, the cryptocurrency, which reached a high of $65,000 in November 2021, is still towards the bottom of a terrible bear market. According to Craig Erlam, senior market analyst at foreign exchange market maker Oanda, $20,000 “was [was] judged a worrisome low but now perhaps marks a hint of a resurgence.” Ether (ETH), which has gained more than 20% year to date and is approaching $1,500 for the first time since early November, is also trending nicely higher.

For the week, the CoinDesk Market Index (CMI) increased by 14%. Coinbase (COIN), a cryptocurrency exchange, increased by 39% this week, and Marathon Digital Holdings (MARA), a bitcoin miner, increased by 76%. Traditional markets also saw gains for the week, with the S&P 500 rising more than 2% as Q4 earnings season got underway and U.S. inflation numbers—while still elevated—kept falling.

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The first monthly decrease in inflation in 2.5 years as well as additional substantial yearly drops in both the headline and core readings have added to the optimism, according to Erlam. The co-founder of the market research company DataTrek Research, Nicholas Colas, stated in a note that although the US Federal Reserve’s monetary policy is still important, “other issues like China’s reopening, the pace of US economic and corporate earnings growth, and positive real rates will jostle for investors’ attention.”

Broad Cryptocurrency Rally Continues
Broad Cryptocurrency Rally Continues

New Update Of Bitcoin

None of this ensures that 2023 will be a successful year for risk assets, but it does state that it will appear far more typical than it did last year, according to Colas. The outlook for Bitcoin and Ethereum is bright ahead of the Fed’s next CPI data. The rate of change in the cost of various products and services in the US is gauged by the Consumer Price Index (CPI). It serves as a crucial metric for determining inflation.

The most popular cryptocurrency, Bitcoin (BTC), broke its short-term sideways momentum by reaching a new monthly high of $18,287.30, per Coingecko statistics. At the time of publication, BTC is trading at about $18,165, up 4.1% from the previous day. The daily trade volume of Bitcoin has increased by 48.73% to $33.398 billion within the same time period, mirroring the bullish price movement. Bitcoin is up 7.8% on a weekly basis, making up for all of its monthly losses.

New Update Of Bitcoin
New Update Of Bitcoin

According to statistics from Coinglass, approximately $77 million worth of Bitcoin futures transactions were liquidated during the course of the previous day despite the cryptocurrency’s strong run today. The majority of liquidations (93.32%) resulted from overbought short holdings. Despite recent price miracles, Bitcoin remains far behind its all-time high historical value of $69,044 in November 2021. Ethereum follows the Bitcoin upswing

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According to statistics from Coingecko, Ethereum (ETH), the second-largest cryptocurrency with a market value of around $168.9 billion, has also increased by 4.8% during the last day. Since November 8, 2022, Ethereum has had difficulty gaining traction above the $1,400 barrier. Earlier today, ETH broke above that barrier and surged to a new monthly high of $1414.11. Data from Coinglass shows that Ethereum is the most liquidated cryptocurrency.

New Update Of Bitcoin
New Update Of Bitcoin

Ethereum futures holdings worth a total of $112.21 million were liquidated on the last day. 94.48% of the transactions that were closed out were short bets. As the CPI Report Shows Cooling Inflation, the price of Bitcoin, Ethereum, and Dogecoin increases. Following the release of the most recent Consumer Price Index (CPI) data, the top two cryptocurrencies on the market, Bitcoin and Ethereum, both saw modest price increases. The report calculates the cha…

Along with the bullish price movement, the volume of Ethereum-based NFT trades increased by 38.45% to $28.679 million on the previous day, according to statistics from Cryptoslam. The continuous price increase is being supported by Total Value Locked (TVL), a gauge of Defi activity on Ethereum, which is up 2.25% to $25.33 billion. You may keep yourself up to date with all of the most recent news by visiting our website, Talkxbox.

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