Crypto market cap surpasses $1T as Bitcoin rebounds strongly.
The crypto market cap is up 9%, sitting at $1,028,100,668,522 (1.02T) according to Coingecko stats.
Bitcoin (BTC) continued its 2023 surge, pushing past $20,000 for the first time in over two months in the wee hours of Jan 14.
The world’s largest cryptocurrency by market capitalization started the year trapped inside a tight range before breaching $17,000 and growing over 23% to date. At press time, BTC was trading at $20,920 after an 11% increase in the past 24 hours.
And although the crypto, which topped $68,000 in November 202 is still perceived to still be near the low end of a brutal bear market, observers believe the newly found bullish momentum should be enough to propel prices higher.
“Bitcoin is now trading back above its cost basis (realized price) for the first time in months. In other words: In aggregate, the market is no longer underwater at the moment,” said Will Clemente, a co-founder of Digital asset research firm Reflexivity Research.
Ethereum has also been growing nicely, surging this week to reclaim levels last seen in October 2021. In the past day, the crypto-asset has rose 10.46% to tap $1,550 posting the eighth consecutive daily green candles. Ether’s rise comes ahead of the “Shanghai hard fork” which is scheduled for March. Key among other reasons, investors are stoked that the upgrade will unlock Ether (ETH) they had staked on the blockchain making it inaccessible for months.
SHIB, XRP, ADA
Other cryptos also benefited from the rally this week with SHIB, XRP, and ADA surging roughly 13%, 8%, and 12% in the past day respectively according to data from Coinmarketcap.
Solana (SOL) has been the biggest gainer among the top 15 cryptos by a market cap growing 41% in the past 24 hours. SOL’s epic spike comes on the back of a Friday announcement by Austin Federa, head of communications at Solana Labs that they are building a second validator client. According to Federa, this is a “second copy of the system” that runs the network which means “if one system goes down, there’s a second system that can step in.”
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