Cryptocurrencies soar up to 14%: Bitcoin exceeds $ 23,000, maximum of the month

ethereum (ETH) follows a similar trend with a 5% rebound in the last 24 hours, exceeding $1,600. The two largest cryptocurrencies in the industry by market capitalization, often considered benchmarks for the rest of the sector, are also boasting cumulative trading volume of over $56 billion in the last 24 hours, surpassing the 53,000 million dollars registered by the stablecoin Tether (USDT).

Is there a bull trap?

As the market’s impressive run continues, many may indeed be wondering if we are witnessing the start of a larger bull run, or if there is another bull trap on the horizon.

“The market has seen a significant decrease in liquidity in the last year due to several major players withdrawing, exiting or being withdrawn.Jeff Mei, chief operating officer at cryptocurrency exchange BTSE, told Decrypt. “In addition, the market has also seen a reduction in the number of ‘crypto tourists’ – investors with weaker long-term convictions.”

Global market capitalization appears to be holding steady above $1 trillion, after recovering the figure on January 14. Even so, this figure is far from the maximum reached by the sector in November 2021, when the value of cryptocurrencies exceeded 3 trillion dollars.