The market managed to add US$280 million in the month, managing to recover the 1,000 million of market capitalization lost after the bankruptcy of FTX. Some altcoins made gains of more than 100% while Bitcoin managed to break the $23,000 barrier.
The crypto leader closes the first month of the year with gains of almost 40%, its best monthly performance since 2013. It should be noted that BTC comes from sealing its highest weekly close in almost six months and, in addition, it achieved a rise of up to 50% compared to its November lows.
As January begins, Bitcoin was trading at US$16,500 and this January 31 ends the month exceeding US$23,000.
1. Solana (SUN): 141.67%
2. Avalanche (AVAX): 83.54%
3. Cardano (ADA): 55.94%
4. Shiba Inu (SHIB): 47.17%
5. Polygon (MATIC): 46.86%
6. Polkadot (DOT): 44.03%
7. Bitcoin (BTC): 39.43%
8. Litecoin(LTC): 32.83%
9. Ethereum (ETH): 32.44%
10. BNB (BNB): 27.33%
What do the experts think about what’s next?
“I think that the market is still finishing the crisis that has been dragging on, from the events of Luna onwards. And all the companies that were affected by those events. I think it’s still going to be a good year, that’s my feeling. The feeling is that this crisis is going to hit regulatory issues. There is a feeling of cleanliness and order and that will be seen in the market. It may be that the price will continue to fall yet, no one is sure about that. But long story short, I think it’s going to be a year of sorting”, he told Scope, Manuel Beaudroit, CEO of Belo.
Regarding what events can affect the price of cryptocurrencies in the following months, the CEO of Belo opined: “Regarding events, the truth is that there are a lot. The closest ones are ETHDenver (in Denver, Colorado), ETHRio (Brazil), Bitcoin Miami, ETHLatam, which is going to be done again in Buenos Aires, and LaBitConf, which is going to be done again here in Argentina. Not just ETH or Bitcoin, there are also other chains/projects that are bringing very interesting events all the time.”
Specialists also emphasize that current market conditions remain conducive to downside after a few weeks in which optimism boosted the prices of the main cryptocurrencies. “Investors could choose to take profit now given bearish potential and the possibility that Bitcoin could test $20,000 again in the near future,” analysts estimated in dialogue with the press.
“The more modest rise in interest rates is part of the reason many cryptocurrency prices have risen. It is seen as a positive economic sign and demand for Bitcoin is now building. It has been positively correlated with equity markets in recent years and the lower rate is a bullish sign for the stock market,” they added.
Source: Ambito
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