The cryptocurrency market will begin in 2023 to regain the $800 billion market capitalization

The cryptocurrency market ended up in 2022 in a consolidation phase, with investors on the fence as major cryptocurrencies failed to make decisive moves. However, the market is experiencing short-term buying pressure, which has led to a recovery of major positions.

As of January 2, 2023, the global cryptocurrency market capitalization has reclaimed the $800 billion level to $807.17 billion, though the value represents a decrease of about $4.27 billion from the December 26 figure of $811.16 billion. On the weekly chart, the market capitalization reached its lowest level on December 30 at $788.93 billion.

Seven-day global cryptocurrency market capitalization chart. Source: CoinMarketCap

Notably, the cryptocurrency market briefly regained a market capitalization of $1 trillion at the end of 2022 after receiving a boost from positive macro news.

In addition, the cryptocurrency market still controls leading assets such as Bitcoin (BTC) and Ethereum (ETH), the two largest cryptocurrencies by market cap. Notably, at the time of writing, Bitcoin has 39.9% of the market share, while Ethereum has 18.5%.

Ethereum (ETH) has also reclaimed the $1,200 position, trading at 1,216 at press time with a gain of around 1.64% in the past 24 hours. Although the market is still in the consolidation phase, other notable cryptocurrencies to note gains over the past 24 hours include XRP +1.5%, Dogecoin (DOGE) +3% and Cardano (ADA) +3%.

Bitcoin records a slight increase

Bitcoin is still trying to reclaim the $17,000 level after days of sideways trading pattern. At the time of writing, the major cryptocurrency is trading at $16,730, with a gain of about 1% over the past 24 hours.

Bitcoin price chart for one day. Source: Coinphony

Likewise, the asset experienced mounting buying pressure that culminated in a market capitalization of $322.08 billion on January 2. Over the past 24 hours, Bitcoin has attracted $3.38 billion in capital inflows.

Bitcoin market cap chart for one day. Source: CoinMarketCap

Bitcoin predictions 2023

Although 2023 is still in its infancy, many industries have shared different views on what the Bitcoin price movement will look like. In this line is David Kemmerer, CEO of Crypto Tax Software CoinLedgerIt is estimated that Bitcoin may correct further in the first half of the year.

However, a pseudonymous crypto and stock market analyst trend rider He noted that Bitcoin could take a bullish turn in the first half of 2023. Elsewhere, Stefan Ristic, cryptocurrency miner BitcoinMiningSoftware.comHe also believes that Bitcoin may be bearish in 2023, but expects the halving event next year to act as a catalyst for the 2025 rally.

Warning: The content of this website should not be considered as investment advice. Speculative investments. When you invest, your capital is at risk.

After kick-starting the cryptocurrency market in 2023 by regaining $800 billion in market capitalization, it debuted on Coinphony.

Leave a Reply

Your email address will not be published. Required fields are marked *