“Bitcoin reached a new high of $21,000, as investors are optimistic that it may have reached its lowest point and that inflation may have peaked. This marks the first time that Bitcoin has been above $20,000 in over two months. The cryptocurrency has also seen a 26.4% increase from its low of $16,496 on January 1. Ether, the coin associated with the Ethereum blockchain network, also saw a 5.91% increase,” Edul Patel, CEO and Co-Founder of Mudrex said.
Other top crypto tokens were also trading higher on Thursday. Shiba Inu rose 6.3%. Polygon, Dogecoin, Cardano and XRP were also trading with gains.
“The crypto market cap has crossed the $1 trillion mark, thanks to an over 20% jump in Bitcoin and Ether prices in just seven days. This is a strong sign that bulls are returning to the market with US central banks successfully bringing down the inflation and saving the economy from slipping into recession. The current market momentum is expected to continue if the macroeconomic factors remain favourable,” Shivam Thakral, CEO of BuyUcoin said.
The global cryptocurrency market cap was trading higher around $993.26 billion, increasing 1.99% in the last 24 hours.
The total volume in DeFi is currently $4.84 billion, 10.05% of the total crypto market 24-hour volume. The volume of all stablecoins is now $42.53 billion, which is 88.35% of the total crypto market 24-hour volume.The market cap of Bitcoin, the world’s largest cryptocurrency, hovered around $407.4 billion, with a dominance of about 40.98%, a decrease of 0.05% over the day, according to CoinMarketCap.
Crypto Cart: Quick
(Source: coinmarketcap.com, data as of 10.25 hours, IST on January 16, 2023)
Bitcoin $21,150 2.13%
Ethereum $1,572 3.02%
Tether $1 0.02%
USD Coin $1 0.01%
BNB $305 2.24%
XRP $0.4024 3.37%
Dogecoin 0.08674 2.22%
Cardano $0.3598 3.89%
Polygon $1.02 5.57%
Polkadot $5.98 1.48%
Tron $0.05653 2.81%
Litecoin $87.82 0.94%
Shiba Inu $0.00001078 6.53%
Solana $23.26 1.58%
(Note: Price change in last 24 hours)
(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)
