The crypto market commences the new year with a positive vibe as the global crypto market cap zooms past $800 billion. Bitcoin (BTC), Ethereum (ETH) along with major cryptocurrencies surged in the past 24 hours, trading in green.
After a choppy sail in 2022, the crypto market has welcomed the first working day of the year on an optimistic note. The bloodbath casued by varios macroeconomic factors including the high-profile collapses of Terra/Luna and FTX sent shockwaves across the industry wiping more than $2 trillion. However, the digital assets industry seems to be ready to cover its past losses as the global crypto market cap has breached the $800 billion mark after weeks of triling below $780 billion. According to CoinMarketCap, the global crypto market cap has increased 1.59% in the last 24 hours to $805.73 billion. The total crypto market volume over the last 24 hours gained 7.10% to $20.48 billion.
Bitcoin Starts the Week in Green
Bitcoin (BTC) rose 1.55% in the past 24 hours to currently trade at $16,752. Last year, the bellwether coin witnessed one of the cruelest years, as the digital asset spiraled down to hit a 2 year low. Bitcoin lost more than 60% in 2022, its second-worst annual performance on record, and only its third down year ever. However, crypto enthusiasts are hopeful of Bitcoin (BTC) and other cryptos to experience a good 2023.
Recently, Robert Kiyosaki, the author of the bestselling business motivational literature “Rich Dad Poor Dad,” took to Twitter to express his excitement about Bitcoin (BTC). Kiyosaki tweeted that he is buying more Bitcoins noting,
“I am very excited about Bitcoin. Why? Because Bitcoin is classified as a commodity much like gold, silver, and oil. Most cryptos are classified as a security and SEC regulations will crush most of them.”
Q: Are you investing in Bitcoin?
A: Yes I am. I am very excited about Bitcoin. Why? Because Bitcoin is classified as a commodity much like gold, silver, and oil. Most crypto tokens are classifed as a security and SEC regulations will crush most of them. I am buying more BC
— therealkiyosaki (@theRealKiyosaki) December 31, 2022
Despite Downturn, Ethereum will Rise
Several crypto analysts believe the year 2023 could be a window of opportunity for crypto to have an image makeover. Last week, Shivam Thakral, CEO at BuyUCoin said in a statement that Crypto assets like Bitcoin (BTC) are expected to remain stable well into 2023 as he expects institutions to participate in the crypto market in a big way supported by positive regulations.
Meanwhile, Ethereum (ETH), jumped 1.75% over the past 24 hours to trade at $1,216. Ether has shed significantly since its all-time high in November 2021. Despite the much-anticipated upgrade “Merge”, ETH prices continued to decline. Since January 2022, Ether has tanked nearly 60%, losing a whopping $400 billion of market capitalization.
Many experts believe despite a drawdown, Ether will make a comeback this year it is a valuable crryptocurrency for implementing smart contracts, non-fungible tokens (NFT) and a number of decentralized finance (DeFi) services.
Altcoins Break Away from the Clutches of Bears
On the othe hand, major altcoins are also on the rise after much suffering in the hands of the bears. Solana (SOL), one of the most affected cryptocurrencies after the FTX collapse, has skyrocketed in the last 24 hours. SOL gained more than 13% to currently trade at $11.10. Litecoin (LTC) and Polygon (MATIC) boomed 8.05% and 3.29%, respectively.
In the same time frame, XRP, Cardano (ADA) and Polkadot (DOT) were trading with gains in the range between 2.40% and 4.77%. Popular memecoins such as Dogecoin (DOGE) and Shiba Inu (SHIB) surged 3.97% and 2.42%, over the past day.