The month of January 2023 has been a bad one for the crypto industry, in which some crypto companies made layoffs while others filed for bankruptcy due to a biting crypto winter. But this same month has been a break-out for leading cryptocurrencies of the market, Bitcoin and Ethereum, as both these cryptocurrencies posted an increase in their price over the period. On the 25th of January, after a small drop in price, BTC, the leading cryptocurrency in the market, rebounded and hit a high of $23,501. According to data from CoinGecko, Bitcoin is currently trading at around $22,974.
Over the past 24 hours, the price of BTC jumped by more than 1.7%. On a weekly note, Bitcoin’s price soared by more than 11%. With this latest price action, Bitcoin gained more than a 36% impressive increase over the past 30 days. And today’s high value of Bitcoin is the highest value of it since mid-August last year. On the other hand, Ethereum, the second largest cryptocurrency in the market, also followed a similar trend to Bitcoin.
According to data from CoinGecko, after a slight dip, the price of ETH increased by more than 3.5% over the past day. And Ethereum is currently trading at around $1,614. Over the past week, the value of Ethereum soared by more than 6%, slightly less than the Bitcoin trend. Moreover, the market capitalization value of both the leading cryptocurrencies also increased. Over the past 24 hours, both cryptocurrencies recorded more than $56 billion in trading volume and surpassed the stablecoin Tether. Over the same period, Tether’s USDT posted more than $53 billion in trading volume.
However, in the crypto industry, many are thinking this price increase is the beginning of a larger bull run but others are understanding it as a trap on the horizon. According to a report from Decrypt, Jeff Mei, the chief operating officer at BTSE, told that over the past year, the crypto market has seen a significant decrease in liquidity. The market has also seen a reduction in the number of ‘crypto tourists’, he added. Jeff believes that it is common to see more experienced and confident crypto traders stepping in to put a bottom on prices.
