The beginning of 2023 has seen Bitcoin rally beyond expectations, making January its best month in years. But it is not only Bitcoin that has seen a rise: Ethereum is also up 32% in the last month. As we continue to see changes in the economic landscape as well as government policies, the cryptocurrency market is set for an extremely dynamic year.
From what we have seen so far this year, I’m confident enough to say we’re approaching the “top of the range” regarding Bitcoin market prices, and it’s likely this will ease back down to a more familiar range of $15,000 - $22,000.Looking further ahead in 2023 to the summer months and Q4, the US could be in a position where more money is printed, a situation we’re no strangers to.
Overall, it is extremely encouraging to see such optimism in the cryptocurrency market, both from its own community and external observers, after a tumultuous end to 2022. Bitcoin’s impressive start in 2023, driven by factors such as dissipating inflation, has allowed customers to move their additional funds via means they believe in most to make up for the inflationary stall.