The past seven days saw the total cryptocurrency market capitalization increase by around $35 billion, and the industry continues to recover from the multitude of bankruptcies in 2022.
Some argue that the pace of the recovery is slowing down and that this might be the cause for another bearish reversal. Others are making a bullish case because they expect the US Federal Reserve to pivot in its monetary policy and to slow down in increasing interest rates. This is supported by this week’s FOMC meeting when the Fed hiked the rates with 25 basis points – exactly as many expected. This had a positive impact on the markets as a whole.
Bitcoin soared to a high above $24,000 for the first time since August 2022, while the rest of the market also rallied. There’s been a correction since, and at the time of this writing, BTC trades at around $23,500, charting an increase of 2.7% for the week. That said, the increase in BTC’s dominance has been slowing down for the past couple of weeks, indicating that altcoins are starting to catch up. Some of the coins with larger capitalization, such as Fantom , are up 30% on the weekly. ATOM is up 15%, while Avalanche is up 17.4%.
The field of decentralized finance is also on the rise, with Ethereum layer-two scaling solution Optimism leading the charge. Its native cryptocurrency – OP – is up a whopping 45% in the past seven days alone, bringing its total gains to more than 230% for the month.This is all you need not to miss any price action in the raging crypto markets. Start receiving this recap, for free, every day:All in all, the predominant market sentiment has also improved tremendously in January.
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