|Global crypto market cap||$905 billion|
|Rise/Fall in crypto market cap||2.2%|
|Total Crypto Market Volume||$56.9 billion|
|Total DeFi Volume||$3.9 billion|
Additional Read: Bitcoin Price Prediction
For the first time in 2023 - Bitcoin has managed to perform significantly better than all the other cryptos amongst the top 15 cryptos by market cap, excluding stablecoins. Bitcoin, in the past 24 hour timeframe has managed to gain a solid 4%, while Ethereum, the altcoin king which has been beating BTC very regularly, was at a measly 1%. This is a very significant milestone for Bitcoin as it got back on the driver's seat for the overall crypto market - and was almost single handedly responsible for the recovery of the overall crypto market cap above the crucial $900 billion mark, according to data from CoinMarketCap.
The overall crypto market cap, for the first time in two months - has breached the $900 billion mark - practically since the crash of the FTX crypto exchange collapse that happened in early November 2022. This is a crucial milestone as it would go on to lend even more bullish support to the market as a whole. Cryptos all across the board have been rising ever since the beginning of the year, but with Bitcoin taking the lead two weeks into the new year - we could see some broad base recovery too.
Bitcoin price, as mentioned earlier - has been the biggest gainer amongst the top cryptos by market capitalization in the past 24 hours. That puts BTC price up at around 15% from the beginning of the year 2023, a very good sign for the grandfather of cryptos. Bitcoin has all but one single red day since the beginning of the new year and the past three days have actually been spectacular. However, it is still trading below its immediate resistance zone between $19,000 to $22,000. This zone would be pretty hard to beat, unless there is some extremely positive set of news in the market. However, despite that, the rally in BTC price in the last couple of days have been pretty strong and that is something that can be of some relief for investors who are still HODLing on to their coins.
On the technical front, Bitcoin price has been showing good resilience and upward strength from its lows at the beginning of the year. The first of 2023 for Bitcoin recorded probably one of the lowest values for the coin in the past two years - and in two short weeks, BTC price has recovered 15% from those lows and is very close to breaking out of an important resistance level between $19,000-$19,500. This is because this zone captures both the trendline resistance (marked in black) and the 200 day moving average (marked in purple). However, the Relative Strength Index for the king coin is well within the overbought zone and expecting it to continue without a pause and some minor correction is a bit of a stretch, so investors should pay heed to that.
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As discussed earlier, Ethereum - which was previously leading the king coin in terms of recovery in percentage terms has now at neck to neck level with the same. While Bitcoin has gained 15% since the beginning of the year, Ethereum has managed to gain only a little over 16%. However, that's not necessarily a bad thing, or something to be worried about. A rally in Bitcoin was a long time due and even now, ETH price is much better placed from a technical point of view than Bitcoin.
Technically, ETH price has managed to breach the immediate trendline resistance (marked in blue) and the 200 day moving average (marked in purple) and hence some more recovery from current levels would only serve to solidify ETH's position. Ethereum's Relative Strength Index is still at about 75 which is very close to the overbought zone, but can support a little bit more upward move before taking a halt - and potentially flip the $1400 mark from a resistance to a support level. Thus overall, things look optimistic for Ethereum too.
Prices as on 13 January, 2023.