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By Alex Kuptsikevich
Market picture
The crypto market continues to rise, adding 2.3% to the level of 24 hours ago. Bitcoin's capitalisation has surpassed 1 trillion, and its share of all coins is estimated at 52.5% by CoinMarketCap. The increase in share is due to USDT and the relative stagnation of the share of other cryptocurrencies outside the top five.
Bitcoin's price has surpassed $52.2K, the highest level since the end of 2021. Buyers in the first cryptocurrency are so strong that we don't even see a prolonged consolidation. This dynamic reinforces our view that the next meaningful shakeout may not come before the approach of 60K, where there were several inflexion points in 2021.
Ethereum is updating highs, but this is the highest level since July 2022. Solana has been at highs since late December last year, Cardano has only recovered to levels from 13 January, and XRP has been at its highest since 22 January. Clearly, the bigger the coin now, the more attention it gets.
News Background
According to BitMEX data, daily inflows into bitcoin ETFs approached record levels on their first day of trading after the launch. BlackRock's fund is showing strong momentum, and experts are optimistic about Wall Street's acceptance of Bitcoin ETFs.
Anthony Scaramucci, a founder of SkyBridge Capital, urged to have no doubts and buy BTC at current levels. According to him, we are in for a great bull rally.
According to CoinGecko, the Bitcoin blockchain took the top spot for NFT trading volume in December, accounting for 42.1% of all trading activity.
Forbes included three crypto firms in its list of the top 50 fintech companies: Chainalysis, Fireblocks and Gauntlet.
In the last three months of 2023, the UK's Financial Conduct Authority (FCA) issued 450 warnings to cryptocurrency firms for illegally advertising their products.
About the author
Alex Kuptsikevich is a financial market professional with 16-years’ experience and a senior financial analyst at FxPro. He is the author of daily reviews on the impact of economic events with comments featured in top international and Russian media. Alex covers fundamental analysis, global markets, the foreign exchange market, gold, oil, and cryptocurrencies in his analytical pieces. As the senior financial analyst at FxPro, Alex is a guest expert in 1-tier global media such as Forbes, Coindesk, Euromoney and Morning Star.
Disclaimer
The views and opinions expressed in this article are solely those of the authors and do not reflect the views of Bitcoin Insider. Every investment and trading move involves risk - this is especially true for cryptocurrencies given their volatility. We strongly advise our readers to conduct their own research when making a decision.