Bitcoin Surpasses $17,000, Giving Momentum to 2023

[ad_1]

After a lull, the cryptocurrency market finally had a bright day as it traded higher on Monday. The world’s largest digital asset, Bitcoin, rose 1.21% and crossed the $17,000 mark. This is largely due to the positive outcome of the US jobs report, which showed the lowest unemployment rate rising to pre-pandemic levels. The positive jobs data suggests that the Federal Reserve may not opt ​​for an aggressive rate hike at its next meeting in February, which could prove beneficial for the global cryptocurrency market, Shivam said. Thakral, CEO of BuyUcoin, a cryptocurrency exchange at FE Blockchain.

Meanwhile, it appears to have been good for another cryptocurrency as well. According to data from Coinmarketcap, a digital asset price tracking website, Solana rose by 13.31%. Additionally, USD Coin, Dogecoin, Cardano, Polygon, Binance, Tron, Litecoin, and Polkadot traded higher. XRP, however, traded at a loss.

Caption: Market capitalization of cryptocurrencies. Source: Coinmarketcap

It should also be noted that traditional financial markets (US and European equities) reacted strongly to developments, with equities rallying on signs of slowing inflation. Bitcoin broke through the major resistance level of $16,800 and it might rise further towards the next hurdle which is at $18,000 resistance. It will be interesting to see how the Fed reacts at its next meeting in February, which will decide the future development of the financial market and cryptocurrency, noted Dhruvil Shah, senior vice president, technology, Liminal, a platform. -form of digital wallet infrastructure.

Meanwhile, the price of Bitcoin hovered around $322 billion, with a dominance of around 40.09%, an increase of 0.01% on the day, according to Coinmarketcap.

The market capitalization of all cryptocurrencies traded higher but barely held $800 billion, up 0.68% the previous day. The total 24-hour decentralized finance (DeFi) volume was $1.29 billion, or 7.15% of the entire cryptocurrency market. The volume of Stablecoin as a whole is currently $16.30 billion, or 90.14% of the 24-hour volume of the entire cryptocurrency market. It will be interesting to see the decisions of the central bank authorities to tackle various macroeconomic factors, including inflation. Markets will remain on edge due to the evolving Covid-19 situation in the coming weeks,” added Swapnil Pawar, founder of blockchain platform Newrl.

Furthermore, industry experts have noted that a lot depends on the reaction of the US Federal Reserve at its next meeting scheduled for February, which will decide the future course of the cryptocurrency market.

Follow us on Twitter, Facebook, LinkedIn

[ad_2]