The cryptocurrency market ended the past year in a consolidation phase, with investors in a very sensitive spot as major cryptocurrencies could not make decisive moves. However, the market is witnessing short-term buying pressure that resulted in reclaiming key positions.
As of January 2, 2023, the global crypto market capitalization reclaimed the $800 billion level to reach the $807.17 billion mark, although the value represents a drop of about $4.27 billion from the December 26 figure of $811.16 billion. Furthermore, analysts reveal that on the weekly scale, the market cap hit its lowest on December 30 at $788.93 billion.
The graph above shows the global crypto market cap over the past seven days. Notably, after getting a boost from positive macroeconomic-related news, the crypto market briefly reclaimed the $1 trillion market capitalization towards the end of 2022.
However, the crypto market has continued to be dominated by leading assets such as Bitcoin and Ethereum, the two largest cryptocurrencies by market capitalization. As of writing, Bitcoin is the world’s largest crypto by market cap, accounting for a market share of 39.9%, while Ethereum is the second with a share of 18.5%.
Coming to the prices of these assets, Bitcoin is still trying to reach the $17,000 level after a prolonged period of sideways trading patterns. As of writing, the asset is trading at $16,728.20, which is a 0.37% gain over the past day.
Ethereum has reached the $1,200 level, trading at $1,216.54 as of writing, a 0.23% increase over the past 24 hours. Although the market remains in a consolidation phase, other notable cryptocurrencies to record gains recently include Ripple (XRP) at about 1.5%, Dogecoin (DOGE) at about 3%, and Cardano (ADA) at about 3%.
Data also reveals that Bitcoin has witnessed an increase in buying pressure rising to a market capitalization of $322.08 billion as of January 2. In the last 24 hours, the asset has gained $3.38 billion in capital inflow.
While 2023 is in the very initial phase, various comments and predictions from various personalities have already been poured. Recently, David Kemmerer, CEO of crypto tax software CoinLedger, projected that Bitcoin might correct further in the first half of the year.
Todayq News reported a few days back that Dmitry Medvedev, a former Russian president, foresees 2023 as a booming year for and collapse of mega financial institutions like the International Monetary Fund (IMF) and the World Bank.