The Crypto Market Starts the New Year on a Positive Note
The first day of the new year saw a bullish trend in the crypto market, with Bitcoin breaking above $45,000 for the first time in 20 months. This surge in price was driven by the anticipation of the US securities regulator approving a spot Bitcoin exchange-traded fund (ETF) soon.
Bitcoin Price Surges Past $45,000
Bitcoin’s price jumped more than 7% in the last 24 hours, reaching $45,373. The cryptocurrency now has a market capitalization of $887.77 billion and has appreciated by over 170% year-to-date. Its trading volume also increased by 54.54% to $25.88 billion.
Ethereum Price Rises Nearly 5%
Ethereum also experienced a price increase of nearly 5% in the last 24 hours, reaching $2,382. The trading volume for Ethereum surged by 21% to $8.52 billion, and its total market cap stands at approximately $286.2 billion.
Other Major Tokens Show Positive Movement
Tether (USDT) and Binance Coin (BNB) both recorded slight gains of 0.02% in the last 24 hours. Tether’s price is currently at $1, while BNB’s price stands at $318.
The price rally in Bitcoin also had a positive impact on other altcoins. Solana (SOL) saw a price increase of 0.24% to $111.49, while XRP rose by 0.07% to $0.634. However, Cardano (ADA) experienced a slight decrease of 0.10% to $0.629.
As a result of Bitcoin’s surge and the marginal gains of other major tokens, the global crypto market cap reached $1.74 trillion, a 5.64% increase in the last 24 hours.
Top Cryptos for Today
Pepe Coin Rallies Over 10%
Meme coin PEPE saw significant gains in the past day, with its price increasing by more than 10%. The altcoin’s trading volume also surged by 1345% to $1,656.
Shiba Inu Surges Nearly 5%
The popular meme coin Shiba Inu experienced a price surge of over 5%, reaching $0.00001082. Its market cap grew by more than 5.4% to nearly $6.38 billion.
SEI Price Jumps Roughly 30%
The price of the SEI token outperformed major cryptocurrencies like Bitcoin and Ethereum, surging by more than 30% in the past day.
Hot Take: Crypto Market Starts the Year with Bullish Momentum
The new year has begun on a positive note for the crypto market, with Bitcoin breaking above $45,000 and other major tokens showing signs of growth. The anticipation of a potential spot Bitcoin ETF approval by US regulators has fueled this bullish momentum. As we enter into the new year, it will be interesting to see if this upward trend continues and how it impacts the overall crypto market.
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