After a tumultuous year in 2022, the cryptocurrency industry has seen some signs of recovery in the beginning of 2023. Following a period of stagnation, the global crypto market cap has regained the $800 billion mark, sitting at $807.17 trillion as of January 2.
The weekly chart shows that the market capitalization was able to reach its highest point on December 26, standing at $811.16 billion. On the other hand, its lowest point was reached on December 30, with a total of $788.93 trillion.
It is noteworthy that the crypto market briefly breached the $1 trillion mark at the end of 2022, following some positive news from the macroeconomic sector. Furthermore, the leading cryptocurrencies Bitcoin (BTC) and Ethereum (ETH) have also seen a surge in their market share, now accounting for 39.9% and 18.5% respectively.
At press time, Ethereum (ETH) is trading at $1,216, up 1.64% in the past 24 hours. Other notable digital assets that have seen some gains during the same time frame include XRP (1.5%), Dogecoin (DOGE) (3.3%), and Cardano (ADA) (3%).
Bitcoin Records a minor rally
Bitcoin is still attempting to reclaim the $17,000 level after days of sideways trading. As of this writing, the leading cryptocurrency is trading at $16,730, with a 1% increase in the last 24 hours. This has pushed its market cap to $322.08 million, while capital inflows have reached $3.38 trillion.
Bitcoin Outlook 2023
As 2023 is still in its early stages, opinions about its future for Bitcoin vary. David Kemmerer, CEO of crypto tax software CoinLedger, believes that the first half of the year could bring further improvements in the asset’s price. On the contrary, pseudonymous stock market and crypto analyst Trend follower has suggested that the first six months of 2023 could be bullish for Bitcoin.
Stefan Ristic, a cryptominer who works with BitcoinMiningSoftware.com, believes that 2023 could be bearish for Bitcoin. However, he anticipates that next year’s “halving” event will serve as a boost for a rally in 2025.
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