Investors remained on the fence as big cryptocurrencies were unable to take bold actions, and the cryptocurrency market concluded 2022 in a consolidation phase.
However, there is currently short-term purchasing pressure on the market, which has led to the regaining of important holdings.
In fact, as of January 2, 2023, the worldwide crypto market capitalization had recaptured the $800 billion milestone and was at $807.17 billion, down around $4.27 billion from the $811.16 billion value recorded on December 26. On the weekly chart, the market cap dropped to $788.93 billion on December 30.
It is important to note that around the end of 2022, the crypto market momentarily regained the $1 trillion market value after receiving a boost from encouraging macroeconomic news.
Furthermore, the two biggest cryptocurrencies by market capitalization, Bitcoin (BTC) and Ethereum (ETH), continue to rule the cryptocurrency industry. Notably, as of the time of publication, Bitcoin held a market share of 39.9% and Ethereum a share of 18.5%.
At the time of publication, Ethereum (ETH), which had previously held the $1,200 position, was trading at $1,216, up around 1.64% from the previous day. Other significant cryptocurrencies to register increases in the past 24 hours include XRP at 1.5%, Dogecoin (DOGE) at 3%, and Cardano (ADA) at 3%, even though the market is still in a consolidation phase.
Bitcoin records a small increase
After several days of a sideways trading pattern, Bitcoin is still trying to retake the $17,000 mark. At the time of publication, the leading cryptocurrency was up nearly 1% over the previous day, trading at $16,730.
Similar to how it has experienced more purchasing pressure, the asset’s market capitalization as of January 2 was $322.08 billion. $3.38 billion has been invested in Bitcoin over the past day.
Future of Bitcoin in 2023
Even though 2023 is still in its early phases, various businesses have expressed varying opinions on how the price trend of Bitcoin will pan out. David Kemmerer, CEO of the cryptocurrency tax software CoinLedger, predicted that Bitcoin could experience more corrections in the first half of the year in this sentence.
The first half of 2023, however, may see a bullish turn for Bitcoin, according to anonymous cryptocurrency and stock market analyst Trend Rider. Another crypto miner, Stefan Ristic, who runs BitcoinMiningSoftware.com, thinks 2023 may be a bad year for Bitcoin, but he anticipates that the halving event in 2024 will serve as a trigger for a rally in 2025.