Crypto Market Cap Surpasses $1 trillion, With Bitcoin Price Above $23k & Ethereum At $1600!

KEY TAKEAWAYS

1. Top crypto tokens by market cap – Bitcoin price is up 1.5% trading just shy of $23,100, Ethereum price at about $1640, up about 0.1% in the past 24 hours.
2. Global crypto market cap is up about 1.3% in the past 24 hours, currently at about $1.06 trillion.

CRYPTO MARKET TODAY AT A GLANCE

Additional Read: Bitcoin Price Prediction

TOP CRYPTOS TODAY BY MARKET CAP

As we can see from the chart above, while Bitcoin has gained less than all other cryptos in percentage terms - ever since the beginning of the year, Bitcoin has gained the most in actual dollar terms. Also along with that, since the beginning of 2023, Bitcoin has been the most consistent gainer amongst the top 15 cryptos by market cap, excluding stablecoins. Even Ethereum, the altcoin king and historically a better performer in percentage terms has been lagging behind BTC price for quite some time now. However, that isn't too much of a concern as ETH price was in a far better off position in technical terms than BTC price and thus a greater recovery in BTC is very welcome.

Also, historically, the start of a bull market or a broad base recovery has usually been led by Bitcoin - and is soon followed by Ethereum and other altcoins - leading up to the altcoin season. Altcoin season generally comes at a later stage of the bull market. In the three weeks that have passed since the beginning of 2023, Bitcoin has regained all of what it had lost during the catastrophic crash post the collapse of the FTX crypto exchange. And with Bitcoin in lead, other altcoins have been gaining too, to various different degrees, thus giving some relief to investors in the market.

Read More: Predictions For Crypto & Blockchain In 2023

BITCOIN PRICE TODAY

BTC/USD | Source: Tradingview

Bitcoin's recovery since the beginning of 2023 has been nothing short of extraordinary. It has gone from $16,000 levels and is currently trading well over $23,000, managing to regain over 40% of its lost market capitalization during the bear market. From the chart we can clearly see BTC price has managed to recover all the value it had lost due to the collapse of the FTX crypto exchange and then some! In fact, BTC price is trading at a near 5-month high as of writing!

From a technical perspective, in the past three weeks, Bitcoin price has managed to break past a bunch of resistance levels all at one go. In one fell sweep, BTC price has broken out of immediate resistance level of $19,000 (marked by black on the chart), the psychological region of $20,000 and then again past the $22,000 mark (marked by blue on the chart). So, from current levels - BTC price can easily go up to at least $28,000 - so roughly another 20% rally is very much possible in the king coin - before it meets with any significant resistance level again. However, the overbought Relative Strength Index level can put some downward pressure on the price, but that is natural and healthy in any upcycle, so nothing to be very worried about.

ETHEREUM PRICE TODAY

ETH/USD | Source: Tradingview

Ethereum price, on the other hand has been recovering but not at the rate at which Bitcoin is, as mentioned earlier. In the same timeframe of the past three weeks since the beginning of 2023, Bitcoin price has rallied over 40% as we saw before while Ethereum has managed to gain only 38%. While that isn't much of a difference in percentage terms - in actual dollar terms - Bitcoin has a market cap that is more than double that of Ethereum's and hence Bitcoin has been able to give much higher returns to older HODLers.

However, that being said - Ethereum - despite the FTX collapse and various other bad news that has plagued the market all through last year - has managed to hold itself above a few crucial resistance levels, thanks to the excitement around the Ethereum Merge. Thus, while ETH price might not be performing as one would expect right now - it is very well positioned to outperform the king coin as and when the attention of the market shifts to altcoins.

As of writing, it is trading above the $1600 mark and can continue to rally up to the $1800 mark which would serve as a resistance for ETH price. In fact, the region between $1800 to $2000 would be a region of strict resistance but nothing impossible to break. It also has a relatively better off RSI to support a further jump from current levels.

Prices as on 24 January, 2023.