On this date, bitcoin continued its steady climb throughout January. After a small retraction of 0.5% on the day prior, the world’s largest cryptocurrency by market capitalization finally surpassed the $21,000 mark on January 17.
Previously, the asset tested that resistance zone on the day before. However, the pressure from sellers eventually kept the asset from remaining above that zone.
This time, however, bitcoin is remaining above $21,000, currently trading at $21,301. The daily high for the asset happened around 11 AM, with BTC reaching $21,400.
As of right now, bitcoin investors can finally celebrate the fact that the market-leading asset has fully recovered from the market crash inherited from Sam Bankman-Fried’s FTX.
The sensation around the cryptocurrency market is that the United States Federal Reserve is accomplishing its year-long task of controlling the nation’s inflation by raising interest rates.
So far, assets like bitcoin, Ethereum, and Solana are starting to enjoy a much-awaited price increase, following one of the worst years of cryptocurrency’s history.
Bitcoin’s performance in January
The asset’s performance in the first month of 2023 has been nothing but incredible. In the last seven days, BTC grew by an astounding 22%. And since December 31st, bitcoin grew a whopping 28% in value.
The 24-hour trading volume also saw an increase during that period. Throughout 2022, bitcoin mostly saw an increase in volume when immense selling pressure tanked the asset. Throughout December, the BTC’s volume remained around $12 billion.
In the last couple of weeks, however, the 24-hour trading volume grew, reaching $46 billion on January 14.
The fact that the currency is on a month-long uptrend paired with a hike in trading volume indicates that a lot of new investors are starting to look for crypto as a financial investment.
That market sentiment can either grow or become more pessimistic on the upcoming major U.S. Economy meeting. On January 31st, the Federal Reserve will host the monthly FOMC meeting, and the announcements on that date have the potential to either consolidate Bitcoin’s rise, or throw a bucket of cold water on the recent market-optimism.
Most likely, however, the indications from recent FED reports indicate that nothing out of the ordinary shall happen.
