Despite only two weeks in, the year 2023 is already proving to be a profitable year for cryptocurrency investors.
While major cryptos like bitcoin and Ethereum are building up a solid foundation for a potential year-long bull market, the price movement in altcoins is growing exponentially.
Altcoins Bounce Back
Cardano, one of the most famous proof-of-stake blockchain platforms in the world, picked up 25% in gains this week. The ADA token went from $0,26 on January 4 to $0,34 only four days after.
Meanwhile, the public blockchain platform with smart contract functionality “Solana” displayed even better results.
In fact, “better” is an understatement. Solana, one of the cryptocurrencies that were most affected by the FTX market crash, picked up a whopping 100% gain since the turn of the year. The SOL token was worth $8,39 by December 29, and on January 9 it reached the milestone of $17,16.
Today, the most popular cryptocurrency is Aptos (APT), recovering 40% of its initial losses in the last 24 hours.
The star of the show however, has been the cryptocurrency Gala. Ever since the beginning of the year, the GALA token grew by more than 145%.
The entire cryptocurrency market is going through a modest, but much-needed uptrend. The total market cap went from $780 billion to $860 billion since the turn of the year.
Upcoming Consumer Price Index To Be Released On Thursday
This Thursday is really gonna be the date that makes or breaks for the cryptocurrency market.
On this date, the United States Government will release the most recent Consumer Price Index, referring to the effects of inflation on the American consumer in December.
The Bureau of Labor Statistics (BLS) will announce US inflation figures for December 2022 on January 12. The methodology used to compute US CPI will change in the future. The December 2022 CPI data is being computed using the current model.
If the market sentiment is correct and the Federal Reserve proves successful in its interest-raising endeavors against inflation, that could very well be a sign for investors that investing in crypto is no longer as risky as it was in 2022.
