All eyes are on the strongest Cryptos

All eyes are on the strongest Cryptos

Market picture

The crypto market continues to rise, adding 2.3% to the level of 24 hours ago. Bitcoin's capitalisation has surpassed 1 trillion, and its share of all coins is estimated at 52.5% by CoinMarketCap. The increase in share is due to USDT and the relative stagnation of the share of other cryptocurrencies outside the top five.

Bitcoin's price has surpassed $52.2K, the highest level since the end of 2021. Buyers in the first cryptocurrency are so strong that we don't even see a prolonged consolidation. This dynamic reinforces our view that the next meaningful shakeout may not come before the approach of 60K, where there were several inflexion points in 2021.

Ethereum is updating highs, but this is the highest level since July 2022. Solana has been at highs since late December last year, Cardano has only recovered to levels from 13 January, and XRP has been at its highest since 22 January. Clearly, the bigger the coin now, the more attention it gets.

News Background

According to BitMEX data, daily inflows into bitcoin ETFs approached record levels on their first day of trading after the launch. BlackRock's fund is showing strong momentum, and experts are optimistic about Wall Street's acceptance of Bitcoin ETFs.

Anthony Scaramucci, a founder of SkyBridge Capital, urged to have no doubts and buy BTC at current levels. According to him, we are in for a great bull rally.

According to CoinGecko, the Bitcoin blockchain took the top spot for NFT trading volume in December, accounting for 42.1% of all trading activity.

Forbes included three crypto firms in its list of the top 50 fintech companies: Chainalysis, Fireblocks and Gauntlet.

In the last three months of 2023, the UK's Financial Conduct Authority (FCA) issued 450 warnings to cryptocurrency firms for illegally advertising their products.

By the FxPro Analyst Team