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Crypto market capitalization hits 1 trillion

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Written by:
Myrsini Giannouli

24 January 2023
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Crypto markets edged higher on Monday, as markets reacted to cooling US inflation, improving risk sentiment. Bitcoin price continued to advance and global cryptocurrency market capitalization hit $1 trillion. Crypto bulls are hoping that the recent cryptocurrency selloff has passed and that market confidence in the industry will be restored.

The bitcoin price rose above the $23,700 level resistance on Monday, touching $23,000. If the BTC price declines, support can be found near $17,930, while further resistance may be encountered near $25,200. 

Ethereum price remained steady on Monday, fluctuating around the $1,620 level. If Ethereum's price declines, it may encounter support near $1,370, while if it increases, resistance may be encountered near $1,670.

US PPI data last week fell below expectations, reducing Fed rate hike expectations. PPI declined by 0.5% in December, versus estimates of a 0.1% drop. Headline inflation also dropped to 6.5% year-on-year in December from 7.1% in November. US inflation seems to be cooling, which may give the Federal Reserve some leeway toward scaling back its interest rate increases.

Even though inflation rates remain high, cooling price pressures have reduced rate hike expectations, providing support for riskier assets. The Fed and other central banks are starting to scale back their aggressive rate hiking, raising hopes of a reversal in cryptocurrencies’ downfall. 

BTC/USD 1h Chart

BTCUSD 1hr chart

 

ETH/USD 1h Chart

ETHUSD 1hr chart

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Written by:
Myrsini Giannouli

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