02 Jan 2023
Cryptocurrency market reclaims $800 billion market cap
Investors were on the fence as major cryptocurrencies could not take bold actions, and the cryptocurrency market ended 2022 in a consolidation phase.
The global crypto market capitalization surpassed $800 billion again as of January 2, 2023, reaching $807.17 billion, a decrease of about $4.27 billion from the $811.16 billion value as of December 26. The market cap on the weekly chart fell to its lowest level on December 30 at $788.93 billion.
It is important to note that toward the end of 2022, the crypto market briefly regained the $1 trillion market capitalization after receiving a boost from encouraging macroeconomic news. Furthermore, the two biggest cryptocurrencies by market capitalization, Bitcoin (BTC) and Ethereum (ETH) continue to rule the cryptocurrency market. Notably, as of the publication, Bitcoin held a market share of 39.9% and Ethereum a share of 18.5%.
At the time of publication, Ethereum (ETH), which had previously held the $1,200 position, was trading at $1,216, up about 1.64% from the previous day. Other notable cryptocurrencies to record gains in the past 24 hours include XRP at 1.5%, Dogecoin (DOGE) at 3%, and Cardano (ADA) at 3%, even though the market is still in a consolidation phase.
After several days of a sideways trading pattern, Bitcoin is still trying to retake the $17,000 mark. At the time of publication, the leading cryptocurrency was up about 1% over the previous day, trading at $16,730.
Similar to how it has experienced more buying pressure, the asset's market capitalization as of January 2 was $322.08 billion. In addition, over the past day, $3.38 billion has been invested in Bitcoin.
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