Bitcoin, which closed 2022 by more than 60 percent, has so far made its investors smile in 2023.
The world’s largest crypto money broke the psychological level of $ 20,000, which it tested several times yesterday, around 3.10 at night, and after this point, purchases accelerated.
It climbed as high as $21,050 at 11.50 today and is up 11.5 percent daily. Thus, for the first time since November 7, 21,000 was exceeded.
Analysts stated that there was no new news flow at the time in question, but that the buy orders were activated all of a sudden.
RISING FOR 10 DAYS
This rise has spread to the entire market. Ethereum rose 11 percent to $1,563, while Binance Coin gained 9.2 percent, Ripple 8.7 percent, Cardano (ADA) 10.9 percent, Dogecoin 14.1 percent and Polygon 14.8 percent.
DAILY RISE APPROACHES 40 PERCENT IN SOLANA
One of the most remarkable rises among popular cryptocurrencies was experienced in Solana with 39.6 percent. Polkadot also made its investors proud by earning 20.6 percent daily. Avalanche (AVAX), which announced its cooperation with Amazan Web Services (AWS) during the week, rose 14.7%.
Thus, as of noon, the total market value of cryptocurrencies increased by $90 billion in the last 24 hours, reaching $995 billion, approaching the $1 trillion limit.
US INFLATION WAS EFFECTIVE
While the rise in cryptocurrencies has continued in recent days, purchases accelerated in the USA on weekdays with the December inflation reaching 6.5 percent annually in line with the expectations. With the decline in inflation from 7.1 percent in November, expectations for a 25 basis point increase in interest rates from the Fed on February 1 rose. The possibility of a 50 basis point increase is almost completely off the table.
As a result, the dollar weakened globally. While it was at 103.7 before the inflation data, it fell to 102.1 yesterday. Yields on US 10-year Treasuries also fell from 3.61 percent to 2.50 percent.
The declines in dollars and dollar assets had a positive impact on cryptocurrencies, as well as on the stock market and gold. The search for returns has accelerated the entry into cryptocurrency exchanges.