The upward trend in the crypto market continued, with other altcoins also rallying along with Bitcoin.
Bitcoin continued its dream run at the beginning of 2023, inching closer to crossing its immediate resistance at $17500. Crossing the mark could make $18000, the next target for BTC. Other altcoins in the crypto market also surged with the market-wide rally. The overall market capitalization of the crypto market touched almost $893 billion, rising almost by a percent in the last 24 hours. Analysts predicted that BTC could cross $17500 by the end of this week, which could be a positive trigger for the upcoming week.
ETH also rallied by a percent to cross $1300, while Dogecoin and Shiba Inu increased by 3% and 6%, respectively. Polkadot, Chainlink, Solana, Polygon, and many other tokens registered gains within 24 hours. Ethereum’s upcoming Shanghai update and the positive job report from the United States could have played a major role in the present rally in the market. Positive sentiments have also emerged in social media, which could considerably sway emotions in the market. The upcoming CPI report of the US is the next important macroeconomic event for the crypto markets.
BTC/USD price chart in 2022
Bitcoin is currently trading at around $17400 on January 11, 2023, with BTC/USD up by 0.08% in the last 24 hours. BTC/USD is trading above its 20-day EMA (16,919.76). Other altcoins rallied as well, with BTC and ETH.