The last few weeks have improved drastically on all metrics for the crypto market, as multiple indicators fared well even as crypto capital inflows rose.
The crypto market traded within a tight range in the last 24 hours, while Bitcoin was above the $42,000 mark. The level has acted as its support, as traders took a cautious stance in the last few days. While it remains to be seen whether the $43,000 resistance level will be broken in 2023, the market is still flush with positive sentiments. As a result, a recent report mentioned how crypto capital inflows had increased substantially.
The week preceding Christmas saw $103 million in crypto inflows, a good sign for the crypto market. Crypto exchange-traded products were also in great demand, as they witnessed 12 weekly net inflows in the last 13 weeks.
Bitcoin funds gained the highest share of these inflows, while ETH, Litecoin, and Avalanche were not far behind. Meanwhile, Germany occupied 40% of the total inflows, followed by Canada, the US, and Switzerland. Hence, analysts and experts would likely continue their bullish predictions for the crypto market going into 2024.
ETH was trading comfortably above $2,200 in a consolidated manner, while Solana, XRP, and BNB also posted gains. Cardano and Avalanche also pushed higher, helping the crypto market cap increase. Traders could aim for BTC’s next target in the first quarter of 2024.
BTC/USD 1D price chart
Bitcoin is currently trading at around $42,400 on December 27, 2023, with BTC/USD trading lower by a margin of 0.6% in the last 24 hours. Bitcoin’s market cap was trading at around $831 billion.
BTC/USD is trading higher than its 20-day EMA (42,356.17), as BTC’s 24-hour volume was at around $27 billion. The crypto market cap decreased by around 0.21%, trading above $1.65 trillion. BTC’s year-to-date returns are above 156.16%.
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