Binance, Solana, Ethereum, and Bitcoin Prices Surge as the Crypto Market Boom
The cryptocurrency market as of 30th of January 2023 experienced a bull run as major coins went up with least a 6% increase in the past 24 hours. It was also noted that the crypto market capitalization rose to $1.08 trillion, a 2% growth from the previous number.
The market cap was not the only thing that increased; the total trading volume was also recorded to have increased by 24%, representing $49.64 billion in monetary volume.
Cryptocurrencies like Ethereum seemed to be doing well at the $1,600 position. But the same thing can’t be said about Bitcoin, which was performing far better; it was seen rising to the $24,000 position during the weekend. These positive movements in the crypto industry went against some of the assertions by some cryptocurrency analysts.
Just last week reports about how bad the coins have felt recently filled the crypto news space. But other traders have remained hopeful about the trend despite negative market data by even the top cryptocurrency firms.
From yet another expert analysis, the BTC maintained its gains during the weekend; traders keep their fingers crossed, hoping the rest of the week will take the same path. This applies to the BTC; other altcoins seem to be experiencing the same fate.
In an investigative interview on what triggered the current trend, Mudrex Co-founder and CEO Edul Patel recounted that it is ‘cos the surge in the number of United States consumers, as well as the increase in crypto investor’s sentiment. They also stated that this is the highest data recorded in the history of the United States since August last year (2022).
During the interview, Edul said that if the bitcoin continues to rise, it may cross the $23,600 mark to hit $25,000 anytime soon. He later recalled that the trading volume was increasing, which was a sign that the buyers were enthusiastic about their trades.
From a random interview with some average traders, their optimism is built upon mere speculation and wishful thinking, as most of them are not really aware of what might have triggered the sudden bull-run in the market.
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