WMA: Bitcoin Surges to $21,000 in This Year’s First Bull Run

Get the weekly summary of crypto market analysis, news, and forecasts!

This Week’s Summary

  • The Crypto Market ends the week at a total market capitalization of $980 billion.
  • Bitcoin is up by over 23% after a highly successful week.
  • Ethereum increased by almost 22% over the past seven days.
  • XRP gained nearly 14% in value this week.
  • Almost all altcoins are trading in the green.
  • The DeFi sector increased the total value of protocols (TVL) to around $39 billion.

Crypto Trends 9-15 January 2023: Market Analysis and Performance

The crypto market records its first bull run of 2023, and it is a joy to watch. Almost all assets are trading in the green, following one of the industry’s best weeks in recent history. Even the market capitalization is close to climbing back above the $1 trillion mark after a whopping $160 billion boost.

Bitcoin is exerting its dominance over the rest of the crypto market, now standing at 41%. The king crypto soared this week on the back of a 23% increase that took it a little above $21,000. It is a remarkable comeback for the world’s most popular cryptocurrency after lingering below $17k for nearly two months. Currently, BTC is trading at around $20,900.

Ethereum registers almost the same value gains as Bitcoin. Its 22% value increase this week takes it well above $1,500. Moreover, its supporters finally get relief after weeks of worrying whether the second crypto in command will fall below $1k. At the time of writing, ETH was trading at around $1,550.

Altcoins & DeFi

Almost all altcoins are trading happily in the green, with some recording spectacular gains. For example, Solana is up by a whopping 71% and Cardano by an impressive 22%. Elsewhere, BNB is up by over 13%, just like XRP, Litecoin, and TRON.

Elsewhere, Dogecoin increased by nearly 19%, Polygon by 21%, Polkadot by 27%, Shiba Inu by 21%, and Avalanche by 40%. In fact, only a handful of digital coins have recorded single-digit gains.

The Metaverse sector shares the same sentiment as the rest of the crypto market. For instance, Theta Network is up by 19%, Axie Infinity by 31%, The Sandbox by 41%, and Decentraland by 63%. Meanwhile, ApeCoin is up by a spectacular 24% and ICP by almost 28%.

The DeFi sector lost almost $0.7 billion from the total value in locked protocols (TVL), now at nearly $38.99 billion.

Crypto Market Analysis – What’s in the News?

  • The BitConnect Ponzi scheme victims will receive $17 Million in restitution.
  • Nexo was flooded by withdrawal requests after a raid on its Bulgarian offices.
  • Genesis Global is facing over $3 billion in debt to its creditors.

Next Week’s Crypto Market Forecast

Bitcoin live price
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The crypto market closes one of its most successful weeks in recent months. Even NASDAQ, S&P 500, and Stocks dipped during its revival. However, the market reacted positively to the latest CPI reports from the US Bureau of Labor Statistics. It seems the bears have relinquished control, and we hope it will stay like that for the next week, too.

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