Bitcoin with the best January since 2013

Bitcoin price increased in January 2023 by about 37 percent, which means that at the moment it is the best January for the most popular cryptocurrency since January 2013. Then, at the end of the month, the price of bitcoin expressed in US dollars increased by 51 percent.

Looking at the other cryptocurrencies from the top in terms of capitalization, i.e. ETH, BNB, XRP or ADA, January also looks like a month in which some of the losses from 2022 seem to be recovering. ETHUSD this month, by Monday morning, has increased by more than 36 percent The token of the largest cryptocurrency exchange recorded an increase of 22,5 percent. XRPUSD was up 17,5% and ADAUSD was up 52%. January's recovery in the cryptocurrency market also led to the fact that the total capitalization of this market returned above the level of USD 1 trillion. This level was lost in November with the collapse of the FTX exchange.

Bitcoin - record of rising candles almost broken

Last week's winning streak at BTCUSD was finished. In November 2013, the BTCUSD rate rose for 15 straight days, which was a record. In January, the increase was 14 straight days and was interrupted on the 18th day when the red candle appeared. From the point of view of the chart, the current increase is already larger than the rebound seen in July. Then the price managed to increase from around USD 19 to USD 000. It seems that this level may be in the target of the bulls right now. Then, in turn, an interesting place seems to be around USD 25 - 000. This is where the lows of May, June and July 28 are located. They were set after the memorable crash caused by the decision of the Chinese authorities to ban cryptocurrencies. From the point of view of technical analysis systems, the current rebound may resemble wave C in a rushing or irregular correction. It depends on whether $000 is beaten.

BTC/USD CFD Chart, W1. Source: Next Generation CMC Markets platform.

Cardano with 50 percent. growth

Even though the price of the ADA cryptocurrency increased by the aforementioned 50 percent. in January, it should be remembered that this rebound comes after more than 90 percent. decline. At the end of August 2021, ADA cost over USD 3. A few weeks ago it was $0,24 and now ADA is around 35 cents. From the point of view of the chart, the price of Cardano seems to break out of the descending channel drawn from ATH. In theory, this may mean an attempt to draw an upward correction. Potential resistances could be in the area of ​​$0,58 or at $0,74. It should also be noted that the last time the ADA drew three weekly candles in a row was in March 2022.

ADA/USD CFD Chart, W1. Source: Next Generation CMC Markets platform.

ETH - will it return to ATH?

Courses ETHUSD from its peak in November 2021, it fell to its low in July 2022 by almost 80%. The current rebound from this place means an increase of over 60%. If ether were to even its peak, the price would have to increase by more than 195 percent. Meanwhile, from a chart perspective, the quotes seem to be consolidating in a wide range of $1000 to $2000. Nevertheless, due to the fact that ETH managed to defend the low during the decline at the end of last year, this market seems to be stronger than the other two. As a result, if the broad climate continues to favor risky assets, ETHUSD may try to attack $2000. However, then a correction wave C could also form here, similarly to BTCUSD, only in a simple correction.

ETH/USD CFD Chart, W1. Source: Next Generation CMC Markets platform.

Summation

January on the cryptocurrency market brings a thaw. However, will this warming of the market be maintained in the coming months with the progressing problems of other crypto companies, or interest rate increases and economic uncertainty? Or maybe the lack of reaction to further negative information means that everything is already included in the prices? We will find out, as always, with time, and the clock halving ticking.