Cryptocurrencies They ended the month relieved after a rally that saw them recover from their 2022 downtrend. Some altcoins recovered more than 100%, while bitcoin at $ 23,000 rose by 50%.
After losing a year, the cryptocurrencies They closed the month with strong gains after recovering in recent days.
The market managed to reach $280 million in the month, recovering the $1 billion market value lost after the FTX bankruptcy.
Some altcoins posted gains of more than 100%, while Bitcoin managed to pass the mark of $23,000.
The leading crypto closes the first month of the year with earnings of almost 40%, his best performance monthly since 2013 November lows.
At the beginning of January, Bitcoin was trading at $16,500 and on January 31 ends the month above $23,000.
What are the 10 cryptocurrencies that rose the most in the month
- 1. Solana (SOL): 141,67%
- 2. Avalanche (AVAX): 83,54%
- 3. Cardano (ADA): 55,94%
- 4. Shiba Inu (SHIB): 47,17%
- 5. Polygon (MATIC): 46,86%
- 6. Moles (DOT): 44.03%
- 7.Bitcoin (BTC): 39,43%
- 8. Litecoin (LTC): 32,83%
- 9. Ethereum (ETH): 32,44%
- 10. BNB (BNB): 27,33%
What do the experts think?
“I think the market is still getting over the decline that has been occurring since the Luna events. And all the companies affected by those events. I think it will continue to be a good year, that's my feeling. We believe that this crisis extends to regulatory issues. There is a feeling of cleanliness and order and that will be repaired in the market. The price may continue to drop further, no one is sure. But, ultimately, I think it will be a year of regulation,” Bonita CEO Manuel Beaudroit told Ámbito.
Regarding what events may affect cryptocurrency prices in the coming months, the Belo CEO said:
“The closest are ETHDenver (in Denver, Colorado), ETHRio (Brazil), Bitcoin Miami, ETHLatam, which will again be held in Buenos Aires, and LaBitConf, which will again be held here in Argentina. Not only ETH or Bitcoin, there are other networks/projects that bring interesting developments all the time.”
The expert also noted that current market conditions are still trending downward after weeks of optimism that boosted commodity prices. the main cryptocurrencies.
“Investors may choose to take profits now given the downside potential and the possibility that Bitcoin could retest $ 20,000 in the near future,” the analysts commented in a press conference.
“The more moderate increase in interest rates is one of the reasons why the prices of many cryptocurrencies are increasing. It fits as a positive economic sign and demand for Bitcoin is now growing. “It has been positively correlated with market actions in recent years and the lower rate is a bullish signal for the stock market,” they added.
Conclusion
There was a staggering increase of 140 % in cryptocurrencies, which attracted the attention of many investors and speculators. No, there are still a number of issues to consider before invest in cryptocurrencies.
The main concern is the volatility of the cryptocurrencies. They are very susceptible to sudden price changes, or that may mean significant losses for investors.
Furthermore, there is a lot of speculation and manipulation in the cryptocurrency market, that is, what can you do impossible to predict their prices.
Another important issue is the lack of regulation in the cryptocurrency market. The sector is still young and poorly regulated, which can lead to security and fraud issues.
Furthermore, the cryptocurrencies are vulnerable to the cyber attacks or may result in significant losses for investors.
However, even with all the risks, many people are investing in cryptocurrencies with the hope for quick profits.
Some argue that the growth of the blockchain technology, the increasing adoption of large financial institutions and the growing demand for privacy and security in the digital age are driving the popularity of cryptocurrencies.
Despite this, it is important to note that invest in cryptocurrencies It is highly speculative and requires a lot of research and knowledge before making a decision.
It is important to have a clear understanding of the risks involved and be prepared for significant losses.
In conclusion, the rise of the 140 % of cryptocurrencies in January is an indication of the growing popularity of digital currencies, but it also points to volatility and lack of regulation in the market.
Investing in cryptocurrencies can be an opportunity to make profits, but it can also be a source of significant risk.
Therefore, it is important to carefully consider the risks and rewards before decide to invest in cryptocurrencies.