Bitcoin to the top of 4 months, altcoins surged

The cryptocurrency market in general and Bitcoin in particular quickly shook off the recent negative news to move towards a new high of 2023.

Price movements of top cryptocurrencies on the market at 08:50 AM on January 21, 2023. Source: Coin360

On the morning of January 21, the cryptocurrency market resumed its strong growth momentum after a few days of sideways movements because of negative news related to the US and the bankruptcy of the lending company Genesis.

Before that, the upward momentum of Bitcoin (BTC) and altcoins stemming from the news that the US CPI in December 2022 continued to decrease, showing that US inflation has been contained. BTC thus rallied to $21,500 on this news, dragging the market to a crawl.

However, by the middle of the week, Bitcoin was once again “howling” with the news that the US Department of Justice was about to announce an announcement about cryptocurrencies, causing the price of the world’s largest cryptocurrency to drop by more than 1,000 USD only. in 1 hour. But when this news turned out to be petty and insignificant, the cryptocurrency market slowly rose again.

By this morning, Bitcoin had at one point reached the $22,792 mark, up nearly 7.5% in 24 hours. This is the highest price of BTC since September 13, 2022, when Bitcoin crashed sharply because of US CPI news.

1D graph of BTC/USDT pair on Binance exchange at 08:50 AM on 21/01/2023

The rally since the beginning of January 2023 has also helped Bitcoin “regain what was lost” during the market panic period due to the collapse of the FTX exchange since November last year.

As usual, the top altcoins are also seeing a 6 to 17% recovery in the market leader at the moment.

Ethereum (ETH) rallied 6.5% to $1,676, still unable to return to its pre-FTX peak of $1,680.

1D graph of ETH/USDT pair on Binance exchange at 08:50 AM on 21/01/2023

The altcoin with the most impressive jump at the moment is Aptos (APT) when it surged nearly 40% to $11.7. This is the highest price of APT since the token issuance date and the exchange list in mid-October 2022.

4h graph of APT/USDT pair on Binance exchange at 08:50 AM on 21/01/2023

Over the past 12 hours, the amount of derivative orders liquidated on the market reached 208 million USD, with 87% being short orders.

The value of cryptocurrencies liquidated in the last 12 hours, data taken from Coinglass at 08:50 AM on 21/01/2023

Synthetic Kyptos

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