Market Wrap: Crypto Market Fails to Register Any Notable Gains in January

The crypto market had one of the best start to the year as it continued the surge from the previous month. As a result, many expected one of the best performances during the first month of the current year. However, the charts show that this never happened.

Crypto Market Closes the Same Way it Started

It showed that the global cryptocurrency market cap started at $1.66 trillion. As the sessions progressed, it rose to a high of $1.75 trillion during the first week. It retraced to its previous value but resumed its uptrend afterward. This time, it peaked at $1.77 trillion. During the second half of the month, trading conditions worsened and valuations sank to their lowest.

It dropped to a low of $1.51 trillion. Current prices suggest that the crypto market recovered as it is worth $1.66 trillion at the time of writing. This meant it failed to register any gains despite the hype it got during January.

One of the major market movers was the news that the approval of the Bitcoin ETF was imminent. In response, the crypto market had major surges. The main asset on the frontline, BTC, was not exempted from these hikes.

Bitcoin Reached its Highest in A Year

On the eighth day of the month, a notable event unfolded in the cryptocurrency market. Commencing at $43,936, the trading day witnessed a dip to a low of $43,213. Despite this initial setback, the cryptocurrency rallied to overcome the $46,000 resistance, achieving success in its endeavor. The upward trajectory persisted, reaching a peak at $47,281 before experiencing a decline to close at $46,995, marking a substantial gain of nearly 7%.

Following regulatory approval, the leading digital coin sustained its upward momentum. Consequently, it extended its bullish trend, surging to its highest point in nearly a year. On January 11, it commenced trading at $46,678, with a surge that captivated observers, heightening anticipation of a return to the $50,000 mark. The optimism gained traction as the cryptocurrency surpassed the $48,000 threshold. However, its ascent met a formidable obstacle at $49,000, encountering a robust rejection. Subsequently, it experienced a descent to a low of $45,600, concluding the day with no significant fluctuations in its valuation.

Aside from the development with the apex coin, several other events took place with some altcoin. One such is Helium. On January 24, it had one of its biggest surges. It opened trading at $5.97. It soon dropped to a low of $5.54 before rebounding. After finding support, it tested the $7 resistance and briefly broke as it peaked at $7.13. It ended the session with gains of more than 17%.

However, this failed to reflect on its monthly performance as it gained only 8%. The highlighted event happened during the asset’s recovery. It suffered a downtrend that saw it dropped from a high of $8.45 to a low of $5.54 in a few days. This explains the long wicks sticking out from the candle representing price actions.