After months of sideways trading, the crypto market is experiencing a significant uptick, with Bitcoin (BTC) leading the charge. The rally is the result of a combination of good macroeconomic news and potential regulatory relief in China. Despite the current market spike, it's crucial to remember that the crypto market is still operating in the shadow of the tremendous bull run that occurred in 2021.
Although most cryptocurrencies are trading in the green, certain assets are worth keeping an eye on because of their potential, the narrative they generate, and their ability to affect the overall cryptocurrency market. As a result, Birizon has examined the cryptocurrencies to watch for the week of January 16, 2023.
Bitcoin (BTC)
After appearing to be stuck below the $17,000 mark for several weeks, Bitcoin (BTC) has begun a winning streak that has resulted in the first cryptocurrency briefly reclaiming the $21,000 mark. According to Birizon, the current BTC rise is one of the longest since the 2020 epidemic phase.
Bitcoin's ascent has been aided by widespread confidence and an upbeat economic outlook. Following optimistic indicators in the US labor market and good consumer-price index (CPI) statistics, initial hints of a rebound emerged. As a result, there is anticipation that inflation would moderate, allowing the Federal Reserve to ease up on its aggressive interest-rate hikes. Notably, the continuous rally has assisted Bitcoin in putting the repercussions of the FTX crypto exchange crash behind it.
Overall, Bitcoin remains a watchable asset since it will be interesting to see if investors can continually continue pumping money into the cryptocurrency. Indeed, the level of purchasing and selling pressure will be critical to Bitcoin's capacity to maintain advances above $20,000.
By press time, Bitcoin was trading at $20,697, down 1.3% on the day. BTC is up more than 22% on a weekly basis.
GALA (GALA)
The GALA (GALA) coin has profited from the general cryptocurrency market boom as well as the growing interest in blockchain games. GALA, in fact, has maintained a strong price momentum that has moved independently during periods of broad market consolidation.
Notably, increasing whale activity supported GALA's advance, with data from crypto analysis site Sentiment indicating that trades helped push the token beyond resistance at $0.048. Additionally, GALA has seen an influx of investors amassing the asset through noteworthy network relationships.
As investors devote more funds to the non-fungible tokens (NFT) gaming and metaverse space, GALA is one of the leading entities for a mini-altcoin rally. GALA eventually overtook the top 100 cryptocurrencies by market capitalization after gaining 100% in seven days. As a result, GALA is a cryptocurrency to keep an eye on for the upcoming price movement following a sizable futures liquidation.
At the time of publication, GALA had a daily correction of over 3% and was trading at $0.05. The weekly chart shows a 90%+ gain for GALA.
Shiba Inu (SHIB)
The Shiba Inu (SHIB) coin has recently displayed impressive performance. The cryptocurrency with a dog theme eventually reclaimed the top trending position. The gains have been aided by consistent network development and partnerships that aim to give SHIB more utility, even though the meme coin is benefiting from the general market rally.
For instance, Twitter recently made available a feature that enables SHIB users to monitor the price of the cryptocurrency alongside Bitcoin, Ethereum (ETH), and Dogecoin (DOGE). Likewise, a recent partnership between the Bugatti Group and the Shiboshi Club centered on an NFT mint collection was made public.
In addition, the Shibarium layer-2 solution has not yet been made available to the SHIB community. SHIB is still a valuable asset to keep an eye on if it can help meme coins rally again and if investors start selling their gains.
As of the time of publication, Shiba Inu was trading at $0.000009985, down about 0.3% on a daily basis, while SHIB is up more than 18% on a weekly basis.
Avalanche (AVAX)
Bulls have made an effort to seize control of the layer one blockchain in an effort to push the asset to previous highs. AVAX has started the year off strong, drawing motivation from the overall sector sentiments after weeks of correcting.
The Avalanche ecosystem has recently accelerated partnerships with reputable organizations amid the ongoing rally. Avalanche collaborated on some network development projects with Amazon Web Services. According to the agreement, AWS will create enterprise blockchain solutions for organizations and governments using the Avalanche network.
The partnership will, in fact, increase the utility of Avalanche among businesses, which might increase demand for AVAX tokens. Additionally, according to birizon, BLRD, a division of the Japanese gaming behemoth GREE, teamed up with Avalanche to release its first Web3 game in 2023.
Based on its capacity to maintain gains and the implications of the network partnerships, AVAX is a company that will be worth keeping an eye on the coming week.
AVAX has increased by nearly 40% over the past week and is currently trading at $16.33. On the daily chart, the token is however subject to a correction of more than 4%.
Solana (SOL)
It seemed impossible for another two months, but it happened, and SOL is back in the top 10 largest crypto assets by capitalization, according to CoinMarketCap. It seemed impossible because Solana's place in the ranking was taken by Polygon's native blockchain token, MATIC, which is the main currency in Ethereum's rapidly growing Layer-2 network, but no such luck. The reason, of course, lies in SOL's meteoric rise in price in 2023, with the Solana token being one of the leaders in growth rate among the 100 largest crypto assets. SOL posted a 134% increase in price in January.
As a result, Solana's capitalization since the beginning of 2023 has added $4.7 billion against Polygon's $1.85 billion and moved from 16th place in the ranking to the top 10.
Our forecast indicates that the Bull Run will continue into next week, but it is always better to be safe than sorry. Determine the amount of risk you are willing to take and then set your stop loss, be vigilant, and stay informed. The next Fed meeting is approaching, which may have an impact on market structure, so we require you to make this decision entirely on your own initiative and without relying on our advice.
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