January has been a kind month to the crypto market, with Bitcoin and Ethereum seeing substantial gains while many altcoins continue to bounce hard from 2022 lows.
Bitcoin recently rose to a January peak of $23,501 before rebounding slightly to its present value at $23,180 as of writing.This represents an increase of 0.53% on the day and more than 9.55% over the past week.
Ethereum has also seen gains, currently trading at $1,614, up 3.5% for the day and 6.5% for the week.The industry's two largest cryptocurrencies by market capitalization have also seen a cumulative trading volume of more than $56 billion in the past 24 hours, surpassing the $53 billion posted by stablecoin Tether.
Many in the market are wondering if this is the start of a larger bull run or if another correction is on the horizon.The overall crypto market capitalization is currently holding steady above $1 trillion after reclaiming the level on January 20.
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