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In the last 24 hours, the cryptocurrency market has experienced a 1% increase, with its total cap reaching $1.17 trillion. Over the last week, the market has seen a 12.5% increase, providing hope that the market may be turning a corner after a challenging year in 2022.

Although crypto faced a difficult year with collapses of Terra and FTX, as well as a 64% decrease in prices, recent market movements and various macroeconomic indicators suggest that 2023 may bring more sustainable rallies. Inflation is easing in many countries, employment is increasing, and bond yields, particularly those of US Treasuries, suggest that interest rates will peak at below 5% this year, which is lower than anticipated by some analysts. This is good news for speculative risk assets such as bitcoin and cryptocurrency, which may spend much of this year correcting the losses of the previous year.

The crash in crypto prices in 2022 was partly due to the Federal Reserve's rate hikes, as higher interest rates make speculative assets like crypto less appealing. However, the growing sentiment that rates will not move much higher has helped drive the recent crypto rally in 2023. This is because high rates make borrowing money more expensive, reducing the appeal of purchasing speculative assets, while also increasing the yields on other investments. Miller suggests that the latest rate hike was smaller than previous ones, giving investors hope that the central bank may be nearing the end of its tightening cycle.

In addition, some investors may be regaining confidence in crypto as time passes since the dark days of 2022, when major players in the