The world`s largest and most expensive crypto, Bitcoin, has begun 2023 on a positive note, bringing some long-awaited optimism to the market.
According to data presented by Bitcoin Casinos, the global crypto market cap jumped by 35% in January and hit $1.08trn this week.
Crypto Market Cap Rose Above $1T After Two Months
The world`s largest cryptocurrencies have lost hundreds of billions of dollars in value in 2022, one of the most challenging years for the crypto industry. However, January brought the first signs of recovery after a prolonged crypto winter, with all top digital coins seeing double-digit price growth.
According to CoinMarketCap data, the top two cryptocurrencies, Bitcoin and Ethereum, have seen their values jump by 39% and 32% in January. BNB and XRP witnessed over 20% price growth this month. Still, that is nothing compared to the growth of Cardano, Polygon, and Solana.
Statistics show Cardano`s price jumped by 58% in the last 30 days. Polygon saw a 49% growth, and Solana`s value soared by an impressive 147% in this period. The growing prices of the world`s largest cryptos have driven the total crypto market cap above one trillion dollars, the value last seen two months ago.
In November, the global crypto market cap stood at $1.05trn, recovering after a harsh September and October. However, this figure slumped to $791.4bn a month later, the second-lowest value in 2022. Although the global crypto market cap has increased by $216bn since then and hit $1.08trn, this still represents a 38% drop compared to January last year.
Top 5 Cryptocurrencies Make 75% of Total Market Value
The price movement of the world`s largest cryptocurrencies can easily add or wipe hundreds of billions of dollars off the total crypto market cap. According to CoinMarketCap data, with a combined value of $798.5bn, the world`s five largest cryptocurrencies now make up 75% of the total crypto market cap.
The most expensive crypto, Bitcoin, accounts for 41% of the global crypto market cap, with the combined value of all BTC coins reaching $445bn this week. Ethereum`s market cap stood at $193.3bn yesterday, up from $147bn a month ago, making another 17% of the total market cap.
As the next three cryptos, Tether, BNB, and USD Coin account for another 18% of the global crypto market value, with a combined market cap of nearly $160bn.