Bitcoin price tests the $21,000 level

In the early hours of Saturday, January 14, bitcoin briefly surpassed the $21,000 mark. In the last 24 hours the asset rose 11%, according to CoinGecko.

As of writing, bitcoin’s price had retraced to below the $21,000 mark.

Ethereum, the second-largest by market capitalization, approached the $1,600 level but then retraced to $1,550 (+10% over the past 24 hours, according to CoinGecko).

Following the leaders, all top-10 assets moved into the green. The biggest gainers were Cardano (+9.7%) and Dogecoin (+9.5%). The total cryptocurrency market capitalization surpassed $1 trillion.

In the night of January 12, bitcoin prices for the first time since mid-December 2022 rose above the $18,000 level on the back of the release of inflation data in the United States. Later that day the asset continued to rise and tested $19,000.

In December, analysts at Nansen said that the baseline scenario for 2023 was a US recession and a new wave of stock sell-offs. They said that, in these conditions, cryptocurrencies would be subject to negative revaluation.

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