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On Friday, the flagship cryptocurrency started the trading day with an increase. At the time of writing, the price of BTC is trading at $23,749. In the past 24 hours, the value of the asset jumped by 8.37%.
According to CoinMarketCap, over the past 24 hours, Bitcoin was trading between the low of $23,460 and the high of $25,134.
On Thursday, the asset tested $25,200 for the first time since mid-June 2022. The key reason for bullish sentiment in the cryptocurrency market was the permanently declining volatility of securities and bonds, oil prices, as well as the weakening US dollar.
Meanwhile, crypto investors continue to analyze the data published on Tuesday on the US Consumer Price Index (CPI). Thus, according to the US Department of Labor, the index rose by 6.4% from last month compared to January 2022 level. Experts on average predicted the January figure to fall to 6.2% from December's 6.5%. Despite the fact that the final result was worse than analysts' expectations, the US stock market began to increase followed by the crypto market.
Yesterday, an important support factor for the cryptocurrency market was also the strong results of the last trading session in the US stock market. Thus, on Wednesday, The Dow Jones Industrial Average index rose by 0.11%, the S&P 500 index increased by 0.28%, and the NASDAQ Composite gained 0.92%.
Since the beginning of 2022, analysts have emphasized the high level of correlation between the US stock market and digital assets against the background of the tense expectations of both the consequences of the geopolitical conflict in eastern Europe and the further steps of the US Federal Reserve.
Earlier, the experts of the investment company Arcane Research have already stated that the correlation between BTC and technology securities has reached the highest level since July 2020.
In addition, economists of TradingView said that the relationship of the cryptocurrency market with the US stock market in the fourth quarter of 2022 reached 70%.
Altcoin market
Ethereum, Bitcoin's main competitor, also started Friday with growth. At the time of writing, the asset is trading at $1,665.
As for the cryptocurrencies of the top 10 by market cap, in the past 24 hours, Polygon showed the best performance, gaining 4.41%. Meanwhile, Dogecoin was the top loser and lost 4.07%.
At the end of last week, all cryptocurrencies from the top ten, with the exception of some stablecoins, showed strong gains. Polygon added 13.35% and topped the rank.
According to CoinGecko, the world's largest aggregator of digital asset data, over the past 24 hours, among the top 100 most capitalized digital assets, first place in the rise list went to Filecoin token, which grew by 16.18%, while Frax Share lost 10.31% and hit the bottom of the rankings.
At the end of last week, Frax Share, dropping by 15.03%, was also the worst-performing digital asset in the top 100 strongest digital assets, while Astar increased by 48.61%, demonstrating the strongest growth.
According to CoinGecko, as of Friday morning, the total market capitalization of cryptocurrencies was able to consolidate above the important key $1 trillion level and stands at $1.039 trillion. Despite this, it has fallen by more than three times since November 2021, when the figure exceeded $3 trillion.
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