Friday, February 3, 2023

Cryptocurrencies Large and Small Ring in the New Year with Massive Gains

Cryptocurrencies Large and Small Ring in the New Year with Massive Gains

We’re only a few days into the new year, and cryptocurrencies are already off to a great start. Traders were surprised to see the values of their favorite digital currencies rise, some by over 500 percent, marking what some feel will be the year that really brings crypto to the top of the financial food chain.

Also read: Why Do We HODL Bitcoin? You Might Be Surprised

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The Boom Is On for Popular Crypto

The market enjoyed an impressive beginning after billionaire entrepreneur and venture capitalist Peter Thiel claimed his Founders Fund had garnered “hundreds of millions” in bitcoin, causing a ten percent spike in the currency’s price. The fund is likely to see massive gains following bitcoin’s continued bull runs of 2017.

At press time, bitcoin is trading for over $15,000 USD – a near $1,000 hike since this morning’s low of about $14,300.

But other currencies, fearing they’d be left behind, were quick to follow in bitcoin’s footsteps. Primary bitcoin competitor ether saw a jump of nearly $200 in price, trading for over $900 during the early morning hours before finally settling in at about $882 at press time. Ether made headlines last month when it surpassed the $700 mark.

Next on the totem pole is Litecoin, which enjoyed a 14 percent surge and reaching a trading price of $261. While this is considerably lower than its recent December high, Litecoin still stands as the globe’s sixth-largest cryptocurrency.

Success of the “Little Guys”

Other lesser-known cryptocurrencies also stepped into the limelight. Tron’s currency TRX surged in price by 50 percent and crossed the $5 billion mark in its market cap, while Stellar’s coins (called lumens) have reached new highs of 56.4 cents each, experiencing a 65 percent gain in price and starting the new year off fresh. IBM and Stellar recently partnered to build a “cross-border payment system” with some of the world’s largest banks.

Arguably, no spike could compare with that of Reddcoin, which has surged by approximately 500 percent in just the last week alone. The market cap for Reddcoin now stands at $263 million, listing it among the top 70 cryptocurrencies in the world.

Does Crypto’s Rise Have Anything to Do with the Stock Market Surge?

Beneath the crypto arena stands the stock market, which has enjoyed impressive spikes upward since 2018 came a-calling, thus causing many to believe that perhaps digital currency and the stock market are more connected than one realizes.

As one source reported:

“The Dow quickly leaped to a triple-digit point gain Tuesday morning, and many experts are predicting another year for U.S. stocks in 2018.”

If we’ve learned anything over the last year, it’s that the stock market and digital currency can sometimes work hand in hand, and granted things continue their current strides, we’re likely to see that bitcoin bull run everyone’s been talking about for so long get even stronger.

Will digital currencies continue to reach unexpected highs in the new year? Post your comments below.

Images via Pixabay

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