The crypto market cap jumped by 35% in January and hit $1.08 trln this week, as the world’s largest and most expensive cryptocurrency, Bitcoin, began 2023 on a positive note, bringing some long-awaited optimism to the market.
The world’s largest cryptos 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 data compiled by BitcoinCasinos.com.
CoinMarketCap data revealed that the top two cryptocurrencies, Bitcoin and Ethereum, saw their values jump by 39% and 32%, respectively, in January, while BNB and XRP witnessed over 20% price growth this month.
Still, that is nothing compared to the growth of Cardano, Polygon and Solana.
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 crypto market cap stood at $1.05 trln, recovering after a harsh September and October. However, this figure slumped to $791.4 bln a month later, the second-lowest value in 2022.
Although the crypto market cap has increased by $216 bln since then and hit $1.08 trln, this still represents a 38% drop compared to January last year.
Top 5 command 75% of total market
The price movement of the world’s largest cryptocurrencies can easily add or wipe out hundreds of billions of dollars off the total crypto market cap.
According to CoinMarketCap data, with a combined value of $798.5 bln, 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 $445 bln this week.
Ethereum’s market cap stood at $193.3 bln on Monday, up from $147 bln a month ago, making another 17% of the total market cap.
And the next three cryptos, Tether, BNB and USD Coin, account for another 18% of the crypto market value, with a combined market cap of nearly $160 bln.
