Cryptocurrencies rose sharply in January.
Dynamics of the largest digital currencies by capitalization
1. Bitcoin
- On January 1, 2023 bitcoin was traded on the cryptocurrency exchange Garantex at $16.5 thousand, on January 29, the price of the asset reached a 5-month high of $23.9 thousand.
Bitcoin remains the largest cryptocurrency by capitalization. Its total market value is $446.1 billion and its share on the cryptocurrency market exceeds 41%.
2. Ethereum
- At the beginning of 2023, the price of Ethereum on the cryptocurrency exchange Garantex was $1.1 thousand. On January 21, it rose to $1.6 thousand at its peak, but by the end of the month, it was down to $1.5 thousand. The altcoin went up by 36% in January.
Ether remains the most capitalized among altcoins. Its total market value is $190 billion and its share of the cryptocurrency market is 17.5%.
3. XRP
- XRP traded at $0.33 on Jan. 1, 2023 and rose to $0.43 on Jan. 23. The token closed the month at $0.40, up 21%.
Altcoin's market capitalization rose to $20.5 billion.
4. Cardano
- Cardano's price was at $0.24 at the beginning of 2023, rising 67% during the month, renewing its local high of $0.40 on January 31.
The total value of tokens issued is $13.6 billion.
5. Dogecoin
- "Meme" token Dogecoin was worth $0.07 on January 1, on the last day of the month its rate reached a local peak of $0.09. In January, the cryptocurrency showed a 29% growth.
Dogecoin is in ninth place in the ranking of the largest cryptocurrencies by total value. Its market capitalization is $12.8 billion.
6. Polygon
- Polygon was trading at $0.75 at the beginning of 2023
Polygon's capitalization reaches $9.9 billion. The project still closes the top 10 in terms of total market value.
7. Solana
- Solana showed the brightest dynamics among cryptocurrencies from the top 10. On January 1 it was trading at $10, already on January 29 the rate of the asset rose to a local peak of $26.8. According to the results of the month Solana rose in price by 140%, up to $24.
The total value of tokens issued was $8.9 billion.
Stablecoins
- USDT issuance in January 2023 rose from $66.3 billion to $67.8 billion (2%), USDC fell from $44.5 billion to 42.2 billion (5%), and DAI rose from $5 billion to $5.1 billion (2%). USDC tokens are backed by U.S. dollars and assets with equivalent value, and DAI uses collateral on the Maker platform
Capitalization
- The total capitalization of the cryptocurrency market increased 20% in the first month of 2023, from $830 billion to $1 trillion. Trading volumes showed more serious growth: they stood at $24.9 billion on January 1 and reached $65.9 billion (165%) by the end of January.
As of early February 2023, there are more than 12.3 thousand cryptocurrencies and 647 crypto exchanges.
