January 2023 was a month of growth for the cryptocurrency market, as the sector saw a resurgence after the prolonged crypto winter.
The Bitcoin rate, which had declined by more than 70% due to the global economic crisis and the difficult geopolitical situation in the world, rose by 39.8% in value, reaching $23.42 thousand. Ethereum also experienced growth, with a 33.6% increase that brought its price up to $1.67 thousand.
Nearly all cryptocurrencies from the top 100 were traded in the green zone in January, with only insignificant losses occurring mainly in stablecoins, within an acceptable range of up to 0.6%. The overall cryptocurrency market grew by 33.5% and crossed the $1 trillion threshold, with the capitalization of all digital coins in circulation now standing at $1.11 trillion. The share of bitcoin also increased by 2.4% to 40.85%.
Overall, January 2023 was a positive month for the cryptocurrency sector, as the market saw significant growth following the difficult conditions of the crypto winter.
Top 5 most profitable coins.
January 2023 was a month of growth for the cryptocurrency market, and the top 5 most profitable coins showed significant increases in value.
The growth was led by Aptos (APT), which added the most in price with a growth of 398.8% from $3.46 to $17.26. This new blockchain, created by the developers of Diem, received support from leading investors and the crypto community, and uses parallel transaction execution technology for improved network performance. The asset is currently traded on major exchanges for $16.59, with a daily transaction volume of $227.51 million.
In second place is the Render (RNDR) coin, which saw a 197.5% increase in value from $0.4 to $1.19 and a 451.7% increase in capitalization from $121.54 million to $427.56 million. This blockchain distributes GPU rendering and allows idle GPU owners to earn passive income. The native RNDR coin is traded on major exchanges with a daily volume of $138.82 million.
The third-placed coin is Decentraland (MANA), which rose by 151.72% from $0.29 to $0.73, with a 150% increase in market capitalization from $542.19 million to $1.35 billion. MANA is the in-game metaverse token used to purchase avatars, lands, items, and other attributes on the native marketplace. The coin is widely available for purchase on both decentralized and centralized exchanges, with a daily trading volume of $157 million.
The other two profitable coins in the top 5 include Fantom (FTM), which saw a 147.3% increase in value from $0.19 to $0.47, and Optimism (OP), which rose by 142.8% from $0.91 to $2.21. Overall, January 2023 was a positive month for the cryptocurrency sector, and these top 5 coins showed impressive growth in value.
List of unprofitable cryptocurrencies.
Some crypto market observers have different perspectives on the current state of the market. While some see a localized growth in the January rally, they also caution about the overall bearish trend in the market. On the other hand, other experts hold a more optimistic outlook, predicting a forthcoming price recovery. In the recent past, holders of stablecoins and a few other coins from the top 100 in terms of market capitalization suffered minimal losses, within acceptable limits of 0.6%.
However, one of the biggest disadvantages in the current market scenario is faced by investors of the LEO Token (LEO). During the past month, the value of the cryptocurrency experienced a dip of 2.7% (from $3.61 to $3.51). iFinex Inc, which manages the Bitfinex exchange and several other projects, launched the LEO Token. LEO functions as the native cryptocurrency in the Bitfinex ecosystem. To sustain the growth of the asset, the developers have implemented the mechanism of burning a portion of the emitted tokens.
LEO has the support of investors, the community, and leading exchanges. As of February 2023, the asset can be found on popular platforms such as Bitfinex, HitBTC, Uniswap, and others. The daily trading volume of LEO is $527.44 thousand and its market capitalization is $3.24 billion, a 3.8% decrease from the start of the month.
Investors in Pax Dollar (USDP) experienced second-highest losses among stablecoins during January 2023. The price of the stablecoin had slight fluctuations, with a value of $0.994 as of January 31, 2023, which was 0.6% less than its peg. Pax Dollar is managed by the Paxos trust company and is fully backed by dollar reserves. Market capitalization for the asset was $899.89 million in early February 2023, and it is traded on major exchanges like Binance, Huobi, and Coinbase, with a daily trading volume of $1.51 million.
Binance USD (BUSD) stablecoin came in third on the list of losers, with a peg deviation of 0.1% (from $1 to $0.999) as of January 31, 2023. BUSD is the native stablecoin of the largest cryptocurrency exchange, Binance, and has a market capitalization of $16.24 billion in early February 2023. The daily trading volume of BUSD is $7.47 billion, with Binance providing the largest turnover. The coin is also available for purchase on other platforms like LBank, MEXC, and Coinbase.
