Crypto Market Cap Reclaims $1T as SOL, OKB, APT Explode by Double Digits: Weekend Watch

image-Crypto Market Cap Reclaims $1T as SOL, OKB, APT Explode by Double Digits: Weekend Watch

January 23, 2023

The crypto market cap is above $1 trillion following the latest 2023 rally.

Bitcoin soared by roughly $2,000 in the past several, charting its highest price position since mid-September.

The altcoins are well in the green as well, with some, such as SOL and OKB, posting massive double-digit price increases.

Bitcoin Sees 18-Week High

The latest Bitcoin surge came amid five bullish on-chain factors provided by CryptoQuant earlier this week. The asset had calmed after touching $21,600 and had retraced to just under $21,000.

The bulls had a battle that continued for a few days seems to be won, at least for now, as BTC went through one of its most impressive overnight price surges in a while. It took it from below $21,000 to inches away from $23,000.

Although it has still been unable to tap that level as of now, touching $22,800 is the highest price tag bitcoin has seen in 18 weeks. Somewhat expectedly, this price surge caused losses worth millions of dollars for over-leveraged traders, with the majority being short positions.

The price pump has helped BTC’s market cap to increase to almost $440 billion. Its dominance over the altcoins is also on the rise and is up to 42%

BTC/USDSource: TradingView

APT, SOL, OKB Skyrocket

Although BTC’s market dominance is increasing, several altcoins are actually outperforming the largest digital asset on a daily scale. Among those, Aptos’ native token has taken the main stage with a mind-blowing 57% surge. As a result, APT has marked a multi-month high above $12.

Next in line from the larger-cap altcoins are Solana, OKB, MANA, SAND, ICP, VET, HBAR, NEAR, and ATOM. All of those have skyrocketed by between 10% and 20% overnight.

Ethereum is at $1,650 after a 6.5% increase. Binance Coin has reclaimed $300 following a 5.5% jump.

All of these price jumps have helped the crypto market cap to surge above $1 trillion on CoinMarketCap as well.

Cryptocurrency Market overview. Source: Quantify Crypto

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