- At press time, the global crypto market hovers above $1 trillion.
- Axie Infinity (AXS) tops the gainers’ charts with a 42% price surge in the last 24h.
Despite the untested bullish rally, some cryptocurrencies have surprisingly recorded and set their new all-time highs (ATH) at the start of 2023. Significantly, Aptos (APT) and Optimism (OP) are the cryptos that have contributed their new records to the market’s positive sentiment. According to Coingecko, on January 22, APT set its new ATH at $14.47 and OP at $2.46.
Notably, Aptos (APT), a native L1 proof-of-stake (PoS) cryptocurrency, holds a track of being one of the cryptos that attained significant surges in the initial launch days. Previously, APT recorded its first ATH at $13.73. This cryptocurrency was created and launched by former Meta engineers in mid-October 2022.
Besides APT and OP, (AXS) established itself as the top gainer of the day and recorded its 3-month high. The price of AXS had its 42% spike in the last 24 hours. Also, Osmosis (OSMO), Flow (FLOW), and STEPN (GMT) exhibited a price surge of over 15% in a day.
Crypto Market’s Short-Term Bull Rally Confirmed?
Last week, the market bulls boosted the dominant cryptocurrency, (BTC), to attain its 90-day high at the $23,000 level. At the time of writing, as per Coingecko, BTC traded at $22,789. Similarly, various other altcoins exhibited price surges. Altogether, this brief bullish trend influenced a hike in the crypto market’s value. Even so, traders and crypto analysts are keenly analyzing if it is just a false breakout. On Crypto Twitter, the community regards this as a bullish “fake out rally.”
Global Crypto Market Cap (Source: TradingView)
As per the data depicted in the above chart, the global crypto market laid a falling wedge pattern. Wedge patterns, in general, show up and indicate a trend reversal. Particularly, a falling wedge pattern signals a bullish reversal. The crypto market cap recorded a notable breakout and confirmed an uptrend.
Also, according to the chart, the crypto market faced rejection near the $1.033 trillion resistance level. However, its overall market capitalization surpassed the 200-day moving average (200MA) in the second week of January and continues to hover above it at press time. Thus, advocating for a possible bullish rally.