Why A Sudden Crypto Price Surge Has Added $200 Billion To Bitcoin, Ethereum, BNB, XRP, Cardano, Dogecoin, Polygon And Solana In 2023

Bitcoin
BTC
, ethereum and other major cryptocurrencies have suddenly leaped higher after trading sideways this last week (and some think the rally could be just getting started).

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The bitcoin price has rocketed to almost $23,000 per bitcoin, up from lows of under $20,000 this week, adding 7% over the last 24 hours. The ethereum price is up a similar amount reflecting other top ten coins BNB
BNB
, XRP
XRP
, cardano, dogecoin and polygone. The FTX-linked solana, an ethereum challenger, has added almost 20%.

Bitcoin and crypto’s sudden $200 billion 2023 rally—that’s seen some smaller coins leave bitcoin in the dust—has been put down to rising hopes the Federal Reserve and other central banks will move to slow interest rate hikes, though some have warned traders may be getting ahead of themselves.

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“The last couple of months have undoubtedly brought indicators of a more positive environment with regards to inflation, as well as the boost of the Chinese economy reopening,” Max Coupland, the Director of CoinJournal, said in emailed comments.

Last week, data showed the pace of inflation in the U.S. fell to its lowest level in more than a year in December, a sign that price pressures may have peaked. Last year, the Fed implemented four straight three-quarter point rate…