Bitcoin has continued its bullish trend as many crypto traders and analysts expect another crypto bull market judging from the market conditions. Many have even compared the recent Bitcoin greenish trend as reminiscent of the 2019 bull market revival. Bitcoin isn't the only crypto/platform performing very well at the start of 2023. Aptos recently hit an all-time high as it is looking to push Ethereum out of its place as the number one layer 1 proof-of-stake blockchain.
Bitcoin price went above $23k, while Aptos's APT increased by more than 46%. All these metrics are signs that the next crypto bull market might be around the corner. According to data provided by TradingView, the apex cryptocurrency has been in good shape and increased by approximately 1.6% over the past day at 4:35 p.m. EST.
Other cryptocurrencies and even meme tokens are having a blast in the market. Ethereum and Binance Coin have reversed their earlier bearish trend and are on a good path now. Meme tokens such as Dogecoin and Shiba Inu have also changed into more greenish candles. With a crypto market as good as this, many analysts believe that the crypto market is set to return to another bull run after the issue it witnessed in recent times.
The FTX collapse was a very big blow to the crypto industry, and it is still affecting what has happened to date. Genesis, a crypto lending firm, was also affected by the collapse of FTX; this made the lending firm file for chapter 11 bankruptcy protection in New York City. However, things have changed as the crypto market is witnessing some great times.
Reminiscent of the 2019 Bull Revival
Many crypto analysts have termed the current trend in the crypto market reminiscent of the 2019 bull revival. A macro trader Geo Chen said in the Jan. 20 edition of his popular Fidenza Macro Substack-based newsletter that the current market situation is similar to what was witnessed in 2019.
He compared the two years, noting the differences while highlighting that the similarities are higher.
"During the four months before the 2019 rally, BTC traded in a tight range near the lows, as shorts pressed their advantage while strong hands accumulated. The 2019 rally coincided with a Goldilocks environment of slowing growth and inflation, which caused the Fed to take its foot off the tightening pedal," Geo Chen said.
Small Cap Tokens Driving the Pump
Besides the contributions of Bitcoin in driving the bulk trend currently witnessed in the crypto market, small-cap tokens are also a major contributor.
According to Stephane Ouellette, CEO of FRNT Financial, small-cap cryptocurrencies have been crucial for the bullish trend the market is experiencing. Most of these small-cap tokens came from well-planned projects with great utility, leading to many investors trying to profit from them.
Crypto stocks are not left behind in this new trajectory of the market. Many reports and data show that many stocks from crypto firms have been increasing in value in the stock market. According to data provided by Nasdaq, MicroStrategy fell about 0.7%, which is pretty good, Silvergate rose 1.3%, and Coinbase dropped a little bit too.