Bitcoin's strength seems to be growing. Its value soared past $40,000 on January 8, 2021. It is a safe bet that a lot of investors are astounded that the value of Bitcoin doubled in one month. Just one month ago, Bitcoin reached the $20,000 mark. The buying of Bitcoin continues undeterred. The bull behavior around bitcoin has pushed a lot of the alternative coins higher, too. The current cryptocurrency market capitalization now exceeds $1 trillion United States dollars.
XTZ/USD Tezos has slowly grown since November. It had some attention in December around the Ethereum network. It also announced a new NFT platform that will go live later this January. Its value went from $1.9505 on January 2 to $2.80 on January 8, which is a 43.55% increase.
SNX/USD SNX was listed on Coin Base on December 16. This resulted in a growth in its supply and value. It offers a big opportunity for an advanced trader. Its value is around $2 billion, and it has a strong bull trend. Its low on January 1 was $7.154. Its high on January 5 was $13.38, which was an 87% increase. Analysts think it could end up in a correction position soon.
YFI/USD Yearn has paired with several decentralized finance projects over the past couple of months. At first, those projects attracted a lot of trader attention. However, it has fizzled out. On January 7, Binance expressed interest in it. As a result, it had a low on January 3 of $20,381.88. Its high was $37,185 on January 8. That amounts to an 82% increase in five days. As a bullish setup, it could get as high as $55,000, but its journey might not be a straight line. Its all-time high value is $43,966.31. The bull investors think it will get there and go past this level. If the trend turns, the bears will support its value around the $18,000 price point.
Now that the United States presidential election is over and a COVID-19 vaccine is being distributed, investors expect the cryptocurrency market to stabilize and have fewer rough patches.