Bitcoin (BTC) Shows Impressive Growth in January Alone, Beating Ethereum (ETH): Details

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  • January 24, 2023

Yuri Molchan

The world’s flagship cryptocurrency has surged in January

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Prominent Bitcoin-focused Twitter handle @BTC_Archive has pointed out that over the past three weeks, during the first month of 2023, the leading digital currency Bitcoin spiked by 39 percent.

Bitcoin growing at fast pace so far

Overall, since early January until now, Bitcoin price has increased from slightly below $17,000 ($16,909) to the spot on the chart we can see now – $22,887. During the weekend, BTC even made an attempt to break above the $23,000 level, succeeded but was unable to hold at $23,360 for long.

The $23,000 price mark was recovered for the first time since August last year. Between Friday and Saturday, BTC jumped by around 9 percent and grew by $2,000 just within 24 hours.

The growth of Bitcoin seems to be fueled, among other factors, by active purchasing of BTC by large-tier wallet owners over the past two weeks. These wallets hold between 1,000 and 10,000 BTC. Within the aforementioned 14 days, they bought a total of 64,638 BTC worth around $1.46 billion.

Unlike Bitcoin, the second major cryptocurrency Ethereum has shown a growth of roughly 26 percent.

Crypto sees $37 million inflows

According to data shared by CoinShares asset managing firm, last week there were $37 million of inflows into crypto assets. However, 68 percent of those were into short-Bitcoin products.

The biggest weekly inflows were in Bitcoin – $5.7 million with $9.2 million month-to-date. Ethereum saw $4.2 million of weekly inflows and $6.8 overall this month.

In Germany and Switzerland, the inflows in crypto constituted $14 million and $10 million, respectively. In contrast to that, Hong Kong faced outflows from investment products, totaling $11 million.

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