{"id":16617,"date":"2023-01-31T18:28:39","date_gmt":"2023-01-31T18:28:39","guid":{"rendered":"https:\/\/nftandcrypto-news.com\/crypto\/5-altcoins-that-produced-double-digit-gains-as-bitcoin-price-rallied-in-january\/"},"modified":"2023-01-31T18:28:41","modified_gmt":"2023-01-31T18:28:41","slug":"5-altcoins-that-produced-double-digit-gains-as-bitcoin-price-rallied-in-january","status":"publish","type":"post","link":"https:\/\/nftandcrypto-news.com\/crypto\/5-altcoins-that-produced-double-digit-gains-as-bitcoin-price-rallied-in-january\/","title":{"rendered":"5 altcoins that produced double-digit gains as Bitcoin price rallied in January"},"content":{"rendered":"
The rally in cryptocurrency markets started in early January with a spike in heavily-shorted altcoins and Ethereum (ETH) liquid staking derivative (LSD) tokens due to the upcoming network upgrade in March. Soon gains started to show across the board as buyers started to play catch up.\u00a0<\/p>\n
The improving macroeconomic conditions, such as reduced inflation and a stable job sector in the United States, provided additional tailwinds for the positive rally. Bitcoin (BTC) is en route to its most impressive closing for January since 2013. Its price has gained 40% year-to-date from the opening value of $16,530.<\/p>\n
Another important catalyst for January 2023\u2019s rally was a short squeeze across the crypto market. After the FTX debacle and the lack of bullish narratives for the niche space, most investors expected growth to slow down in 2023. <\/p>\n
There are unresolved issues such as potential a Digital Currency Group fallout, geopolitical tension between Russia and Ukraine, and recession risks due to Fed\u2019s aggressive quantitative tightening policies. Thus, most traders didn\u2019t expect strong price rallies so early into the year.<\/p>\n
As it turns out, negative sentiment and crowded positions in the futures market continued to fuel more upside. There\u2019s a strong chance of a pullback soon after steep gains. It remains to be seen if the pullback levels are attractive enough for buyers to turn it into a medium-to-long-term bullish trend. Let\u2019s take a look at the top performing cryptocurrencies for January.<\/p>\n