The crypto market rally continued on Monday, Jan. 5, with Bitcoin and most altcoins rising sharply and the market capitalization of all coins rising to over $3.12 trillion. 

Most of this rally is being driven by meme coins, which have done better than popular utility coins like Ethereum, Polkadot, and Solana. Pepe Coin price jumped by 70% in the last seven days, while Bonk, Floki, Pudgy Penguins, and SPX6900 rose by over 30% in this period.

The crypto market rally is happening because of the so-called January Effect, a situation where investors buy assets in January after selling them in the last weeks of December for tax purposes. This January Effect can…