Top Reasons Behind the Crypto Market Rally Today
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…
