It has been an eventful month in crypto! We are off to a great start to 2020 – January brought the price surge that many HODLers had been waiting for. Now that January is history, let’s have a look at how the top crypto assets performed.
Bitcoin (BTC) started 2020 at $7,199 and had its first considerable jump on January 8, when the crypto rose to $8,154. Bitcoin’s price increase continued all the way until the end of January. The first half of the month saw a more modest climb and BTC stayed close to the $8100 line. January 14 gave the crypto another lift and Bitcoin went up to $8,829. The crypto reached its monthly high of $9,569 on January 30 and closed January at 9,349.
What were the reasons for such an intensive price increase? Many sources reason it with global uncertainty. January saw numerous turbulent events in international relations – drone strikes by the United States, Iranian sanctions, Brexit and the outbreak of the coronavirus. These events might have had a stake in contributing to growing international uncertainties that led people to look for alternative currencies. Celebrations of the Chinese New Year and its accompanying gift-giving traditions also augmented the price tumbles. Furthermore, the approaching Bitcoin halving is considered another contributing factor by bringing up discussions about potential price changes.
Let’s have a look at how other crypto assets performed in January.
Ether (ETH) welcomed 2020 at $130.75. The crypto had a successful month with steady price increases and ETH ended the month at $179.91 – totalling a price increase of 37.5%. Similarly to Bitcoin, the first half of January saw a more gradual price increase and the spurt started on January 14.
Ripple (XRP) gained 24.1% in price within January. The crypto stood at $0.193 on January 1 and passed the $0.2 line on January 6, staying there until the end of the month. By January 15, XRP was priced at $0.233 and the crypto closed January at $0.239.
Litecoin (LTC) was priced at $41.6 in the beginning of January. The first 10 days of the year were steady for the crypto and the first remarkable increase occurred on January 10, as LTC jumped up to $49.1. That was followed by another big boost on January 14, bringing LTC up to $58.5. Litecoin saw a 13.6% daily increase on January 30 and reached its monthly high of $70.1 that day.
Bitcoin Cash (BCH) started January off at $204.4. Like other altcoins, BCH saw a price increase in January, but unlike other assets – Bitcoin Cash increased in price by a staggering 83.1%! The crypto had already increased by $67.3 by January 10 and the boost continued. By January 14, BCH was standing at $349.5. We saw another big leap on Jan 28 and the crypto reached its monthly high of $413.25 on January 30, bringing great news to all BCH holders.
That’s it for this month’s market review! Did you know that you can trade all of these tokens (and many more) on the CoinMetro platforms? Check it out for yourself – log in to your CoinMetro account; use the Demo platform if you want to practice and let us know if you have any questions – we’re here 24/7 to help you!