Bitcoin Posts Biggest Monthly Gain Since 2021 Start as Crypto Market Momentum Builds
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Bitcoin (BTC) has gained nearly 27% in January, its biggest monthly percentage increase since January 2021.
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Many alternative cryptocurrencies are also rising, following Bitcoin's lead. A market breadth indicator tracking over 5,300 cryptocurrencies shows the number advancing is increasing.
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The market breadth indicator shows only 4.7% of cryptocurrencies are in a strong downtrend, the lowest percentage since January 2021. This suggests broader market momentum.
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The indicator's developer says the data reflects increased investor risk appetite and more sustainable bullish momentum.
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The number of cryptocurrencies in uptrends is rising, very different from a year ago when advancers were rare. This indicates a healthier and more durable rally.