Crypto Capital Venture founder Dan Gambardello is optimistic about the return of bulls to the crypto market, the reason being that "bears are getting exhausted."
Bitcoin has started 2023 off on the right foot with a steady price increase over the last 12 days.
#Bitcoin touching $18k#Cardano looking for continuation#Avalanche scores partnership w/ Amazon— Dan Gambardello (@cryptorecruitr) January 12, 2023
Not a bad day for crypto. Bears getting exhausted. Come on crypto bulls! pic.twitter.com/2P8UhBuE3x
Traders betting on a slowdown in U.S. inflation drove the price of Bitcoin to its highest level in a month on Thursday.
The biggest cryptocurrency in terms of market value rose above $18,000 for the first time since Dec. 14. Bitcoin was trading up 4.3% at $18,197 as of the time of writing, according to CoinMarketCap data.
The surge in the Bitcoin price drove that of alternative cryptocurrencies, or "altcoins," higher. Most cryptocurrencies were trading in the green at the time of writing.
Cardano's ADA was up 2.10% in the last 24 hours at $0.322. At the week's start, ADA suddenly jumped over 22%, buoyed by continued whale accumulation.
According to Santiment, an on-chain analytics firm, millionaire whale addresses purchased 217.2 million ADA at the start of 2023.
Investors await key releases
It is anticipated that Thursday's release of U.S. inflation data will reveal a slowing of inflation. According to economists surveyed by Dow Jones, the consumer price index might decrease by 0.1% in December.
Investors are hoping that the decrease will encourage the U.S. Federal Reserve to cut interest rates.
In a bid to rein in surging inflation, the Fed and other central banks have been hiking interest rates over the past year or so. These actions caused equities and cryptocurrencies to fall substantially in 2022.