AUS
NZ
UK
CA
USA
FRA
GER
ESP
ITA
NLD
PRT
SWE
GRC
IND
POL
BRA
ZAF
RUS
CHN
UAE
Highlights
- Bitcoin (BTC) makes a strong recovery, reaching $95,800 after recent struggles.
- Binance lists ChainGPT, triggering major gains in the AI token sector.
- Kenya plans to legalize cryptocurrency, indicating a shift towards regulatory clarity.
The cryptocurrency market saw notable developments last Friday as Bitcoin (BTC) surged by 3%, reclaiming the $95,800 mark after three days of losses. Despite this recovery, Bitcoin's rally struggled to surpass the critical $96,000 level, hindered by a steady outflow of assets from Bitcoin Exchange-Traded Funds (ETFs). However, Bitcoin managed to stabilize above $95,000, with whale investors actively accumulating during the market dip.
As the world’s leading digital asset experiences resistance near the $96,000 mark, altcoins surged in the market. AI-related tokens saw substantial growth, buoyed by Binance’s (BNB) listing of ChainGPT, an AI-driven cryptocurrency project developed on the BNB chain. This listing led to a 97% price surge, propelling ChainGPT past the $320 million market cap. ChainGPT’s performance was reflective of the growing momentum in the AI sector, as other tokens like Render (RNDR) and Ai16z followed suit, gaining 4% and 3.6%, respectively.
Among the top-performing altcoins, SUI showed impressive growth, emerging as the leading performer within the top 50 ranked crypto assets. SUI's adoption grew due to its highly scalable blockchain and strategic partnerships within its ecosystem. Additionally, tokens from decentralized exchanges also performed well, such as Uniswap (UNI), which rose by 6% amid increased market demand for exchange tokens.
Bitcoin Cash (BCH) also outperformed Bitcoin, rising by 7%, pushing its value to $450, as Bitcoin Cash continues to gain attention as a privacy-centric digital asset. While Bitcoin and Ethereum remain pivotal in the space, there is a clear diversification in trading strategies, with traders opting for assets that offer privacy features, like BCH.
In notable international news, Kenya is moving forward with the legal recognition of cryptocurrency. The country’s Finance Minister, John Mbadi, stated on January 10 that Kenya intends to legalize digital assets, paving the way for the creation of a regulated market for cryptocurrencies and Virtual Asset Service Providers (VASPs). This potential legislation highlights the government’s acknowledgment of the widespread use and benefits of cryptocurrencies, including better regulation and combating fraud and money laundering.
Lastly, a wave of controversy hit the crypto market involving Phantom, a prominent multi-chain crypto wallet provider. Phantom’s tweet exchange with Ace of AI led many to mistakenly believe that a partnership had been formed, prompting a sharp price increase for ACE tokens. Phantom later clarified the situation, causing the ACE token's value to drop significantly.
As the market navigates regulatory developments, investor activity remains closely watched as developments unfold, particularly in regions like Kenya and as innovative projects like ChainGPT make waves across the sector.
