Cryptocurrency bitcoin has grown significantly for the first time this year

on January 12, bitcoin broke through the $ 18,000 level. This is the first time that the flagship cryptocurrency BTC $60,888.90 Bitcoin 0.21% Market capitalization $1.2 trillion VOL. 24 hours $0.62 billion has shown such figures since mid-December 2022. According to CoinGecko, the asset rose by 4% over the past day. At the time of writing, BTC is available for purchase at $ 18,154.

The flagship has traditionally triggered the growth of cryptocurrencies from the top 10 ranking — all assets are in the green zone. Ethereum ETH $3,368.25 Ethereum -0.50% Market capitalization $404.82 billion VOL. 24 hours $0.32 billion (4.9%) and Cardano ADA $0.38 Cardano -4.75% Market capitalization $13.51 billion VOL. 24 hours $23.25 million (3.5%) showed the best dynamics.

The rise in price of the first cryptocurrency and the assets in the top 10 occurred amid expectations of a decline in inflation in the United States. Today, January 12, at 15:30 Kyiv time, the Federal Bureau of Statistics (BLS) will publish the value of the consumer price index (CPI).

The US stock market is also showing positive dynamics before the BLS meeting. At the end of the trading session, the Dow Jones index rose by 0.8%, the S&P 500 by 1.28%, and the NASDAQ Composite Index by 1.76%.

Stocks rose on Wednesday as investors grew increasingly confident that Thursday’s consumer price index will show cooling inflation.

The Dow rose 0.80%.
The S&P 500 popped 1.28%.
The Nasdaq surged 1.76%. https://t.co/M9yITEYf4R pic.twitter.com/nABPAu5zfm

— CNBC (@CNBC) January 11, 2023

Some cryptocurrency analysts have noted that the current price level is extremely important for bitcoin. According to a trader known on Twitter as AlphaBTC, if the asset stays at $ 18,000, the cryptocurrency may rise to $ 20,000 in the future. If bitcoin fails to stabilize the current rate, the asset risks falling to $ 15,000.

Critical level for #Bitcoin, break here and accept back into the Q4 2022 range and the mid-20k is a good possibility.
Reject hard and we are likely to see 15K's or lower.
All hinges on CPI data later today. pic.twitter.com/hqmXGFRAEo

— AlphaBTC (@mark_cullen) January 12, 2023

As a reminder, the flagship cryptocurrency is expected to grow again. Popular crypto analyst Kaleo is confident that BTC will rise to $ 18,800, and Bernstein experts believe that now is the perfect time to buy bitcoin, even though large investors are hesitant to invest heavily in BTC. The cryptocurrency market is gradually recovering from the shocks of 2022, so industry players are cautiously optimistic.