• Bitcoin has entered 2023 flat at around $16,500, without any volatility.
• Nexo’s native cryptocurrency has experienced a double-digit surge, becoming today’s best performer.
• Other altcoins failed to produce any significant volatility, aside from OKB and Toncoin.
The new year has brought with it a flat market for Bitcoin, as the leading cryptocurrency enters 2023 with little to no volatility. After a tumultuous year that saw the asset drop from almost $50,000 to $16,500, Bitcoin has been unable to produce any significant price movements in the past few weeks.
However, there has been one notable exception in the cryptocurrency market today. The native token of digital asset management platform Nexo has skyrocketed by more than 15%, becoming the best performer in the market. This surge likely comes in response to the recent announcement that Nexo will be launching a Bitcoin-backed loan product, allowing customers to borrow up to 50% of their BTC holdings at an annual interest rate of just 5.9%.
Outside of Nexo, the cryptocurrency market has been relatively uneventful. Altcoins have generally failed to produce any significant volatility, aside from two recent high-flyers – OKB and Toncoin. OKB, the native token of cryptocurrency exchange OKEx, has experienced a surge of over 40% in the past few days, while Toncoin (TON) has seen a rise of over 20%.
Overall, the market has been surprisingly calm as Bitcoin enters 2023. With the asset still trading at around $16,500, the coming weeks will be key in determining whether the cryptocurrency will be able to break out of its current stagnation and move to higher levels. In the meantime, it remains to be seen whether the recent surge of Nexo’s native token is indicative of a wider shift in the market or simply a short-term spike.