Cryptocurrency Markets Trade Higher after MicroStrategy and Metaplanet Announce BTC Acquisitions

Cryptocurrency markets are trading higher on Monday morning following announcements from MicroStrategy and Metaplanet revealing new BTC acquisitions.

After a weekend of minimal price movements, BTC/USD opened the new week surging towards the $100,000 mark once again.

The world’s largest cryptocurrency by market capitalization had reached the threshold on several occasions in the past few weeks, yet each attempt was followed by a pullback.

Bitcoin began 2023 with a strong rally, surging past the key psychological level of $90,000 on New Year's Day.

However, its momentum appeared to stall after reaching local highs around $93,000 on January 7.

Despite the slowdown in price action, Bitcoin still managed to secure double-digit gains for the year to date.

As of writing, BTC/USD was trading above $99,000 with a 1.2% gain on the day, while other top-tier altcoins also posted gains.

ETH/USD rose by about 1.3% to trade above $3,200 and XRP/USD climbed over 2% to reach the $0.93 level.

Among the top 100 coins, several tokens had rallied by double digits over the past 24 hours.

Leading the top gainers was GMT, which soared by more than 40% to trade at $2.9.

Other notable gainers included XEM, CELO, and OP, which rose by between 15% and 25%.

In the meantime, a few tokens including GRT, YFI, and SUSHI were trading in the red with single-digit losses.

Top Gainers, Loser / 24H, 7D, 30D, 90D, 180D, 1Y Price Chart (Top 100 Coins) | CoinMarketCap

Top Gainers, Loser / 24H, 7D, 30D, 90D, 180D, 1Y Price Chart (Top 100 Coins) - Live market prices, candlestick charts, and historical data for the top 100 gainers and losers on CoinMarketCap.

Crypto trader Bluntz Capital remained cautiously optimistic about Bitcoin’s price action in the new week.

Highlighting the recent price movements in a tweet, Bluntz noted the strong rally on New Year's Day followed by another pump on Monday.

However, he expressed concerns about the stalling momentum, which could lead to a pullback.

“BD1/Capital flows strong on both pumps, but both failed to fully follow through,” the trader wrote.

“We saw pumps get smaller, and now momentum is stalling. Could continue higher, but also be setting up for a good pullback. Fully long, but also fully reserved for dips.”

BD1 / Capital flows strong on both pumps, but both failed to fully follow through

We saw pumps get smaller, and now momentum is stalling. Could continue higher, but also be setting up for a good pullback

Fully long, but also fully reserved for dips

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