The start of 2023 has been marked with minimal price movements across most of the cryptocurrencies. However, on January 13, 2023, major cryptocurrencies rallied to the US inflation data, with Bitcoin testing the US$19,000 mark, Ether at US$1,400, and XRP and Cardano at $0.38 and $0.33, respectively, according to CoinGecko data. 

The crypto rally continued on January 14, 2023, with Bitcoin trading at US$21,000, Ether trading above US$1,500 and XRP trading at US$0.40 The recent rally has seen the global cryptocurrency market cap reach the US$ 1 trillion mark, a rise of about 25%  since the beginning of 2023.