• Bitcoin touched $17,000, marking a multi-week high.
• Ethereum Classic and Lido DAO saw impressive gains.
• MakerDAO took back its DeFi throne.

The crypto market started off the new year with a bang, as Bitcoin finally managed to touch the pivotal $17,000 level. This marked a multi-week high for BTC, as it had failed to break this line for several consecutive days. The altcoins also turned green, with Ethereum Classic and Lido DAO recording impressive gains.

The primary cryptocurrency had been trading in the $16,500 range for the past few days, with no major movements. On Monday, however, the bulls attempted to push BTC to $16,700, and the attempt was successful. In the days that followed, the leading crypto attempted to challenge the $17,000 level, but failed to do so. On Saturday, however, Bitcoin finally managed to break past this level, with many analysts expecting the rally to continue.

The altcoins also benefited from the BTC rally, with Ethereum Classic and Lido DAO seeing impressive gains. Ethereum Classic recorded a 17% weekly increase, while Lido DAO soared to a two-month high. Despite these impressive gains, MakerDAO managed to take back its DeFi throne. The decentralized finance platform saw an 8% weekly increase and is now the third-largest DeFi project.

The bullish momentum is expected to continue in the coming days, as Bitcoin is now on track to challenge the $17,500 level. Altcoins are also expected to benefit from the BTC rally, although their gains may not be as impressive. Nevertheless, the crypto market is now in a bullish state and is expected to continue its rally in the coming days.

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