Bitcoin Almost Touches $18k, Altcoins Bullish, TON Jumps 21%: Market Report
- Bitcoin (BTC) was able to retain $17k and made a move towards $18k while Ether is finally back above $1,300.
- The worst performing tokens are GMX (GMX), Stacks (STX), ApeCoin (APE), and Bitcoin SV (BSV).
- The best performing cryptocurrencies are Toncoin (TON), GMX (GMX), Near Protocol (NEAR), OKB (OKB), and Lido DAO (LIDO).
- The total crypto market liquidation in the last 24 hours amounts to $97.95 million of which BTC makes up around $43.99 million.
The crypto market turned significantly bullish on Wednesday as trading volumes also surged. Interestingly, the accumulation of the leading cryptocurrency, Bitcoin (BTC), is also on the rise as gradually more investors are buying the current dip. However, it is also crucial to note that the regulatory uncertainty could be a reason why a global adoption of cryptocurrencies is not currently being witnessed.
On December 14, the world’s biggest cryptocurrency was able to hold above the $17k price level, which means that the retest of the nearest resistance zone is quite likely. As a result, we saw Bitcoin try to break the $18k price region but was unable to do so due to a not very high buying volumes. Additionally, the crypto coin needs to break above $18k and reclaim $20,000 price region to confirm a bullish breakout towards $24k price levels.
,As of 7:20 am ET Wednesday, the price of 1 Bitcoin (BTC) stands at $17,873, up 2.46% in the last 24 hours while in the last seven days, the price has jumped by around 6.34%. This indicates that a bullish phase might be coming close for BTC as gradually, the year end is coming near and a bullish run like 2021’s “Santa Bull Run” can be imagined as well.
The market dominance of Bitcoin stands at 39.34% while the trading of the cryptocurrency has jumped by 11.08% in the last 24 hours which means that the buying pressure in the market is currently higher than the selling pressure. However, BTC is still significantly low (about 74%) from its all-time high of $69k noted in November 2021.
As per the chart below from PricePredictions, Bitcoin is gradually rising on the one hour timeframe which suggests that the price of BTC is picking up pace and this means that a short term bullish outbreak is on the table as well. The 1-hour chart indicates that BTC is actually making higher highs today.
Next, the indicators from the website shows that almost every indicator is bullish for Bitcoin on all time frame which means that any trades placed in the last 24 hours, would’ve resulted in profit. However, it is crucial to rightly time the market and not be extremely greedy when implementing a trade.
The major indicators like RSI and MACD are bullish as well while a uptrend can be seen on the shorter time frame with the help of the Bollinger Bands. To summarize, the 5 mintue, 15 minute, 30 minute, one hour, two hour and four hour, and 24 hours time frames are bullish for the world’s oldest cryptocurrency, Bitcoin (BTC).
Additionally, as per the publicly available data, the crypto market’s Fear and Greed Index’s value has risen to 30, after resting at 27 as per our Crypto Market Performance Report for Dec. 13. However, the market sentiment still reads “fear,” which means that the uncertainity in the crypto space prevails and investors are unsure if $18k will be reclaimed.
Furthermore, the market cap of the entire crypto space at the time of publication stands at $872 billion, and this value is up 1.87% in the last 24 hours. Moreover, the number of crypto coins is 22,032, as listed on CoinMarketCap.
On the other hand, it is also crucial to note that the biggest rival of Bitcoin, world’s second-biggest cryptocurrency, the Ether (ETH) token has also performed quite well. Vitalik Buterin’s token is up 2.92% in the last 24 hours and is currently priced at $1,328. The trading volume of the crypto coin has surged by 27.26%, while the market dominance rose to 18.61%.
According to the data from Coinglass, the total crypto market liquidation in the last 24 hours amounted to $97.95 million, of which, Bitcoin made up $43.99 million and Ether made up $30.63 million.
Excluding Bitcoin and Ether, the other top 10 cryptocurrencies in the industry are Binance Coin (BNB), Ripple (XRP), Dogecoin (DOGE), Cardano (ADA), and Polygon (MATIC).
Interestingly, GMX was down 7.37% to $54.63; STX was down 6.17% to $0.2862; APE was down 1.23% to $4.07; and BSV was down 2.12% to $45.98.