Bitcoin and Ether's trading volumes dropped while they retained $16,000 and $1,100 price levels, respectively.

Bitcoin begins 2023 with 65% Decline; NEXO, TON, LIDO Green: Performance Report

  • Bitcoin and Ether’s trading volumes dropped while they retained $16,000 and $1,100 price levels, respectively.
  • The best performers in the top 100, except top 10, are Toncoin (TON), OKB (OKB), Nexo (NEXO), and Lido DAO (LIDO).
  • The worst performers in the top 100, except top 10, are Internet Computer (ICP), ZCash (ZEC), Maker (MKR), and Dash (DASH).
  • The total crypto market liquidation in the last 24 hours amounts to $16.65 million of which ETH makes up around $5.31 million.

As a new year has punched in, the crypto market remains stagnant while the majority of tokens have witnessed significant price cuts. Interestingly, the leading crypto coin, Bitcoin (BTC), is down more than 65% in the last 365 days, and it seems that the bottom is yet to be witnessed. It is also crucial to note that the second-largest cryptocurrency, Ether (ETH), also remains bearish despite the Ethereum network undergoing a major development in 2022, i.e., The Merge.

While Bitcoin is down more than 75% from its all-time high witnessed in November 2021, Ether is also down almost 68% in the last 365 days. It is clear that the situation of the crypto space is not likely to improve in the coming days due to drying trading volumes and declining institutional interest in blockchain-based assets. Moreover, it is possible that the investors would take some time before putting their money in crypto firms due to multiple bankruptcies filed this year.

Out of the hundreds of crypto exchanges present in the crypto industry, only a few have healthy liquidity, and it has been noted that the trading volume on exchanges has reached a two-year low. This confirms that the crypto winter might stay for longer than expected, and therefore, investors are advised to move their coins to safer places and brace for heavy impact.

As of 8:34 am ET, the price of 1 bitcoin stands at $16,557, while the trading volume of the crypto coin has dipped 30.31% in the last 24 hours. In the same period, the price of the token slipped 0.21%, while the market dominance of the cryptocurrency fell to 40.06%. Furthermore, the market capitalization of BTC has dropped 0.22% and currently stands at $318.7 billion, which is way down from the all-time high of $1.2 trillion.

While the accumulation of the oldest crypto coin in the industry remains high, it is important to note that, as per an analysis from blockchain analysis firm Glassnode, the “Bitcoin Percent Supply Last Active 2+ Years just reached a 2-year high of 47.498%.” This confirms that BTC bulls are no more interested in selling or trading their holdings but are HODLing for now. Investors should know that this means that there is a considerable change that the bottom is in.

In the past seven days, the price of Bitcoin has dipped by 1.60%, while its nearest competitor, Ether’s (ETH) price, has gone down by 1.89%. As noted earlier, the trading volume for the coins has dipped as well. Leading meme coins, Dogecoin (DOGE) and Shiba Inu (INU), both crashed heavily in the past week, with the latter losing almost 2.84% of its value while Elon Musk’s favorite crypto coin dropped close to 9%.

The metaverse tokens The Sandbox (SAND) and Decentraland (MANA) crashed 12.93% and 9.43%, respectively, this past week as well. Furthermore, Solana (SOL) also dipped close to 13.09% in the same duration.

According to the prediction algorithm from PricePredictions, Bitcoin is expected to follow a downtrend in the next hour as the bearish pressure will remain dominant as the day begins. It is also crucial to note that the situation is unlikely to improve if BTC loses the $16,000 price level, which has been holding for some weeks.

Source: PricePredictions

The indicators on the chart below confirm that the Bitcoin price action is bearish on all the time frames except the 30-minute time frame, which is currently green. Furthermore, the RSI indicator is below 50 for the 5 minute, 2 hour, 4 hour, and 24 hour time frames, which means that the longer ones are bearish.

On the other hand, the RSI is above 50 for the 15 minute, 30 minute, and 1 hour time frames, which confirms that the leading crypto coin might continue holding above the $16,000 price level for now.

Source: PricePredictions

The Bitcoin price trend has remained mostly neutral today but can turn downward if the selling volume climbs up. The algorithm suggests that no trades be placed in an uncertain market.

Additionally, for similar, timely predictions, traders can register on PricePredictions and enjoy full access to predictions of countless cryptocurrencies.

Source: PricePredictions

Also, as per the publicly available data, the crypto market’s Fear and Greed Index’s value has risen to 26 after dropping to 25, as noted in our Crypto Market Performance Report for Dec. 31. It is also crucial to note that the investors’ sentiment changed from “extreme fear” and currently reads “fear.”

Moreover, the market cap of the entire crypto space at the time of publication remains below the $800 billion mark and currently stands at $795.76 billion, and this value has gone down by 0.09% in the last 24 hours. Additionally, the number of cryptocurrencies is 22,157, as listed on CoinMarketCap.

Moreover, the world’s second-biggest cryptocurrency, Ether (ETH), is down by 0.32% in the last 24 hours and is currently priced at $1,195.58. The trading volume of the cryptocurrency is down by 20.62%, while the market dominance has dipped to 18.40% in the past 24 hours.

According to the data from Coinglass, the total crypto market liquidation in the last 24 hours amounted to $16.65 million, of which, Bitcoin made up $4.01 million and Ether made up $5.31 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).

The other top 10 cryptocurrencies showed bearish movements with BNB down 1.16% to $244.17; XRP down 1.75% to $0.3383; DOGE down 1.67% to $0.06958; ADA down 0.85% to $0.2455, and MATIC down 1.46% to $0.7551.

On the other hand, the worst performing tokens in the last 24 hours among the top 100, excluding the top 10, are Internet Computer (ICP), ZCash (ZEC), Maker (MKR), and Dash (DASH).

Interestingly, ICP was down 3.41% to $3.96; ZEC was down 3.96% to $36.78; MKR was down 3.51% to $508.70; and DASH was down 3.02% to $41.51.

Finally, the best performers in the top 100, not considering the top 10 cryptocurrencies, are Toncoin (TON), OKB (OKB), Nexo (NEXO), and Lido DAO (LIDO).

TON was up 4.28% to $2.27, OKB was up 3.22% to $27.20, NEXO was up 11.38% to $0.6942, and LIDO was up 5.51% to $1.01.

Parth Dubey
Parth Dubey Verified Author

A crypto journalist with over 3 years of experience in DeFi, NFT, metaverse, etc. Parth has worked with major media outlets in the crypto and finance world and has gained experience and expertise in crypto culture after surviving bear and bull markets over the years.

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