Bitcoin Breaks $17k, Altcoins Turn Green: Market Watch

  • Bitcoin successfully broke up the $17k price level while Ether, despite outperforming BTC, remains below $1,300.
  • The worst performing tokens are Toncoin (TON), Axie Infinity (AXS), Terra Classic (LUNC), and Synthetix (SNX).
  • The best performing cryptocurrencies are Quant (QNT), Trust Wallet Token (TWT), Internet Computer (ICP), and EOS (EOS).
  • The total crypto market liquidation in the last 24 hours amounts to $39.47 million of which Bitcoin makes up $11.57 million.

The biggest cryptocurrency on the market in terms of market capitalization, Bitcoin (BTC), broke past the $17k market level, attempting to breach the nearest resistance zone. This move comes at a time when the crypto space is increasingly bearish and there is a huge lack of trading volume for digital assets.

Any trades implemented in the last 24 hours might have resulted in profit, but not by a very large margin. It is therefore advised not to place trades during uncertain market conditions. As of 6:00 am ET on December 9, 2022, the price of 1 Bitcoin is $17,219, and it is up by 2.33% in the last 24 hours.

According to the chart below from PricePredictions, the world’s biggest crypto coin is trending upward on the hourly chart. However, we can expect Bitcoin to lose $17k once again if buyers don’t take charge.

Source: PricePredictions
Source: PricePredictions

Interestingly, the gain in the price of Bitcoin is not enough to call the current spike, a trend reversal. Investors must wait before putting their money in the leading crypto coin to see if $17k is retained and turned into support.

As per publicly available data, the crypto market Fear and Greed Index’s value has now risen to 26, after dropping to 25 in our Crypto Market Performance Report for Dec. 8. Additionally, the market sentiment has also changed from “Extreme Fear” to “Fear” due to the short spike in the price of Bitcoin which has changed the course for altcoins as well.

The market capitalization of the entire crypto space at the time of publication stands at $859.82 billion and this value is up 2.18% in the last 24 hours. However, this is still way below than the $1 trillion market capitalization which the industry lost earlier this year. The number of crypto coins currently counted for in the space is around 21,992.

The world’s 2nd biggest crypto coin, Ether (ETH), has once again outperformed Bitcoin and has jumped by more than 4%. At the time of writing, the price of 1 ETH is $1,283, still below the $1,300 price level above which lies a major resistance to the price action of the crypto coin. The trading volume of the world’s 2nd biggest crypto coin has jumped by almost 40.11%, while that of BTC has also surged by close to 26.26%.

According to the data from Coinglass, the total crypto market liquidation in the last 24 hours amounts to $39.47 million of which, Bitcoin makes up $11.57 million while Ether makes up $14.14 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).

All of them are green today with BNB up 2.11% to $290.57; XRP up 1.28% to $0.391; DOGE up 2.13% to $0.09812; ADA up 1.30% to $0.3149; and MATIC up 3.26% to $0.925.

On the other hand, the worst performing tokens in the last 24 hours among the top 100, excluding the top 10, are Toncoin (TON), Axie Infinity (AXS), Terra Classic (LUNC), and Synthetix (SNX).

Interestingly, TON was down 1.48% to $1.82; AXS was down 0.80% to $8.07; LUNC was down 0.15% to $0.0001721; and SNX was down 3.19% to $1.89.

Finally, the best performers in the top 100, not considering the top 10 cryptocurrencies are Quant (QNT), Trust Wallet Token (TWT), Internet Computer (ICP), and EOS (EOS).

QNT was up 6.23% to $124.12; TWT was up 6.16% to $2.63; ICP was up 7.77% to $4.46; and EOS was up 6.70% to $1.05.

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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