Bitcoin Bulls Reclaim $21k, Ether Above $1,500; SOL Explodes 28%: Market Watch
- Bitcoin briefly broke above the $21,000 price region but failed to retain it while Ether has reclaimed the $1,500 price level.
- The worst performers in the crypto market are USD (USDN), ABBC Coin (ABBC), Fei USD (FEI), and Pax Gold (PAXG).
- The best performers in the top 100, except top 10, are Gala (GALA), Curve DAO Token (CRV), Aptos (APT), Solana (SOL), and Decentraland (MANA).
- The total crypto market liquidation in the last 24 hours amounts to $208.42 million of which BTC makes up around $81.02 million.
The crypto market has once again turned green, and higher prices have been observed in the past two weeks. Some of the altcoins that have lost the majority of their value in the past few months have regained bullish momentum, with Solana (SOL) leading this recovery. Moreover, the world’s biggest cryptocurrency, Bitcoin (BTC), has finally broken above the $20,000 price level and was able to reclaim the $21,000 price region as well in the last 24 hours.
The Bitcoin (BTC) price action had a major resistance above the $19,000 price region and has since been able to break it. Interestingly, the bulls continue to remain in control of the crypto market movement, which came as a shock to many investors considering the fact that the trading volume of BTC has dropped significantly as compared to the 2021 crypto market bull run. Additionally, one can also assume that the leading crypto coin might retain price action above $20k if $21k is reclaimed and turned into support.
It is crucial to note that the world’s oldest crypto coin, Bitcoin (BTC), has made many bullish daily candles and confirmed a breakout from the short term downtrend that has been prevailing in the crypto space for a very long time. BTC has regained almost all of the losses that have been witnessed post the collapse of former multi-billion dollar crypto exchange, FTX in the month of November. BTC crashed from over $20k to under $15k when the exchange, under the leadership of Sam Bankman-Fried (SBF), filed for Chapter 11 bankruptcy.
As of 12 a.m. ET, the price of 1 bitcoin stands at $20,940.16 and is up 11% in the past 24 hours. Moreover, the cryptocurrency’s price rose 27.22% in the same duration, while the market capitalization of the cryptocurrency currently stands at $403.226 billion, up 11.03% in the past day. BTC has finally reclaimed the $400 billion valuation, and it is clear that the leading crypto coin is down almost 70% from its all-time high witnessed in the month of November 2021 at $69,000.
The market dominance of Bitcoin has risen to 40.95% as it has outperformed some of the biggest crypto coins in the industry. It is crucial to note that in the last 24 hours, the highest price attained by BTC stands at $21,054 while the lowest price stands at $18,793. Moreover, most of the altcoins in the crypto industry also followed a similar bullish movement, which is expected to persist in the near future.
The accumulation of the leading cryptocurrency continues to be on the rise, and there is a strong chance of a cool down phase if the $21,000 price level is not reclaimed and turned into support. Moreover, there has been a sudden rise in the inflow of capital in the crypto space, and investors can expect the bulls to remain in charge of the industry if the global macroeconomic situation improves and investors’ confidence improves.
Additionally, Ether (ETH), the world’s 2nd largest cryptocurrency, has retained the $1,400 price region, and has finally reclaimed the $1,500 price region, as the bulls are now targeting $1,800, which is again an area of major resistance. It is crucial to note that almost every coin follows the BTC price action and has been bullish for the past few days. In the last 24 hours, BTC and ETH have both dominated heavily over the majority of the altcoins in the industry.
The two leading crypto coins, Bitcoin and Ether, have risen 23.31% and 22.69%, respectively, in the last seven days, and their respective weekly candles remain bullish for a second consecutive week. Also, BTC has outperformed ETH this week but not by a large margin. Ethereum killer Solana (SOL), has been one of the biggest gainers in 2023, is up 67.45% in the last seven days, and is close to reclaiming its spot in the top 10 crypto coins in the industry.
On the other hand, the metaverse tokens The Sandbox (SAND) and Decentraland (MANA) are up 37.78% and 60.91%, respectively, this past week. Leading meme coins, Dogecoin (DOGE) and Shiba Inu (SHIB), are ranked among the top 20 coins in the crypto market, and DOGE is up 21.32% while SHIB is up 24.26% in the same duration.
According to the prediction algorithm from PricePredictions, Bitcoin is expected to follow an uptrend for the next hour, and the situation might only improve if the bulls continue to remain in charge of the price action of the leading crypto coin. Furthermore, investors can also expect BTC to make higher highs, and the trading range of the crypto coin for the next hour is predicted to be around $20,818 and $20,828.
Additionally, for similar, timely predictions, traders can register on PricePredictions and enjoy full access to predictions of countless cryptocurrencies.
The indicators on the chart below confirm that the price trajectory for bitcoin in the short term has turned slightly bearish while the indicators on the longer time frame remain bullish. Additionally, it is crucial to note that the RSI indicator in the chart below is reading a value above 50 for the 15 minute, 30 minute, 1 hour, 2 hour, 4 hour, and 24 hour time frames, which confirms that the buying pressure is higher than the selling pressure in these time frames.
The Bitcoin price sentiment has been ranging from positive to neutral, and it is clear that the bulls have not completely let go of the price action of the leading crypto. Moreover, the PricePredictions algorithm confirms via the Trend Score that the time frames of 15 minute, 30 minute, 1 hour, 2 hour, and 4 hour are good for placing trades as long as they read a value above 75. On the other hand, the 24 hour time frame is currently neutral and not ideal for placing trades because it reads a value of 46.
According to an interesting fact pointed out by blockchain analysis firm Glassnode, the “Bitcoin Transaction Volume (change-adjusted) (7d MA) just reached a 1-month high of 15,668.022 BTC,” which confirms that the volatility of the leading cryptocurrency has once again increased and that there has also been a significant amount of capital inflow in the crypto in the past few weeks.
According to the data from Coinglass, the total crypto market liquidation in the last 24 hours amounted to $605.37 million, of which Bitcoin made up $216.23 million and Ether made up $243.88 million.
Additionally, as per the publicly available data, the crypto market’s Fear and Greed Index’s value stands at 46, after dropping to 31 earlier this week, as noted in our Crypto Market Performance Report for January 13. It is also crucial to note that the investors’ sentiment reads “fear.”
Additionally, the market cap of the entire crypto space at the time of publication is finally above the $900 billion mark and is very close to the $1 trillion mark. It currently stands at $982.32 billion, and this value has gone up by 8.28% in the last 24 hours. Additionally, the number of cryptocurrencies is 22,278, as listed on CoinMarketCap.
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 displayed bullish movements, with BNB up 6% to $306.53; XRP up 5.89% to $0.4004; DOGE up 9.17% to $0.08752; ADA up 8.85% to $0.3302; and MATIC up 7.18% to $0.9779.
On the other hand, the worst performing tokens in the last 24 hours are Neutrino USD (USDN), ABBC Coin (ABBC), Fei USD (FEI), and Pax Gold (PAXG).
Interestingly, USDN was down 1.90% to $0.373; ABBC was down 2.28% to $0.09295; FEI was down 0.59% to $0.9911; and PAXG was down 0.08% to $1,887.
Finally, the best performers among the top 100 cryptocurrencies, not considering the top 10 cryptocurrencies, are Gala (GALA), Curve DAO Token (CRV), Aptos (APT), Solana (SOL), and Decentraland (MANA).
GALA was up 23.79% to $0.4937, MANA was up 26.26% to $0.5682, CRV was up 18.39% to $0.8248, and APT was up 28.30% to $8.06 along with Solana (SOL) which was up 26.26% to $23.87.