Bitcoin Closer to $17k, Ether Reclaims $1,200, TON Crashes: Market Watch
- Bitcoin is holding above $16k and is moving closer to $17k while Ether has once again broken above $1,200.
- The worst performing tokens are Toncoin (TON), MultiversX (EGLD), Chain (XCN), and Curve DAO Token (CRV).
- The best performing cryptocurrencies are OKB (OKB), XDC Network (XDC), GMX (GMX), and ImmutableX (IMX).
- The total crypto market liquidation in the last 24 hours amounts to $85.28 million of which BTC makes up around $27.93 million.
As Christmas approaches, the crypto sector remains under extreme pressure from the bears due to the collapse of multiple crypto firms this year, and of course, the rumors of the world’s largest crypto exchange, Binance, being under regulatory crosshairs, have done no good as well. There is a strong change of the crypto winter staying for a longer duration than expected by the industry experts.
The world’s biggest cryptocurrency, Bitcoin (BTC), lost the $18k price level last week after reclaiming it for a very short duration, and it seems that the situation is not very likely to change in the near future since the trading volume has dipped as the holiday season approaches. The nearest support is at $16k and it has been holding for quite some time, while the nearest strong resistance has been experienced beyond $17.5k.
The biggest gainer last week was Toncoin (TON), but the token has crashed significantly today, ending its bullish trajectory, and early investors are advised to cut their losses right here. However, with support from Telegram, increased volatility can be expected from the token in the near future. Another token that caught our attention was XDC Network (XDC), which has risen by more than 20% in the last seven days.
Meanwhile, in a Twitter post earlier today, blockchain analysis firm Glassnode confirmed that the number of crypto addresses holding at least 10+ bitcoins has reached a 2-year high of 155,006, which is a great milestone amid a bearish crypto market. This confirms that long-term investors are currently accumulating the leading crypto coin and waiting for the bulls to retain it so that they can once again make good profits.
At the time of writing, it can be confirmed that on the daily chart, the accumulation of Bitcoin has once again picked up pace. However, it is crucial to note that if the reports regarding the lax KYC rules and pending regulatory action on leading crypto exchange Binance are true, investors might witness BTC distribution take place and Bitcoin could lose the $16k price support in such a scenario.
Currently, Bitcoin is down more than 70% from its all-time high witnessed in November last year at a price of $69k. In the last seven days, the token is down by 6.19%, and in the last 24 hours, it is up by 0.61%. As of 9:17 am ET, the price of 1 BTC is $16,805, while the trading volume of the token is up 70.49% in the last 24 hours, which confirms that extreme volatility might follow in the near future for the leading crypto coin. The token’s market dominance stands at 39.90%, while its market capitalization is $323.24 billion.
Additionally, according to the chart below from PricePredictions, Bitcoin currently forms lower lows on the daily chart, but there is a strong chance for the trend to change. The chart saw a spike in price in the last few minutes, which could mean that the bulls are now fighting back in an attempt to reclaim $17k. However, we are yet to see if BTC is capable of breaking that price region.
The indicators on the chart below confirm that Bitcoin is bearish on all the time frames except the 1 hour and 2 hour time frame. If this situation continues, we can expect BTC to change the readings for the higher time frames of 4 and 24 hour as well. The RSI line is currently above 50 on only the 30 minute, 1 hour, and 2 hour time frames, which means that the buying pressure is gradually increasing.
The trend for the Bitcoin price action is changed from bearish-neutral to up-neutral, which confirms that gradually, the buying pressure is rising on a daily time frame, and better performance from BTC can be expected if a similar situation holds.
Additionally, for similar, timely predictions, traders can register on PricePredictions and enjoy full access to predictions of countless cryptocurrencies.
Interestingly, as per the publicly available data, the crypto market’s Fear and Greed Index’s value has currently risen to 29, and it dropped to 26 from 31 last week, as noted in our Crypto Market Performance Report for Dec. 19. Furthermore, the investors’ sentiment currently reads “fear.”
Additionally, the market cap of the entire crypto space at the time of publication stands at $810.3 billion, and this value has spiked only 0.22% in the last 24 hours. Additionally, the number of cryptocurrencies is 22,087, as listed on CoinMarketCap.
Moreover, the world’s second-biggest cryptocurrency, Ether (ETH), is up 2.40 % in the last 24 hours and is currently priced at $1,210. Ether, the biggest rival to Bitcoin’s dominance, was finally able to push higher and reclaim the $1,200 price region. The trading volume of the cryptocurrency has also jumped by 68.70%, while the market dominance has surged to 18.29% in the past 24 hours.
According to the data from Coinglass, the total crypto market liquidation in the last 24 hours amounted to $85.28 million, of which, Bitcoin made up $27.93 million and Ether made up $18.90 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 show mixed movements with BNB down 0.22% to $248.98; XRP up 0.84% to $0.3441; DOGE down 4.38% to $0.07369; ADA down 2.33% to $0.2575, and MATIC up 0.34% to $0.7949.
On the other hand, the worst performing tokens in the last 24 hours among the top 100, excluding the top 10, are Toncoin (TON), MultiversX (EGLD), Chain (XCN), and Curve DAO Token (CRV).
Interestingly, TON was down 11.52% to $2.28; EGLD was down 9.31% to $35.39; XCN was down 12.52% to $0.2083; and CRV was down 6.01% to $0.5226.
Finally, the best performers in the top 100, not considering the top 10 cryptocurrencies are OKB (OKB), XDC Network (XDC), GMX (GMX), and ImmutableX (IMX).
OKB was up 5.97% to $22.90, XDC was up 5.74% to $0.02658, GMX was up 3.60% to $46.76, and IMX was up 4.42% to $0.4471.
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.
