Bitcoin Fails to Form Uptrend, ETH Retains $1,200; SOL Recovers: Market Watch
- Bitcoin holds above $16k while number of Ethereum addresses at loss went at a new all-time high despite ETH reclaiming $1,200.
- The best performers in the top 100, except top 10, are Solana (SOL), BitDAO(BIT), Terra Classc (LUNC), and Lido DAO (LIDO).
- The worst performers in the top 100, except top 10, are Fei USD (FEI), Toncoin (TON), OKB (OKB), and UNUS SED LEO (LEO).
- The total crypto market liquidation in the last 24 hours amounts to $61.81 million of which ETH makes up around $17.74 million.
Despite being a new year, the crypto market remains almost stagnant, while some crypto coins that crashed hard have been gradually recovering from the strong downtrend that they were in. However, it is crucial to note that if the cryptocurrency with the biggest market share, Bitcoin (BTC), is unable to breach its resistances and form an uptrend, most altcoins will follow the same path. However, some cryptocurrencies have been doing well recently as well.
The leading cryptocurrency has been trying to breach the $18k price region and make an entrace into the $20k level for a long time but hasn’t been able to do so due to bears remaining in control of the crypto sector recently. Additionally, it can also be confirmed that Bitcoin (BTC) currently holds strong at the $16,000 price support, which is a good sign for investors. If the oldest cryptocurrency were to lose this support, investors can expect the crypto winter to last throughout 2023.
On the other hand, Ether (ETH), the world’s second-largest crypto coin, currently rests above $1,200, which confirms a positive sign for ETH as well. The token retained price support above $1,100 and then successfully broke above the $1,200 price level as its market dominance also rose prominently. Interestingly, we might see similar performance from ETH if buyers remain in control.
According to blockchain analysis firm, Glassnode, the “Ethereum Number of Addresses in Loss (7d MA) just reached an ATH of 48,039,561.893.” Now, this is not very good news, taking into account the fact that the network just underwent a huge upgrade from proof-of-work to proof-of-stake. It seems that Ether reclaiming $1,200 wasn’t very profitable for investors.
One of the biggest competitors of ETH, Solana (SOL), has started to make up for the losses that the token incurred due to FUD in the market spread following the migration of two of the biggest NFT platforms on the blockchain. Interestingly, SOL is up 0.02% in the last seven days, while the metaverse tokens The Sandbox (SAND) and Decentraland (MANA) crashed 9.03% and 4.22%, respectively, this past week as well.
Leading meme coins, Dogecoin (DOGE) and Shiba Inu (SHIB), are both trying to fight the bearish pressure prevailing in the market and retain their positions in the top 20 of the crypto market. However, it is clear that DOGE dropped 4.85% while SHIB dropped 1.57% in the last seven days, which confirms the fact that these meme coins might need to up their game if they want to retain their positions.
As of 12.03 am ET, the price of 1 bitcoin stands at $16,689 and is up 0.25% in the last 24 hours. In the same duration, the trading volume of the BTC token has jumped 22.75%, which is an optimistic sign. It is crucial to note that the market dominance of BTC has dropped to 39.87% while the market capitalization currently stands at $321.325 billion, up 0.26% in the last 24 hours.
According to the prediction algorithm from PricePredictions, Bitcoin is expected to follow a downtrend in the next hour, which is definitely not a good indicator to place trades. This forecast also shows that the trading range of BTC is quite low, which further suggests a lack of trading volume due to a prolonged crypto winter.
The indncators on the chart below are all bearish which confirms that the selling pressure for Bitcoin is way higher than the buying pressure and investors are advised to maintain caution. Interestingly, the 5 minute, 15 minute, 30 minute, 1 hour, 2 hour, 4 hour, and 24 hour charts are bearish. However, the RSI indicator reads a value above 50 for the 4 hour chart, which could be seen as a good sign but not good enough.
The Bitcoin price sentiment remains bearish, and it is crucial not to place trades. Traders are advised to wait for some clarity before diving into the market.
The Bitcoin price trend remains neutral for the day, which was to be expected considering the fact that BTC has just successfully retested the $16,000 price support.
Also, as per the publicly available data, the crypto market’s Fear and Greed Index’s value has dropped to 26 after rising to 27 from 26, as noted in our Crypto Market Performance Report for January 2. It is also crucial to note that the investors’ sentiment currently reads “fear.”
Moreover, the market cap of the entire crypto space at the time of publication is once again above the $800 billion mark and currently stands at $806 billion, and this value has gone up by 0.88% in the last 24 hours. Additionally, the number of cryptocurrencies is 22,168, as listed on CoinMarketCap.
Moreover, the world’s second-biggest cryptocurrency, Ether (ETH), is up 1.73% in the last 24 hours and is currently priced at $1,215.35. The trading volume of the cryptocurrency is up by 1.15%, while the market dominance has risen to 18.44% in the same time period.
According to the data from Coinglass, the total crypto market liquidation in the last 24 hours amounted to $61.81 million, of which, Bitcoin made up $8.77 million and Ether made up $17.74 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 bullish movements, with BNB up 0.83% to $245.64; XRP up 5.05% to $0.3448; DOGE up 2.37% to $0.07163; ADA up 1.33% to $0.253; and MATIC up 3.57% to $0.7817.
On the other hand, the worst performing tokens in the last 24 hours among the top 100, excluding the top 10, are Fei USD (FEI), Toncoin (TON), OKB (OKB), and UNUS SED LEO (LEO).
Interestingly, FEI was down 1.32% to $0.9719; TON was down 1.43% to $2.23; OKB was down 1.36% to $29.46; and LEO was down 0.57% to $3.49.
Finally, the best performers in the top 100, not considering the top 10 cryptocurrencies, are Solana (SOL), BitDAO(BIT), Terra Classc (LUNC), and Lido DAO (LIDO).
SOL was up 15.64% to $11.52, BIT was up 10.70% to $0.3807, LUNC was up 9.68% to $0.0001643, and LIDO was up 17.12% to $1.27.
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.
