Bitcoin Holds at $16k, Ether Below $1.2k, LUNC, TON Crash: Market Report
- Bitcoin (BTC) retested the $16.5k price level while Ether failed to reclaim $1,200 and trading volume for both declined.
- The best performers in the top 100, except top 10, are Holo (HOT), MIOTA (IOTA), BitDAO (BIT), and Bitcoin SV (BSV).
- The worst performers in the top 100, except top 10, are Luna Classic (LUNC), Solana (SOL), Toncoin (TON), and Gate Token (GT).
- The total crypto market liquidation in the last 24 hours amounts to $42.31 million of which BTC makes up around $13.39 million.
The crypto market witnessed a surge in selling pressure over the last 24 hours, and as a result, many altcoins crashed and several crypto coins witnessed huge changes in price (for example, the SOL token). Following the onset of the bears in the market, the world’s biggest crypto coin, Bitcoin (BTC), lost the $16.8k price level that it had been holding for more than a week.
At the time of publication, BTC is retesting the $16.5k price zone, which needs to hold or else, we might see the leading coin below the $16k price region, which will mark another bearish week for investors, and as a result, we can possibly witness a retest of the $15k level. Interestingly, if $16.5k holds, there is still a chance for Bitcoin to break above $17k and aim for the $20k price level.
However, looking at the current volatility of the Bitcoin price action, it is not very likely that BTC will attain higher highs as the new year approaches with new possibilities for the crypto community. On the other hand, the second-biggest crypto coin, Ether (ETH), has lost the $1,200 price region, which failed to retain its support. Now, Ether is back in the $1,100 price zone, and if bears continue to dominate, we can expect ETH to retest $1,000.
As of 3:54 am ET, the price of 1 BTC stands at $16,544, which confirms that Bitcoin (BTC) has dropped 0.71% in the last 24 hours. Moreover, the trading volume of the cryptocurrency has dropped 4.10% in the same duration. Interestingly, the market cap of the leading coin stands at $319 billion, which is considerably lower than its all-time high of $1.2 trillion. The capitalization has dropped 0.41% in the past few hours as well. The market dominance of the BTC token stands at 40.03%.
Moreover, some of the best performing cryptocurrencies have crashed in the last seven days, including Solana (SOL), down 22.8%. On the other hand, leading meme coins Dogecoin (DOGE) and Shiba Inu (SHIB) dropped 4.55% and 4.13% in the past week, while metaverse tokens The Sandbox (SAND) and Decentraland (MANA) crashed 9.40% and 2.65%, respectively.
According to the analysis for blockchain firm Glassnode, the Bitcoin “Number of Addresses Holding 1+ Coins” just reached an ATH of 977,750,” which confirms that the BTC bulls continue to add more coins to their holdings and investors can expect the fundamentals for BTC to remain bullish in the longer term. It is advised to buy now and forget about them until the next bullish cycle arrives.
As per the 1 hour forecast chart below from PricePredictions, Bitcoin is expect to make higher highs in the shorter time frame. Interestingly, the coin is currently testing $16,000, and if it holds, an entry into $17,000 can be expected in the near future.
The Bitcoin price sentiment remains bearish as the trading volume for BTC remains lower than expected, and it is clear that the bears are currently overpowering the bulls and taking the market down in the longer term.
The indicators for the Bitcoin price action remain bearish in the longer term, while on the 5 minute chart, the situation is bullish. Interestingly, the 15 minute, 30 minute, 1 hour, 2 hour, 4 hour, and 24 hour time frames are all bearish. The RSI indicator is only bullish for the 5 minute chart and the 15 minute chart. However, it is bearish for the rest of the time frames.
The sentiment of the Bitcoin price action ranges from bearish to neutral, which confirms that BTC investors might witness the continuation of the downtrend in the longer term.
Additionally, for similar, timely predictions, traders can register on PricePredictions and enjoy full access to predictions of countless cryptocurrencies.
Also, as per the publicly available data, the crypto market’s Fear and Greed Index’s value stands at 28, which was reclaimed after it dropped to 27 this week, as noted in our Crypto Market Performance Report for Dec. 28. Furthermore, the investors’ sentiment currently reads “fear.”
Moreover, the market cap of the entire crypto space at the time of publication has dropped below the $800 billion mark and currently stands at $795 billion, and this value has gone down by 0.52% in the last 24 hours. Additionally, the number of cryptocurrencies is 22,140, as listed on CoinMarketCap.
Moreover, the world’s second-biggest cryptocurrency, Ether (ETH), is up by 0.09% in the last 24 hours and is currently priced at $1,198. After retaining the $1,200 price level for a number of days, the second-largest crypto coin failed to retain it. The trading volume of the cryptocurrency has surged by 2.97%, while the market dominance has jumped to 18.39% in the past 24 hours.
According to the data from Coinglass, the total crypto market liquidation in the last 24 hours amounted to $42.31 million, of which, Bitcoin made up $13.39 million and Ether made up $11.18 million.
The other top 10 cryptocurrencies showed bearish movement except for BNB, which was up 0.96% to $245.92. Meanwhile, XRP was down 3.21% to $0.3465; DOGE was down 0.39% to $0.07084; ADA was down 2.63% to $0.2453, and MATIC was down 0.21% to $0.7834.
Interestingly, LUNC was down 7.87% to $0.0001476; SOL was down 5.49% to $9.46; TON was down 6.25% to $1.98; and GT was down 5.51% to $3.16.