Bitcoin is Back Above $17k, Altcoins Turn Green, BNB Crashes: Market Report
- Bitcoin (BTC) has once again reclaimed price action above $17k, while Ether (ETH) is very close to breaking above $1,300.
- The worst performing tokens are Trust Wallet Token (TWT), Neutrino USD (USN), ApeCoin (APE), and Chain (XCN).
- The best performing cryptocurrencies are Toncoin (TON), GMX (GMX), Compound (COMP), and Lido DAO (LIDO).
- The total crypto market liquidation in the last 24 hours amounts to $48.09 million of which BTC makes up around $15.70 million.
The crypto market saw a slight upward movement on Tuesday as the crypto coin with the biggest market share, Bitcoin (BTC), was seen above $17k price level once again. The leading cryptocurrency has retested $16k price level as support multiple times and continues its attempts to break above $20k in the near future. Additionally, investors are still uncertain regarding the short-term future price movements.
Interestingly, Bitcoin reclaiming the $17k price level comes as relief as $16k has successfully held. Overall, the market capitalization of the entire industry has also moved up a bit. On the whole, Tuesday has treated investors fairly and now, BTC holders are wondering if the leading crypto coin can pick up pace as a new year is coming soon.
As of 6:47 am ET Monday, the price of 1 Bitcoin (BTC) stands at $17,444, up 2.66% in the last 24 hours while in the last seven days, the price has jumped by around 2.75%. If a similar cycle continues this week, holders might see the leading cryptocurrency make a move towards the $20k price level which was lost when former multi-billion dollar crypto exchange FTX collapsed and filed for bankruptcy.
The market dominance of Bitcoin stands at 39.22% while the trading of the cryptocurrency has jumped by 15.63% in the last 24 hours which means that buyers are gradually gaining dominance over the sellers in the market. However, BTC is still significantly low (about 75%) from its all-time high of $69k noted in November 2021.
According to the chart below from PricePredictions, Bitcoin is making a rising trendline on the one hour timeframe which suggests that BTC is picking up pace and volatility might rise further. Investors can expect the cryptocurrency to retain $17k if situation remains the same.
The market sentiment is currently bullish on a shorter timeframe.
The indicators are bullish on almost every time frame except the daily time frame. All the major indicators used in the crypto space can be seen below and to summarize, the 5 mintue, 15 minute, 30 minute, one hour, two hour and four hour time frames are bullish while the 24 hour frame is bearish.
Furthermore, according to the publicly available data, the crypto market’s Fear and Greed Index’s value has remained at 27, after rising from 26 to 27 as per our Crypto Market Performance Report for Dec. 12. Moreover, the market sentiment reads “fear,” confirming that investors are still unsure regarding their investments and the future price action of Bitcoin (BTC) and altcoins.
Furthermore, the market cap of the entire crypto space at the time of publication stands at $856 billion, and this value is up 1.42% in the last 24 hours. Moreover, the number of crypto coins is 22,022, as listed on CoinMarketCap.
It is also crucial to note that the world’s second-biggest cryptocurrency, the Ether (ETH) token, which is the closest competitor to Bitcoin, has performed identically to BTC and is up 2.69% in the last 24 hours and is currently priced at $1,287. The trading volume of the crypto coin has surged by 27.96%, while the market dominance stands at 18.41%.
According to the data from Coinglass, the total crypto market liquidation in the last 24 hours amounted to $48.09 million, of which, Bitcoin made up $15.70 million and Ether made up $12.02 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 bullish movements except BNB, which is down 5.23% to $268.66. Additionally, XRP is up 3.16% to $0.3865; DOGE is up 0.80% to $0.08988; ADA is up 0.74% to $0.3084; and MATIC is up 1.32% to $0.901.
On the other hand, the worst performing tokens in the last 24 hours among the top 100, excluding the top 10, are Trust Wallet Token (TWT), Neutrino USD (USN), ApeCoin (APE), and Chain (XCN).
Interestingly, TWT was down 19.27% to $2.12; USN was down 12.50% to $0.7139; APE was down 6.74% to $4.11; and XCN was down 4.30% to $0.03381.
Finally, the best performers in the top 100, not considering the top 10 cryptocurrencies are Toncoin (TON), GMX (GMX), Lido DAO (LIDO), and Compound (COMP).
TON was up 9.37% to $2.29; GMX was up 3.41% to $59.03; COMP was up 4.34% to $39.22; and LIDO was up 5.56% to $1.05.
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.
