Bitcoin Marches Towards $18k, ETH Retains $1,300; LIDO, GALA Crash
- Bitcoin tried to push price action toward $17k while Ether was successful in retaining $1,300 and has set its eyes on $1,400.
- The worst performers in the top 100, except top 10, are Lido DAO (LIDO), BitDAO (BIT), Aptos (APT), and Gala (GALA).
- The best performers in the top 100, except top 10, are WOO Network (WOO), Mina (MINA), Curve DAO Token (CRV), and Holo (HOT).
- The total crypto market liquidation in the last 24 hours amounts to $14.25 million of which ETH makes up around $15.26 million.
Amidst increasing fears of 2023 being another bearish year for the crypto industry, crypto investors are hoping that the situation changes and the world’s biggest crypto coin, Bitcoin (BTC), is finally able to break the $20,000 price level. In the past 24 hours, BTC has retained price action above $17,000, but there lies a strong resistance ahead of this zone. On the other hand, some of the altcoins in the industry were also green.
The crypto space has become a challenge for investors due to the extreme volatility and uncertain regulatory movements. Many investors fear investing in Bitcoin (BTC), Ether (ETH), etc. following the collapse of FTX, Celsius Network, BlockFi, and others. People have reported that their money is stuck on these crypto platforms, and there is no sign of them activating withdrawals anytime soon.
It is crucial to note that the nearest support for the world’s oldest cryptocurrency, Bitcoin (BTC), stands at the $16,000 price region, which has been retested a number of times in the past few weeks but has retained. On the other hand, the $18,000 price level was tested last year, but the bulls did not have enough volume to breach through that zone. It is imperative that BTC reclaims $20k and holds to confirm an attempt to change the current downtrend.
As of 4:35 am ET, the price of a single Bitcoin is around $17,459, and this value is up 1.19% in the last 24 hours. Investors can expect the leading crypto coin to retest higher prices if the bulls remain in control of the overall BTC price action. Additionally, the trading volume of the crypto coin is down 1.75% in the last 24 hours, which is not a positive sign since lowering volume means low buying pressure.
The market dominance of Bitcoin has jumped slightly to 39.18%, which suggests that there is a strong chance of BTC attaining 40% market dominance in the near future. Furthermore, the market capitalization of BTC currently stands at $336.283 billion and is up 1.22% in the last 24 hours. This confirms that the leading crypto coin has dropped significantly from its all-time high, and the market share of the token has also fallen considerably.
The accumulation of Bitcoin is currently taking place, and the fundamentals are also turning slightly bullish as more and more investors are taking advantage of lower prices of BTC. However, the institutional wave of BTC adoption has slowed down owing to the strong decline in the prices of cryptocurrencies and other blockchain-based platforms. Moreover, regulators around the world are also unsure if crypto assets should be legal.
On the other hand, Ether (ETH), the world’s 2nd largest cryptocurrency, has retained the $1,300 price region, following Bitcoin. It is crucial to note that almost every coin follows the BTC price action overall because it has the biggest market share and the most wallets. Ether ranks second in terms of market capitalization but has outperformed BTC in the past few weeks.
The leading crypto coins, Bitcoin and Ether, have risen 3.61% and 6.91%, respectively, in the last seven days, and their respective weekly candles have been initiated on a bullish note for the second week of 2023. Ethereum killer Solana (SOL), has been one of the biggest gainers in 2023 and is up 17.68% in the last seven days.
On the other hand, the metaverse tokens The Sandbox (SAND) and Decentraland (MANA) are up 16.55% and 22.28%, 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 6.83% while SHIB is up 9.08% in the same duration.
As per the prediction algorithm from PricePredictions, the Bitcoin price trend is expected to follow an uptrend in the next hour as the trading volume is expected to remain considerably high. However, the trading range will remain low as there is strong resistance towards the $18,000 price level, and investors are expected to pause and not place any trades if they are not wary of the fundamentals of technical analysis.
Additionally, for similar, timely predictions, traders can register on PricePredictions and enjoy full access to predictions of countless cryptocurrencies.
The crypto market is currently bullish, and the score reads 76 as per PricePredictions. For the past few hours however, the Bitcoin price action has been neutral and it seems that the $17k price level which has been reclaimed after quite a number of weeks, might retain. However, PricePredictions is not sure if this is actually a long term thing since there are signs of decreasing volumes as well.
Additionally, the indicators in the crypto space are bullish on all time frames except the 5-minute time frame. This means that a trend reversal might be coming. First, the short term value turns bearish, which is then followed by other time frames. Interestingly, there are signs of higher highs in the long run. The RSI indicator reads a value above 50 in all the major time frames, i.e., the 5 minute, 15 minute, 30 minute, 1 hour, 2 hour, 4 hour, and 24 hour time frames. This confirms that bulls are still in control overall and haven’t let go.
The PricePredictions algorithm confirms via the Trend Score that the longer time frames of 30 minutes, 1 hour, 2 hour, and 4 hour are good for placing trades.
It can be confirmed that Ether (ETH) is up 0.49% in the last 24 hours and is currently priced at $1,335. The trading volume of the cryptocurrency is down by 15.18%, while the market dominance has dipped to 19.05% in the same time period.
Additionally, an important analysis from blockchain firm Glassnode confirms that “ETH Percent Addresses in Profit (7d MA) just reached a 1-month high of 52.901%,” which means that all the investors who purchased Ether when it was down badly last year are now making profits on their investments. This is primarily because ETH broke through $1,000 and is currently aiming to reclaim the $1,400 price region.
According to the data from Coinglass, the total crypto market liquidation in the last 24 hours amounted to $50.26 million, of which, Bitcoin made up $12.32 and Ether made up $14.25 million.
Additionally, as per the publicly available data, the crypto market’s Fear and Greed Index’s value stands at 26, after dropping to 25 earlier this week, as noted in our Crypto Market Performance Report for January 10. 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 moving closer to the $900 billion mark and currently stands at $856.98 billion, and this value has gone down by 0.65% in the last 24 hours. Additionally, the number of cryptocurrencies is 22,256, 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 mixed movements, with BNB up 0.87% to $277.88; XRP up 4.29% to $0.3638; DOGE up 0.61% to $0.07706; ADA down 0.56% to $0.3154; and MATIC up 1.78% to $0.8643.
On the other hand, the worst performing tokens in the last 24 hours are Lido DAO (LIDO), BitDAO (BIT), Aptos (APT), and Gala (GALA).
Interestingly, LIDO was down 7.18% to $1.87; BIT was down 5.90% to $0.4423; GALA was down 7.40% to $0.03906; and APT was down 8.34% to $5.26.
Finally, the best performers among the top 100 cryptocurrencies, not considering the top 10 cryptocurrencies, are WOO Network (WOO), Mina (MINA), Curve DAO Token (CRV), and Holo (HOT).
WOO was up 6.42% to $0.1648, MINA was up 9.14% to $0.5159, CRV was up 3.50% to $0.6705, and HOT was up 2.74% to $0.001596.
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.
