Bitcoin Unable Break $17k, ETH Retains $1.2k; SOL, OKB, HT Crash: Market Watch
- The PricePredictions Bitcoin forecast predicts that BTC will remain on a downtrend in the next hour while ETH retains $1,200.
- The worst performers in the top 100, except top 10, are Solana (SOL), Huobi Token (HT), OKB (OKB), and Aptos (APT).
- The best performers in the top 100, except top 10, are Bitcoin Gold (BTG), eCash (XEC), EthereumPoW (ETHW), and Chiliz (CHZ).
- The total crypto market liquidation in the last 24 hours amounts to $45.96 million of which ETH makes up around $17.35 million.
The crypto market was unable to maintain the bullish movement that was initiated in the last 24 hours, and as a result, most of the bullish altcoins reverted on their gains. This was mainly because all the altcoins in the crypto market followed the cryptocurrency with the biggest market share, i.e., the world’s biggest crypto coin, Bitcoin (BTC). BTC was unable to push through $17k, which was the reason for the crypto market once again turning stagnant.
As noted multiple times previously, Bitcoin has strong resistance beyond the $17,000 price level, which has been holding for a very long time, and as a result, investors haven’t been able to breach this region. Interestingly, the world’s oldest cryptocurrency is more than 75% lower from its all-time high, and we can expect it to continue holding above the $16k price level for now. BTC has spent a number of weeks above this level and the situation might remain the same for a long time.
As of 4:23 am ET, the price of 1 bitcoin stands at $16,815, which is down by 0.27% in the last 24 hours. Moreover, the trading volume of the leading crypto coin has also declined by more than 3% in the same duration, which is the reason why BTC was unable to push above the $17k price level. It is imperative to note that the market dominance of the leading crypto coin currently stands at 39.56%, as some of the altcoins continue to outperform it.
Moreover, the market capitalization of Bitcoin has dropped 0.26% in the last 24 hours and currently stands at $323.77 billion, significantly lower than its all-time high of $1.2 trillion. Investors can expect BTC to make higher highs in the coming days only if the trading volume once again jumps up. However, the chances of that happening are considerably lower because of the presence of a strong bearish force due to the prevailing crypto winter.
Furthermore, Ether (ETH), the world’s second-largest crypto coin, has successfully retain price action $1,200, but has failed to break above $1,300. In the last few days, Ether holders witnessed the token retain the $1,100 price region and then successfully break above the $1,200 price level. In the last seven days, Bitcoin and Ether went up by 1.37% and 4.37%, which supports the fact that the market dominance of the world’s second-largest crypto coin is increasing while Bitcoin’s dominance is gradually decreasing.
According to an interesting analysis provided by leading on-chain and financial metrics, charts, data, and insights provider for digital assets, Glassnode, the “Bitcoin Number of Addresses Holding 1+ Coins just reached an ATH of 979,383.” This is a clear indication that the current holders of the world’s biggest cryptocurrency are taking advantage of the lower prices of BTC and are adding more tokens to their wallets.
Another interesting metric provided by Glassnode is that the “Bitcoin Realized Cap just reached a 16-month low of $380,246,224,460.67.” Realized cap is similar to market cap, but it replaces the current token price with the price at the time the token last moved. A lower value confirms that less Bitcoin is being moved through wallets, which indicates a decline in interest in the leading crypto coin and also that the current holders of BTC are hoarding more tokens.
Ethereum killer, Solana (SOL), has lost some of the gains made earlier this week but is still up more than 40% in the last seven days. On the other hand, the metaverse tokens The Sandbox (SAND) and Decentraland (MANA) are up 6.21% and 7.27%, 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 2.99% while SHIB is up 6.53% in the same duration.
According to the prediction algorithm from PricePredictions, Bitcoin is expected to witness a price decline in the next hour, but it is very much possible for the crypto coin to retain the $16,000 price level. From the image below, it is also clear that the trading range of BTC will remain low, which confirms that the trading volume of the leading crypto coin will remain low.
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 has rested at 29, after surging from 26 to 29 earlier this week, as noted in our Crypto Market Performance Report for January 4. 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 $818 billion, and this value has gone up by 0.02% in the last 24 hours. Additionally, the number of cryptocurrencies is 22,195, as listed on CoinMarketCap.
Moreover, the world’s second-biggest cryptocurrency, Ether (ETH), is down 0.12% in the last 24 hours and is currently priced at $1,247. The trading volume of the cryptocurrency is down by 7.15%, while the market dominance has risen to 18.69% in the same time period.
According to the data from Coinglass, the total crypto market liquidation in the last 24 hours amounted to $45.96 million, of which, Bitcoin made up $5.89 million and Ether made up $17.35 million.
The other top 10 cryptocurrencies displayed mixed performances, with BNB up 0.44% to $255.97; XRP down 2.81% to $0.3398; DOGE up 1% to $0.0729; ADA down 0.32% to $0.2643; and MATIC up 0.54% to $0.7968.