TL; DR Breakdown
Bitcoin hovers around $ 47,000, expect a clear breakout. Ethereum shows no major price changes over the past day and remains around $ 3,750. Fantom, Cosmos and Monero show daily and weekly earnings in their names. The metaverse and meme currencies remain under the influence of the bears as the rest of the market remains static after heavy weekly losses.
The cryptocurrency market is full of surprises when it comes to price changes. The market can turn bearish or bullish in no time. The volatility of the crypto market is its most unique feature. It sets you apart from the rest of the financial markets and makes trading riskier but rewarding for people.
However, the crypto industry has grown indefinitely as of late. A concept that took off from Bitcoin now houses more than 16,200 crypto tokens. There are more than 450 cryptocurrency exchanges offering cryptocurrency-related services to people around the world.
As we move into 2022, the usability of cryptocurrencies is a well-known factor. It is treated as an investment class, as it is used for trading and investing. Over time, more money is being introduced into the digital currency sector with new and diverse projects. At the time of writing, the overall market capitalization of cryptocurrencies stands at $ 2.24 trillion, with a 1.27% increase in daily change.
Bitcoin Holds A Bit Above Crucial $ 47,000 Mark
With the Christmas and New Year holidays, the cryptocurrency market was plagued with uncertainty. However, a downtrend is expected as people tend to withdraw money these days. Bitcoin has also overshadowed this factor in its price trajectory. The coin was up a marginal 1.01% over the last day. However, it is still about 5.64% below its weekly price change.
BTC is currently priced at $ 47,350 and its market cap is just over $ 896 billion. The trading volume of the leading cryptocurrency token is around $ 24.50 billion. The Christmas season will conclude soon, and that’s when a clear Bitcoin breakout is expected. As of now, the overall market does not show a clear pattern either.
However, Bitcoin’s annual close was at a disappointing level. The coin posted an all-time high of over $ 68,000 not too long ago. Many experts expected the coin to get a little closer to the six-figure mark, but Bitcoin had other plans. Bitcoin’s dominance has also dropped to 40.0%, which is low by its standards. However, it remains to be seen how the currency will perform in the coming weeks, as Bitcoin has historically recorded gains in the first month of the new year.
Ethereum shows no major improvement, holding around $ 3,750
The leading altcoin in the cryptocurrency market has also suffered lately in terms of prices. Previously, Ethereum was expected to cross $ 5,000 and hit new major all-time highs. However, it was impacted by market volatility. The coin underperformed over the course of the past few days.
At the time of writing, Ethereum is trading around $ 3,750. Its price has shown little to no change as ETH remains roughly 8% below the price of the previous week. The market capitalization and trading volume of the coin have also seen a drop lately. Its market capitalization is currently below $ 446 billion and its trading volume is $ 9.46 billion.
On the other hand, Ethereum’s competitors have performed comparatively better than ETH. Companies like SOL, ADA and LUNA have remained on a more positive side of the market. These coins lost their gains in the last week and were also down in terms of weekly price change. But lately they are showing an intention of recovery.
Over the past day, ADA is up 2%, SOL is up 3.26% and LUNA is up 4.70%, crossing the $ 91 mark. It is still early to discuss the price trajectory of these coins. . However, these three are called Ethereum killers. They have overshadowed ETH’s performance, which may influence people’s investment preferences.
FTM posts double-digit percentage gains, ATOM, XMR and ALGO follow
There were no major price changes in the cryptocurrency market. However, there were some coins that registered green candles in the last 24 hours of trading. Only a handful of tokens were able to recover a significant portion of their lost value from the last week.
FTM was the leading player in reputable cryptocurrencies, as it witnessed an increase of more than 10%. The token crossed the $ 2.50 mark and also gained in its market capitalization and trading volume. The coin is up around 13.50% in the last 7 days. Its market capitalization is now over $ 6.30 billion and its trading volume has exceeded $ 835 million.
On the other hand, Cosmos (ATOM) has also made significant progress in the last hours of trading. ATOM is up nearly 5.20%, crossing the $ 35 mark. It is currently priced at around $ 35.61. The coin has posted 21% for the last week or so. The coin has also seen an increase in its trading volume and market capitalization in 24 hours.
Monero (XMR) is another coin that has been tracking green candles lately. Its price has risen 6.25% in the last day, gradually approaching the $ 250 mark. The coin has gained 17% over the past 7 days or so. The coin looks set to post more gains if the market remains stable in the coming days.
Internet Computer (ICP) posted a 9.25% gain, reaching $ 27.50. The coin is down 10% in the last week and thus has regained its lost value in the recent price spike. Algorand (ALGO) also rose slightly around 2% to bring its weekly rally to 6.50%. The coin reached the price of 1.71 dollars in the last hours of trading.
No big price drops as the market remains static
Aside from the aforementioned coins, the rest of the market has remained comparatively stubborn. According to the latest data, there are no big winners or losers, and only a few tokens have seen considerable price fluctuations.
Also, the popular metaverse coins have largely plummeted over the past week. They were also reluctant to regain their lost value, which could trigger a lingering bear pattern on the coins. Decentraland (MANA) lost more than 12% to drop to $ 3.33. The market capitalization of the coin has also consolidated around the $ 6 billion mark.
Furthermore, coins such as Axie Infinity (AXS) and Sandbox (SAND) have also fallen by a considerable margin. AXS is now priced below the $ 95 mark and SAND is below $ 6. Both coins are down 13% and 15% respectively in value over the last week. The graph of these currencies does not show a positive outlook for the next few days.
In addition to these metaverse and gaming tokens, meme currencies such as Shiba Inu and Dogecoin have also remained persistent with their decline. DOGE is currently at $ 0.17 and SHIB is at 0.000034. Both coins are slightly up by about 0.50% over the last day. However, this increase was marginal compared to its 10% decline last week.
The cryptocurrency sector is clouded by uncertainty, without such a push in the prices of major coins and tokens. In addition, the annual candles have finished below the expectations of analysts and experts. However, the crypto community is optimistic that the industry will prosper again at the start of the new year.
Bitcoin and other major currencies will have to perform well to trigger a bull run in the coming weeks. Speculators predict that Bitcoin is at a breakthrough or decisive point and thus may massively rise or fall to new lows. If the leading crypto token manages to close its gap with its all-time high, then the market may turn bullish in a short period as well.
Traders and investors are looking at tokens like MATIC, LUNA, and DOT that are expected to perform high in the near future. However, the next few weeks will form a clear perspective on long-term market trends and patterns.
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Daily Price Analysis of Bitcoin, Ethereum, Fantom, Monero – January 1 Summary