- Bitcoin continues to hold above $16k while Ether (ETH) eyes the $1,200 price level lost earlier this week.
- The worst performing tokens are Bitcoin SV (BSV), Chain (XCN), Gemini Dollar (GUSD) and Tezos (XTZ).
- The best performing cryptocurrencies are Toncoin (TON), Shiba Inu (SHIB) , Hedera (HBAR), Chiliz (CHZ), and Trust Wallet Token (TWT).
- The total crypto market liquidation in the last 24 hours amounts to $17.71 million of which BTC makes up around $4.58 million.
The crypto market did not show signs of bullish growth, and it seems that the year might end on a rather unappealing note for the investors in the crypto market. Interestingly, the leading crypto coin, Bitcoin (BTC), has not seen much growth in the last 24 hours owing to a drop in buying pressure and a lack of demand among investors due to the prevailing crypto winter.
On the other hand, the majority of altcoins in the crypto space are currently busy fighting off the bears and it is very likely that we might not see another price surge in the coming days. However, it is crucial to note that Toncoin (TON), the initiative of Telegram to strengthen its position in the crypto and Web3 spaces, has continued to make higher highs and is one of the most actively traded tokens in the crypto industry.
The nearest price support for the world’s biggest cryptocurrency, Bitcoin (BTC), currently stands at $16k which is being retested at the time of writing. This retest suggests that there is a strong possibility of another price hike if $16k holds, or a crash might be waiting for crypto investors if the $16k support fails to hold. There is a strong possibility of a breakout either side of the support.
Currently, the selling pressure on Bitcoin (BTC) outweighs the buying pressure due to fear and uncertainity prevailing in the crypto industry, which have engulfed the bullish sentiments of investors. As of 7:43 am ET, the price of Bitcoin stands at $16,728; this is up by a mere 0.02% in the last 24 hours. This basically means that BTC has been trading sideways since it lost the $17k price region after failing to retain $18k, which is an area of resistance.
On the other hand, the trading volume of the crypto coin has dipped by 50.57%, which marks a huge cut in the popularity of the cryptocurrency, and it seems that there might be strong chances of a crash in the coming days if the situation does not improve. Additionally, the market capitalization of the oldest crypto coin in the market stands at $321.8 billion, with a 0.13% surge in the last 24 hours.
With things remaining as the way they are, it is very likely that we might not see another bullish case for Bitcoin as regulatory concerns are also prevailing which is a major drawback of the crypto industry.
Moreover, according to the chart below from PricePredictions, Bitcoin continues to form highs, which might look quite good on the hourly chart. However, the upper and lower zones of these higher highs are very close to each other. The price has jumped from $16,728 to $16,740+, which, considering the high price of BTC, is not much to confirm the formation of an uptrend.
The indicators on the chart below are mostly bearish, and the readings from the same are not favorable on all the time frames. The Relative Strength Indicator (RSI), used for figuring out the selling or buying pressure in the crypto space, remains below 50 on all time frame listed below. This confirms that the sellers are currently in charge of the crypto space.
On the other hand, the MACD indicator is also bearish for the 5 minute, 15 minute, 30 minute, 1 hour, 2 hour, and 4 hour time frames. This can be attributed to the fact that global macroeconomic conditions and rising CPI rates have influenced all financial markets, including crypto.
The overall market movement currently ranges from neutral to bearish, and therefore, it is advised to not trade on crypto exchanges but HODL all the way. For similar, timely predictions, traders can register on PricePredictions.
Moreover, as per the publicly available data, the crypto market’s Fear and Greed Index’s value has dropped to 26, after dropping to 28 from 29, as per our Crypto Market Performance Report for Dec. 17. Furthermore, the sentiment currently reads “fear,” and there is a strong possibility of the sentiment turning to “extreme fear” if the scenario doesn’t change in the near future and $16k fails to hold.
Furthermore, the market cap of the entire crypto space at the time of publication stands at $809 billion, and this value has risen 0.50% in the last 24 hours. Additionally, the number of cryptocurrencies is 22,066, as listed on CoinMarketCap.
Additionally, the world’s second-biggest cryptocurrency, Ether (ETH), is up 0.19% in the last 24 hours and is currently priced at $1,178. Ether, the biggest rival to Bitcoin’s dominance, had lost the $1,300 price region in the past few days and also failed to retain the $1,200 region. The trading volume of the cryptocurrency has dipped by 60.43%, while the market dominance has dropped to 17.88% in the past 24 hours.
According to the data from Coinglass, the total crypto market liquidation in the last 24 hours amounted to $17.71 million, of which, Bitcoin made up $4.58 million and Ether made up $4.51 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 mixed movements with BNB up 3.54% to $246.89; XRP down 0.36% to $0.3518; DOGE up 1.37% to $0.07848; ADA down 0.27% to $0.2653 and MATIC up 0.61% to $0.8128.
On the other hand, the worst performing tokens in the last 24 hours among the top 100, excluding the top 10, are Bitcoin SV (BSV), Chain (XCN), Gemini Dollar (GUSD) and Tezos (XTZ).
Finally, the best performers in the top 100, not considering the top 10 cryptocurrencies are Toncoin (TON), Shiba Inu (SHIB) , Hedera (HBAR), Chiliz (CHZ), and Trust Wallet Token (TWT).
TON was up 11.60% to $2.73; SHIB was up 4.59% to $0.000008527; HBAR was up 3.70% to $0.04406; CHZ was up 5.89% to $0.125, and TWT was up 4.81% to $1.67.