Bitcoin, Ethereum, Avalanche, Polygon MATIC Daily Price Analyses – 9 January Roundup


TL;DR Breakdown

  • Global market changes mood to bullish, adds 0.13% in 24 hours.
  • Bitcoin is trying to steady its position as losses grow smaller to 0.28% in 24 hours.
  • Ethereum gradually turns its mood bullish, adding 0.55% in 24 hours.
  • Avalanche and Polygon continue their journey ahead, adding 3.61% and4.15%, respectively.  

The key indicators for bitcoin suggest that it will soon be back on track. Though there is no surety of this fact, it is expected to add gains to its value after showing positive indicators. If the change in bitcoin’s trajectory takes place, then there are chances that the whole market will revive because of bitcoin’s bulk. Also, the dominance of bitcoin in the market is another indicator that shows that it can help in the market’s growth.

The market has begun to change its mood after going through hard times. Though we can’t say for sure how long the positive trend will last, as of the current situation, the change has helped strengthen itself in a deteriorating situation. There are chances that the current situation will last for long, and there is also a probability of the situation reverting soon. If the positive trend continues, the market stands a chance to return to the previous value.

Recent news from South Korea has something good for the crypto market. There is a change in the value of the gold market, and it has benefited the global crypto market. The investors are instead moving towards the crypto market to save their investment. If the amount of investments is considerable, it will also help the struggling crypto market be back on track.  

BTC slowly returning to join the race

Bitcoin has the lead role in the market, affecting its value in the recent recession. Though it has begun to recover, experts at CoinGap believe that the losses are not yet over, and the wedge might continue, even nearing $40K. If this happens, the decrease in prices will also impact its total market cap and other indicators.

Source: TradingView

On the other side, the US Federal Reserve has the intention to tighten the assets purchase program. If the regulations hit the market, according to CoinTelegraph experts, the prices might even crash to $30K. That might be a blow to the weakening value of a struggling currency. The current bitcoin price is estimated to be $41,960, while the losses for the last 24 hours are about 0.31%. If we compare that to the losses in the last seven days, they amount to 10.73%, which means that bitcoin has lost the tenth part of its bulk.

The current market cap for bitcoin is estimated to be $794,269,865,669. In comparison bitcoin trading volume for 24 hours is about $20,909,615,276.

ETH strengthening after return to the race

According to TradingView, the price for Ethereum has continued to lower and has dropped below the 50% retracement level, so they predict that $2,900 might be the next milestone for it. The current price for Ethereum is estimated to be $3,155.60, while it underwent a gain of 0.52%.

Source: TradingView

If we check out the loss of Ethereum in the past seven days, it is estimated to be 16.95%, more in comparison to bitcoin and Binance coin. The current market cap for Ethereum is estimated to be $375,975,559,163. At the same time, the trading volume for the last 24 hours is about $11,977,666,634.

AVAX recovering its losses

Avalanche has performed relatively better compared to other coins though it also went through losses. The data for the last seven days shows that it lost about 20.90%, while the 24-hour performance shows a gain of 3.61%. The gains show that the said coin can recover if the gains continue.

Source: TradingView

The current price for Avalanche token is estimated to be $88.92. The latest data shows that the market cap of the AVAX token is estimated to be $21,722,657,842. The trading volume for the last 24 hours is estimated to be $889,552,906.

MATIC speeding fast to recovery

Polygon is expected to be the lead gainer in 2022, as per the expert opinions from TradingView. Their predictions show that it can lead in 2022, and it might gain a significant amount. The current price for Polygon is estimated to be $2.11, while the weekly losses are estimated to be 4.15%. In comparison, the weekly losses amount to 15.32%.

Source: TradingView

The current market cap for Polygon is estimated to be $15,133,831,611. The current trading volume for the said coin has also improved after the end of the bearish period and is about $1,092,642,163.

Final Thoughts

The market appreciation depends on the investor trust, and if it improves, the market will improve automatically. If further inflation and depreciation continue, the market might face hard times. A clear example is a continuing recession since December 2021, which began with minor losses but has caused a great setback to both major and minor coins.

The market’s current situation is improving, but it needs to be steady and constant. If the situation fluctuates, the improvements might not be that significant to hold the market strong. 

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Muhammad Ali

Muhammad Ali is an expert on crypto investments. Loving to write about fintech, he joins the team to provide detailed analyses of the hottest crypto news.

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