- Bitcoin hovers around $47,000, awaits a clear breakout.
- Ethereum records no major price change over the last day and stays around $3,750.
- Fantom, Cosmos, and Monero show daily and weekly gains to their names.
- Metaverse and meme coins stay under the influence of 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 it apart from the rest of the financial markets and makes trading riskier yet rewarding for individuals.
However, the crypto industry has grown indefinitely in recent times. A concept that took off from Bitcoin is now home to over 16,200 crypto tokens. There are over 450 cryptocurrency exchanges that offer crypto-related services to people worldwide.
As we move into the year 2022, the usability of crypto is a very well-known factor. It is dealt with as an investment class as it is used for trading and investing. Over time, more money is being fed into the digital currency sector with new and diverse projects. At the time of writing, the overall market cap of crypto sits at $2.24 Trillion, with a 1.27% increase in daily change.
Bitcoin stays just over the crucial $47,000 mark
With Christmas and new year’s holidays, the cryptocurrency market was plagued with uncertainty. However, a bearish trend is expected as individuals usually take money out these days. Bitcoin has also shadowed this factor in its price trajectory. The coin did go up by a marginal 1.01% over the last day. Yet, it is still about 5.64% below its weekly price change.
BTC is currently priced at $47,350, and its market cap is a little over $896 Billion. The trading volume of the leading cryptocurrency token is around $24.50 Billion. The holiday season will conclude soon, and that is when a clear breakout is expected from Bitcoin. As of now, the overall market is also not showing a clear pattern.
However, the yearly closing for Bitcoin was at an underwhelming level. The coin recorded an all-time high of over $68,000 not too long ago. Many experts expected the coin to inch closer to the six-figure mark but Bitcoin had other plans. The dominance of Bitcoin has also decreased to 40.0% which is low by its standards. Nonetheless, it is yet to be seen how the coin performs in the coming weeks, as historically, Bitcoin has recorded gains in the first month of the new year.
Ethereum shows no major improvement, stays put around $3,750
The leading altcoin of the cryptocurrency market has also suffered in terms of prices lately. Ethereum was previously expected to cross $5,000 and record new major all-time highs. However, it suffered a dent from the volatility of the market. The coin underperformed over the course of the last few days.
At the time of writing, Ethereum is moving around $3,750. Its price has shown little to no change, as ETH stays about 8% below its previous week’s price. The market cap and the trading volume of the coin have also witnessed a downfall lately. Its market cap is currently below $446 Billion and its trading volume is at $9.46 Billion.
On the other hand, the competitors of Ethereum have performed comparatively better than ETH. The likes of SOL, ADA, and LUNA have stayed on a more positive side of the market. These coins shed their gains in the last week, and they are also down in terms of weekly price change. But they are showing a recovering intent lately.
Over the last day, ADA has jumped 2%, SOL has gained 3.26%, and LUNA has surged by 4.70%, crossing the $91 mark. It is still early to discuss the price trajectory of these coins. However, these three are termed to be Ethereum-killers. They have overshadowed ETH’s performance, which can influence individuals’ investment preferences.
FTM records double-figure percentage gains, ATOM, XMR, and ALGO follows
No major price changes were recorded in the cryptocurrency market. However, there were a few coins that recorded green candles in the last 24 hours of trading. Only a handful of tokens were able to regain a major portion of their lost value from the last week.
FTM was the leading performer in renowned cryptocurrencies as it witnessed an increase of over 10%. The token crossed the $2.50 mark and also gained in its market cap and trading volume. The coin has been up by around 13.50% in the last 7 days. Its market cap is now over $6.30 Billion, and its trading volume has crossed $835 Million.
On the other hand, Cosmos (ATOM) has also marked significant progress in the late trading hours. ATOM has gone up by almost 5.20%, crossing the $35 mark. It is currently priced at around $35.61. The coin has recorded 21% over the last week or so. The coin has also experienced an increase in its 24h trading volume and market cap.
Monero (XMR) is another coin that has recorded green candles lately. Its price has increased by 6.25% over the last day, inching close to the $250 mark. The coin has gained 17% over the previous 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 9.25% gains, reaching $27.50. The coin went down by 10% in the last week, and thus, it has regained its lost value in the recent price hike. Algorand (ALGO) also slightly increased about 2% to take its weekly rally to 6.50%. The coin reached the price of $1.71 in late trading hours.
No major price drops as the market remains static
Apart from the above mentioned coins, the rest of the market has remained comparatively stubborn. According to the latest data, there are no major gainers or losers, and only a few tokens have recorded considerable price fluctuations.
Also, the popular metaverse coins have shed largely over the last week. They were also reluctant to regain their lost value, which could trigger a persistent bear pattern in the coins. Decentraland (MANA) shed over 12% to drop to $3.33. The market cap of the coin has also consolidated to around the $6 Billion mark.
In addition, coins like Axie Infinity (AXS) and the Sandbox (SAND) have also gone down by a considerable margin. AXS is now valued below the $95 mark, and SAND is under $6. Both of these coins have decreased 13% and 15% respectively in value over the last week. The graph of these coins does not paint a positive picture for the coming days.
Apart from these gaming and metaverse tokens, meme coins like Shiba Inu and Dogecoin have also remained persistent with their decrease. DOGE is currently at $0.17, and SHIB is at 0.000034. Both of these coins have gone slightly up by about 0.50% over the last day. However, this increase was marginal compared to their 10% decrease last week.
The cryptocurrency sector is clouded with uncertainty, with no such momentum in the prices of major coins and tokens. Also, the yearly candles have ended below the expectations of analysts and experts. However, the crypto community is optimistic that the industry will thrive again at the start of the new year.
Bitcoin and other major coins will have to perform well to trigger a bull run in the coming weeks. Speculators predict that Bitcoin is at a make or breakpoint, and therefore, it can either go up massively or plunge to new lows. If the leading crypto token manages to close its gap with its all-time high, then the market can also turn bullish in a short period.
Traders and investors are eyeing tokens like MATIC, LUNA, and DOT that are expected to perform highly in the near future. However, the next few weeks will form a clear outlook of market trends and patterns for the longer run.