- Bitcoin fails to cross $47,000, hovers around the $46,000 mark.
- Ethereum stays stagnant at around $3,800 but looks set to rally.
- Internet Computer records double-figure gains, Chainlink, VeChain, and Theta Network turn green.
- Shiba Inu, Aave, and Polygon consolidate in an uncertain market.
The cryptocurrency is known for experiencing sheer market volatility from time to time. Even though 2021 was a rollercoaster for the digital asset industry, it has remained rather quiet in the first week of 2022. Market analysts and experts believe that the market might blast off in the coming days. However, this does not look to be the case in the current scenario.
The global crypto market cap has also failed to recover as it stays put at around $2.24 Trillion. Investors and traders are being highly cautious while making trade calls. Several coins are still lingering around their 2-week old prices which is highly unlikely in the crypto market. Market leaders, like Bitcoin, Ethereum, and other top cryptocurrencies have also struggled to rise in value.
BTC’s dominance continues to plunge as the coin fails to move upwards
The leading cryptocurrency token has failed to gain any momentum in the past 24 hours. It has lost about 1.35% and is currently valued below $46,500. Its 7-day price change is negative 2.82%. Moreover, the market cap of the coin has plunged to below $877 Billion. Its trading volume is also down to around $29 Billion.
Bitcoin is stuck in the range of $45,000-$52,000. Over the last week or so, the coin has repeatedly failed to breach the $48,000 mark successfully. It retraces back to around $45K-$46K after touching the $48K mark. Previously, Christmas and New Year holidays were considered to be the reason behind this lack of momentum for the token. However, now investors and traders are growing concerned about Bitcoin’s performance.
Ethereum maintains a firm position of around $3,800, altcoins remain undecided
Ethereum is considered to be the most valuable and influential altcoin. It is only second to Bitcoin in the crypt market. However, over the course of the last few days, Ethereum has performed relatively better than Bitcoin. Its dominance has risen to around 20.30%. Even though it has not managed to break any clear resistance levels, it is still staying above $3,800.
Ethereum has decreased by about 1.70% in the last day, trading at around $3,820. Nonetheless, it is still about 0.70% on the greener side in the weekly price change. ETH’s market cap is over $452.61 Billion, and its trading volume is over $13 Billion. These figures might still seem significantly lower than that of Bitcoin’s but ETH has managed to slice the percentage difference between the two leading crypto assets.
On the other hand, other top cryptocurrencies like BNB, SOL, and ADA have also followed Bitcoin and Ethereum. There have been no major price changes in these cryptocurrencies. BNB is traded around $512, ADA at $1.32, and SOL at $168. Therefore, it will be fair to say that the underperformance of BTC and to some extent of ETH’s as well is adversely impacting the performance of altcoins.
ICP stays in the top gainers’ list, LINK, FTM, VET, and THETA follow
ICP has been one of the most significant performers in the cryptocurrency market since last week. It has now posted gains of over 10% in the last day, taking its weekly tally to about 47.50%. The coin is currently priced at around the $36 mark. The chart below shows the surge of ICP in the last few days. Even though it has retraced in the last couple of hours, ICP looks all set to make more gains from here on forwards. The market cap and the trading volume of the coin have also experienced a significant hike in value in the meantime.
Over the last day, more coins have posted green candles in the digital asset market. FTM has made more than 3% to push its price beyond the $3 mark. Its weekly tally of gains has reached 38%. FTM was one of those few coins that maintained a positive outlook in the last couple of weeks.
Moreover, VET has shockingly made gains of over 6.30%, and it is now priced at over $0.093. It is now 8.30% above its last week’s price. Chainlink (LINK) has also surged by over 9%. Its market cap has reached $12.30 Billion and its trading volume is over $2.69 Billion. With over $467 million coins in circulation, LINK is recording major progress over the last few days. This is why more and more investors are getting inclined towards the coin’s performance.
SHIB shed before going bullish, MATIC and LUNA also decrease in value
Among the losers, SHIB was the one that shed many of its gains. Experts are, however, adamant that the coin is improving in terms of fundamentals, and it might lose its meme coin status soon. As of now, the coin has not shown any major signs of improvement in value.
SHIB has retraced to around $0.0000323. The coin slightly rose to $0.000326 but it is performing far below expectations. SHIB has now consolidated for over 6% in one week. Its market cap has plunged below $18 Billion, and its trading volume is below $623 million. The coin has some events planned and it might push above its weight in the coming days to reward its holders.
Polygon’s MATIC is continuously sliding down after hitting the ATH of about $3. It is now valued below $2.40. The coin might go up once the overall market forms bullish patterns. It has shed almost 4% in the last 24 hours of trading.
LUNA and AVAX are also performing below the mark as both of them have shed more the 3% in the last day. Lastly, AAVE shed its gains of the last week and it is now traded below $254. The coin’s market cap has also slid under $3.42 Billion.
There are more gainers and greener cryptocurrencies in the market in the last 24 hours of trading. However, there is still little to no certainty on what the market promises in the coming days. Bitcoin and Ethereum will have to perform in order to set a clear pattern for the rest of the market to follow. Otherwise, the investing lot might pull out their investments in fear and uncertainty.