BTC inching towards 24,000USD, ETH towards 1650USD: Where is the Crypto Market Moving?
The past few months have been rough for the crypto industry. The FTX collapse wasn’t just a solitary event as it led to a domino effect. Almost every coin saw a significant drop in price and many firms met the same fate as FTX.
Now that we are almost a month into 2023, the crypto industry is taking new turns. Just as of January 27, the market was trading at loss including coins like BTC and ETH. While simultaneously BNB was showing some gains, HyperChainX (HYPER) was the highest trending cryptocurrency of that day.
However, trends continuously keep changing in the crypto market. At the time of writing this article on 29th January, 2023, Bitcoin is valued at $23,653.37 and Ethereum is at $1,637.74. Both of them are witnessing upward gains of 2.2% and 2.8% respectively in the last 24 hours.
Gala (GALA) token was the biggest gainer as it saw a 24-hour jump of over 25.87 per cent. On the other end, the Threshold (T) turned out to be the biggest loser.
According to many analysts and experts, bitcoin mining is seeing the miners slow down the sale of their cryptocurrency. Glassnode data has been proven to highlight that the movement of BTC to exchanges from miner wallets is currently the lowest it has been in three months. A decrease in selling pressure is usually seen as an affirmative trend for Bitcoin.
Top 10 cryptocurrencies are trading as follows as of 10 am IST, 30 January 2023:
- Bitcoin (BTC) – $23,642.11 (2.2%)
- Ethereum (ETH) – $1,636.42 (2.8%)
- Tether (USDT) – $1.00 (0.0%)
- USD coin (USDC) – $1.00 (0.1%)
- BNB (BNB) – $315.13 (2.3%)
- XRP (XRP) – $0.411302 (-0.2%)
- Binance USD (BUSD) – $1.00 (0.0%)
- Cardano (ADA)- $0.391526 (1.2%)
- Dogecoin (DOGE)- $0.089129 (0.4% )
- Polygon (MATIC) – $1.16 (2.0%)
On the regulation front, Biden Administration said that “it would be a mistake to deepen ties between crypto and the broader financial system”. On the other hand, US Senator Ted Cruz introduced a bill that would allow accepting crypto in Capitol Hill buildings, restaurants and vending machines.
According to Cointelegraph, “The current BTC price rally in 2023 has taken investors deep out of the “Fear” zone to well into the “Greed” zone, with levels not seen before since November 2021 when the BTC price peaked”. This pump has opened up the gateway for LTC, AVAX, $APT and FTM to also rally higher.
Following the data given by CryptoCompare, we can see that the current market share of algorithmic stablecoins stands at 1.71%. They have stated that “The decline in stablecoin dominance suggests market participants are rotating out of stablecoins and into risk assets.”
Bitcoin dominance is slowly rising; currently standing at 42.5%.
Since these upward developments are relatively new, nothing can be said with 100 per cent assurance about the market in the future. However expert opinions do believe that this might be a signal of a potential bull run that is impending. According to them, the likelihood of this being a bull trap is low.
In conclusion, the world of cryptocurrency continues to evolve at a rapid pace. From new breakthroughs in blockchain technology to regulatory developments and adoption by major companies, there is never a dull moment in the crypto news space. With its potential to disrupt traditional financial systems and provide new opportunities for investors, it’s no surprise that the industry continues to generate so much excitement and interest.
While there are certainly challenges to be faced and risks to be aware of, the future of cryptocurrency remains bright and full of promise. Make sure that you do enough research before making any financial decision in the crypto space. The market is volatile and you must always prioritise protecting your funds.
Psychological key levels for Bitcoin right now is 25000USD. If BTC breaks it with strong volume and momentum’ we could be heading towards 29k in very short time. How do you think market will behave in February 2023? Share with us under comments.