Bitcoin price appears poised to trade flat; Ether breaking up, making a hopeful sign
It’s likely that the majority of short-term BTC investors who have lucrative holdings started holding long positions in late November when the price of bitcoin was trading at its five-month low of $15,599. Since then, the largest cryptocurrency by market capitalization has increased by around 8%. At the time of writing, the Bitcoin price is changing hands at $16,849.
BTC/USD 4-hour chart | Source: TradingView
Bitcoin price appears poised to trade flat
Most of the other coins on the top 10 list of non-stablecoin cryptocurrencies lost ground, while Bitcoin and Ether traded essentially unchanged. Losers included Polygon and XRP, while Cardano’s Ada coin kept climbing.
On the previous day, Bitcoin fell 0.13% to $16,839 (as of). To $1,250, ether fell 0.44%. In the first week of 2023, Bitcoin increased by more than 1% while Ether increased by more than 4%.
XRP decreased by 2.71% to US$0.338 and is down roughly 1.3% for the week. Despite losing 2.21% to $0.788, Polygon gained more than 1% during the previous seven days. With a 1.85% decline to $0.0537, Tron has barely changed over the past week. Only Cardano increased by 0.56% to $0.2691 and was up among the top 10 cryptocurrencies.
“Cardano is enjoying a mini surge at this hour, and addresses holding between 1M to 100M ADA may be a main validator to watch for a price breakout. After dumping 568.4M coins the final 2 months of 2022, they have added back 217.2M ADA to start 2023”, Santiment reported.
Source: Santiment
The ADA has increased by 10% over the past week. A report by payment processor CoinGate claiming that the token first appeared in the top 10 list of most-used cryptocurrencies in 2022 is one encouraging sign.
The total value of the cryptocurrency market fell by 0.46% to $817.45 billion. $27.26 billion in trading volume was a 23.83% decrease. The first week of the new year saw the effects of the FTX exchange failure still being felt throughout the cryptocurrency sector, harming businesses connected to it. Silvergate Capital, a cryptocurrency bank, let off 40% of its workforce after seeing $8.1 billion in withdrawals due to the FTX meltdown in November.
According to the Wall Street Journal, which cited persons familiar with the proceedings, cryptocurrency lender Genesis Global Trading reportedly reduced its employment by 30% and is considering declaring bankruptcy. Some recent U.S. measures, such as the manufacturing index from the Institute for Supply Management, which fell to 48.4 this week to signal an economic contraction, imply that inflation is slowing. The Federal Reserve will continue to raise interest rates to control inflation, according to the minutes of its December meeting published on Wednesday.
Although it continued to fall from October’s 7.7% and September’s 8.2% inflation rates, the U.S. Consumer Price Index (CPI) revealed that inflation was up 7.1% in November compared to 2021. On January 12, the December CPI will be released.
Read more:
- Bitcoin Price And Ether Responded Positively To Manufacturing And Jobs Data; Investors Saw Hopeful Signs
- Bitcoin Price Slipped Back, While Ether And Most Other Altcoins Were Also Trading Sideways