On December 5th, leading cryptocurrency Bitcoin finally broke through the key resistance level of $17,000 and is now heading north towards $17,600. Similarly, Ethereum, the second most valuable cryptocurrency, has crossed the $1,300 barrier and is moving towards $1,350.
Major cryptocurrencies traded mixed on December 5 as the global cryptocurrency market capitalization rose 1.58% to $865.67 billion on the previous day. In the last 24 hours, the total volume of the cryptocurrency market increased by 5.91% to $32.24 billion.
The total volume in DeFi was $2.42 billion, which is 7.49% of the total 24-hour volume in the cryptocurrency market. The total volume of all stablecoins was $29.19 billion, accounting for 90.52% of the total 24-hour volume of the cryptocurrency market.
Let’s take a look at the top gainers and losers of the altcoins over the past 24 hours.
Top Altcoin Gainers and Losers
Cronos (CRO), Celo (CELO) and Litecoin (LTC) are three of the top 100 coins that have gained in value in the last 24 hours. CRO rose nearly 12% to $0.071; CELO rose more than 11% to $0.6955, while LTC gained nearly 7.5%.
Monero (XMR), Neutrino USD (USDN) and TRON (TRX) are three of the top 100 coins that lost value in the last 24 hours. XMR lost about 1.30% to trade at $144.50, while USDN fell about 1% to $0.8890. At the same time, the price of TRX fell by more than 0.50% to $0.0535.
Bybit to Cut 30% of Workforce as Crypto Bear Market Deepens
Centralized cryptocurrency exchange Bybit has become the latest to lay off staff as the crypto winter continues. The company already laid off its employees in June this year. The company Bybit, headquartered in Singapore, has announced that it has laid off its employees.
In addition, this is all part of the company’s ongoing efforts to restructure. It’s the latest cryptocurrency firm to shift priorities as the bear market worsens. Bybit co-founder and CEO Ben Zhou made the announcement on December 4, adding that the layoffs will affect all departments.
Kraken to lay off more than 1,000 employees as crypto winter losses mount
Kraken co-founder and CEO Jesse Powell announced that the company will cut about 1,100 jobs, or 30% of its workforce, to “accommodate current market conditions.”
In particular, Powell cited “macroeconomic and geopolitical concerns” as the main reason for the disappointingly weak growth. He noted that the recent market downturn has reduced trading volumes, new registrations and customer demand.
Kraken claimed that it had to lay off many employees, even as it cut staff and marketing costs. Kraken’s layoffs mirror layoffs at other cryptocurrency companies this month due to the bear market.
Unchained Capital (laying off 600 people) and Coinbase (laying off 60 people) are among the companies that have cut their workforce recently. BlockFi filed for bankruptcy earlier this week following the collapse of FTX, the most common example of market volatility this year.
The BTC/USD exchange rate of the most popular cryptocurrency, the US dollar, has reached its lowest level in two years due to the crash.
This ultimately has a bearish effect on the cryptocurrency market, but the technical review creates a bullish trend in the leading cryptocurrencies.
Bitcoin Price
The current price of Bitcoin is $17,332, and the 24-hour trading volume is $19 billion. Over the past 24 hours, the BTC/USD pair has gained over 1.5%, with CoinMarketCap currently on top with a live market cap of $363 billion, up from $357 billion yesterday.
It has a total supply of 21,000,000 BTC coins and a circulating supply of 19,224,668 BTC coins.
The BTC/USD pair crossed the $17,250 barrier after crossing a narrow trading range from $16,800 to $17,250. The RSI and MACD indicators are in positive territory and the 50-day moving average is supporting BTC at $16,800.
On the positive side, Bitcoin is approaching the next resistance level at $17,650, and a break above it could take BTC to $18,000. BTC has formed a bullish candle just above the $17,000 bullish trend line in the 4-hour period.
On the downside, Bitcoin support remains at $17,200 and a break below this level could take BTC to $17,000 or even lower to $16,750.
Ethereum Price
The current price of Ethereum is $1,296, with a 24-hour trading volume of $5.5 billion. Over the past 24 hours, Ethereum is up about 2%. CoinMarketCap is currently ranked #2 with a live market cap of $158 billion. It has a circulating supply of 122,373,866 ETH coins.
On the 4-hour chart, Ethereum is trading bullish above the $1,250 psychological level and is now trading bearish above and below the $1,300 psychological level.
The bullish bias remains strong as the 50-day moving average is near $1,250. The RSI and MACD recently entered the buy zone, indicating a good opportunity to go long.
Increased demand for ETH has the potential to push its price towards the $1,350 resistance level. If ETH fails to close the candles above the $1300 level, the price may fall to the $1250 or $1220 support zones.
Pay attention to the $1300 level, which will act as a key point today.
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