BTC rallied quickly but failed to break the $17,000 level on Sunday and is now trading in a narrow trading range between $16,900 and $17,000. The value of the global cryptocurrency market is $8 billion, up 0.15% from the previous day at the time of writing. Bitcoin’s dominance is down 0.02% to 39.57% in 24 hours.
Santiment, a market intelligence platform, tweeted on January 8 that the market capitalization of all coins in the cryptocurrency market “increased strongly in independent directions”.
According to the tweet, traders are currently less interested in Bitcoin (BTC) and Binance Coin (BNB) due to the “euphoric crowd feeling” for Ripple (XRP), Ethereum (ETH) and Cardano (ADA). Bearish projects perform better on average.
According to Sentiment’s analysis, the XRP and ETH communities expect strong price growth for their preferred assets in the near future. The other side of the market doesn’t seem so safe.
As the chain data source implies, active activity in the market is primarily independent, which leads to an imbalance in the overall sentiment. Furthermore, when the cryptocurrency market community collapses, the overall momentum of the industry is lost and an industry-wide revival becomes impossible.
Will stronger interest in ETH and XRP drive the price up?
The euphoric crowd feeling about XRP and Ethereum can be attributed to Ethereum’s short-term success and several significant strategic partnerships for XRP that boosted investor optimism. However, it is difficult to predict whether the short-term appearance of optimistic trends among investors will have long-term consequences.
According to the official Santiment account, Bitcoin, BNB and Cardano get less attention. The value of the aforementioned assets has historically increased in parallel with the general recovery of the industry. As a result, the current trend is expected to reverse soon.
Furthermore, it is difficult to predict where the market will go in the near future, as none of the above asset pairs have shown signs of expected significant market movements. When network activity resumes, many investors return to their normal work and traditional schedules.
Furthermore, Ethereum is currently deflating. It has the potential to have a significant impact on the network and is the second largest cryptocurrency.
Cryptocurrency market movements
XRP and ETH prices have fallen in the last 24 hours. At the time of writing, the price of XRP is down about 1% to $0.3398. ETH is currently valued at $1,265, a 25% increase from the previous day.
Meanwhile, BTC, BNB and ADA are increasing in value. BTC is currently trading at $16,940.78, up 0.15%. BNB is now up 0.22% to $261.42 in trading. ADA has gained 4.46% in the last day to $0.2862 at the time of writing.
The current price of Bitcoin is $16,950, with a trading volume of $8.5 billion in the last 24 hours. If Bitcoin fails to break the psychological resistance level of $17,000, it will fall to the $16,775 support zone.
BTC is positive on the 4-hour time frame due to an upward channel, so a close above $16,775 could trigger a pullback.
If BTC breaks below $16,775 today, it may fall to $16,450. Note the $16,775; If BTC maintains a buying trend above this level, it may go higher.
Profitable cryptocurrencies to keep an eye on
Investors are looking for safer, higher yielding alternatives because of the market’s fear of loss. Early investors have access to the market before its biggest sell-off.
The FightOut (FGHT) platform works in the same way as a personal trainer, except that the FGHT token is pre-rewarded for training time. All activities are tracked and can be used to improve metaverse avatar statistics. The FGHT presale is going well with over $2.75 million already raised.
As the sale progresses, the current selling price of 60.06 FGHT per $1 (FGHT can be purchased with ETH or USDT) will rise.
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Dash 2 Trade (D2T)
Dash 2 Trade will be an Ethereum-based platform that will provide real-time statistics and social trading data when it launches in early 2023. Trading signals, on-chain statistics, strategy building tools and news feeds will be among the first features, helping new and experienced traders alike stay on top of the turbulent bitcoin market.
Dash 2 Trade has now raised $14.2 million in funding, just four days and ten hours away from listing the platform’s native D2T token on Gate.io, the first in a series of planned centralized cryptocurrency exchange listings. Changelly Pro, LBANK and BitMart will also offer D2T. It is currently offered at $0.0556, but several analysts criticize the pre-sale price as too cheap considering the token’s potential.
According to various traders, including prominent pre-sale analyst Jacob Crypto Bury, D2T investors may have profit potential.
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C+Charge (CCHG) is a blockchain-based network that compensates electric car owners for charging and using their vehicles. Its native token CCHG is currently on the market. The use of electric vehicles has grown rapidly worldwide in recent years.
The electric vehicle (EV) sector has long developed as a more environmentally friendly alternative to the existing automotive industry, which has long been in need of change. Thanks to companies like Tesla, Rivian and others, people can now buy electric cars and join the green revolution.
It has already volunteered to connect 20% of Turkey’s EV chargers to demonstrate network scale. 1 CCHG costs $0.013 and can be bought with BNB or USDT. The pre-sale has raised $103,400 so far.