Bitcoin (BTC)’s New Year’s recovery has been much quicker than many expected.
After jumping another 5% on Saturday, the benchmark cryptocurrency fell just below US$21,000 for the first time since the FTX crash devastated the market.
A massive increase in trading volume has provided the BTC/USDT pair with a runaway weekly buying momentum and a doubling of digital growth.
The rally has cooled somewhat in the last 24 hours after hitting the 21,000 resistance wall, but the market is objectively better positioned than the consensus predicted as BTC changed USD 20,800 and short positions were flushed. is in
Bitcoin (BTC) Tests Pre-FTX Levels – Source: currency.com
Ethereum (ETH) is still below its pre-FTX highs more than BTC despite Saturday’s 7% gain.
Currently trading at US$1,540, ETH/USDT needs to add another 8% before surpassing pre-FTX levels. Certainly possible, given the substantial daily gains seen recently.
However, there is a strong selling wall at $1,560, which could prove an obstacle for the bears.
After a brief hiatus, Solana (SOL) is back to outperforming the market, boosted by a massive 30% gain on Saturday alone. Despite the chilly weather today, blockchain is up about 43% weekly.
SOL’s challenge is to take advantage of this swell. 2022 has been marred by terrible blockchain performance, numerous hacks, and exposure to FTX. Addressing these issues will keep your network in good shape for the next year.
Another troubled blockchain, Aptos, is also gaining momentum. The blockchain has been plagued by a myriad of performance issues when it was launched by Facebook Graduate in October 2022, but last week the native token APT surged by more than 90%, pushing the platform’s market capitalization to his 10%. Exceeded US$200 million.
Amid many controversies, including a raid on its Bulgarian headquarters as part of an investigation into criminal trading activity, cryptocurrency lender Nexo has fallen about 1.5% over the past week, well below the market.
Global cryptocurrency market capitalization hit US$976 billion, the highest in nine weeks, while the total amount locked across all decentralized finance (DeFi) protocols is now over US$45 billion, also in nine weeks. is the best in