Bitcoin Price Holds Ground But Will Stronger Interest in ETH and XRP Lead to Price Take Off?
BTC spiked but failed to cross the $17,000 level on Sunday, and it is now trading in a narrow trading range of $16,900 to $17,000. The global crypto market cap is $8 billion at the time of writing, up 0.15% from the previous day. Bitcoin’s dominance is 39.57%, down 0.02% in 24 hours.
Santiment, a market intelligence platform, tweeted on January 8 that the market capitalization of all coins in the cryptocurrency market had been “bouncing very much in independent directions.”https://www.twitter.com/CoingraphNews/status/1611872566062227457?s=20&t=RBirCKSHxvaBI4uexYihVA
According to the tweet, traders are currently less interested in Bitcoin (BTC) and Binance Coin (BNB) due to the “euphoric crowd sentiment” for Ripple (XRP), Ethereum (ETH), and Cardano (ADA). The projects with a bearish attitude perform better on average.
According to Sentiment’s analysis, the XRP and ETH communities are both expecting strong price growth for their preferred assets in the near future. The market’s other side, however, does not appear to be as secure.
😩 With #crypto market caps bouncing very much in independent directions, we're seeing notably euphoric crowd sentiment on $XRP & $ETH. Traders are less interested in $BTC, $BNB, & $ADA. Historically, #bearish sentiment projects perform better on average. https://t.co/bU3eilpyty pic.twitter.com/fQyreiWjUa— Santiment (@santimentfeed) January 8, 2023
As the on-chain data source implies, asset activity on the market is primarily independent, resulting in an imbalance in overall sentiment. Furthermore, when the cryptocurrency market community is shattered, the industry’s overall momentum is lost, making an industry-wide revival impossible.
Will Stronger Interest in ETH and XRP Lead to Price Take Off?
The euphoric crowd feeling about XRP and Ethereum could be attributed to Ethereum’s short-term success and several significant strategic collaborations for XRP, which increased investor optimism. However, it is difficult to predict whether the brief appearance of optimistic tendencies among investors will have any long-term consequences.
Bitcoin, BNB, and Cardano are receiving less attention, according to the official Santiment account. The value of the aforementioned assets has historically increased in tandem with the industry’s overall recovery. As a result, the current trend is expected to reverse soon.
Furthermore, because none of the above asset pairs show any signs of impending significant market movements, it is difficult to predict where the market will go in the near future. When network activity resumes, many investors return to their regular working and traditional schedules.
Furthermore, Ethereum is currently deflationary. It has the potential to have a significant impact on the network and is the second-largest cryptocurrency.
Crypto Market Movements
XRP and ETH prices have both fallen in the last 24 hours. At the time of writing, the price of XRP is down nearly 1% to $0.3398. ETH is currently worth $1,265, a surge of 25% from the previous day.
Meanwhile, BTC, BNB, and ADA are increasing in value. BTC is currently trading at $16,940.78, up 0.15%. In trade, BNB is now up 0.22% to $261.42. ADA’s value has risen by 4.46% in the last day, reaching $0.2862 at the time of writing.
The current bitcoin price is $16,950, with an $8.5 billion trading volume in the last 24 hours. If Bitcoin fails to break through 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 retracement.
BTC could fall as low as $16,450 if it falls below $16,775 today. Keep an eye on $16,775; if BTC maintains a buying trend above this level, it may rise further.
Profitable Cryptocurrencies to Keep an Eye on
Investors are seeking for safer, higher-yielding alternatives due to the market’s fear of loss. Early investors have access to the market’s largest pre-sales.
The FightOut (FGHT) platform works in the same way as a personal trainer, except that the FGHT token is rewarded in advance for exercise time. All activities are tracked and can be used to improve one’s metaverse avatar’s stats. With over $2.75 million already raised, the FGHT presale is doing well.
As the sale progresses, the current selling price of 60.06 FGHT for $1 (FGHT can be purchased with ETH or USDT) will rise.
Visit FightOut Now
Dash 2 Trade (D2T)
Dash 2 Trade will be an Ethereum-based platform that will deliver real-time statistics and social trading data when it launches in early 2023. Trading signals, on-chain statistics, strategy-building tools, and newsfeeds will be among the first features, helping both new and experienced traders to stay on top of the turbulent bitcoin market.
Dash 2 Trade has now funded $14.2 million, with only four days and ten hours till the platform’s native D2T token is listed on Gate.io, the first of a planned series of centralized cryptocurrency exchange listings. Changelly Pro, LBANK, and BitMart will also offer D2T. It is presently being offered for $0.0556, but several analysts have criticized the pre-sale price as being too cheap given the token’s potential.
According to various traders, including well-known presale analyst Jacob Crypto Bury, D2T investors might have profit potential.
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. Electric car use has increased rapidly in recent years all around the world.
The electric vehicle (EV) sector has developed as a more environmentally friendly alternative to the existing automobile industry, which has long needed change. Thanks to companies like Tesla, Rivian, and others, people can now buy EVs and join in the green revolution.
The network has already volunteered to link 20% of Turkey’s EV chargers to demonstrate its scalability. 1 CCHG costs $0.013, and can be purchased with BNB or USDT. The presale has so far raised $103,400.