All top cryptocurrencies have suffered significant losses, following the current Bitcoin’s fall to the $33,500 area. Ethereum followed BTC, going below $2,204. At present, the bitcoin dominance is 39.02% and the total market cap of the crypto market is $1.797 Trillion. In January, the crypto market lost $5 billion of its market cap due to the recent dip.
Bitcoin’s price has been dropping in the past week or so, ever since it started to dump from above $43,000. This culminated in a drop below $33,000 a few days ago, which became its lowest price tag since late July 2021. Bitcoin has two support zones the first one is $33,500 and the second is $30,750, however, there is resistance at $39,000 and $42,000 if this resistance is broken there would be a gradual increase in price which would lead to another bitcoin rally.
The central bank of Russia continues to maintain a hardline stance against crypto.
Russia’s President Vladimir Putin has in recent days offered some endorsement of cryptocurrencies, especially the mining sector. Putin has argued that Russia stands to gain some “competitive advantages” from allowing crypto mining activities.
This past week, ETH finally found support after a significant crash under the $3,000 level. The support at $2,200 managed to stop the downtrend, and now the price is found in a consolidation mode below the key resistance at $2,750. It was not an easy week for ETH, losing 20% of its dollar value.
With the current market conditions, the major support zone for ETH is $2,250, if the support is broken then we could see ETH at $1,950.
The market sentiment is favouring ETH as more people continue to bag ETH.
XRP has been moving just above the key support level at $0.58 for most days in the past week after a significant drop last Friday. Overall, XRP fell by 17% compared to seven days ago and has failed to recover most of the recent losses. Luna lost a key support level yesterday, falling under $54, and now the price appears ready to move lower. If buyers cannot stop this selloff, then Luna is likely to fall to the next support level at $42. Overall, it had a very disappointing week, losing 33% of its value over the past seven days. The former support level at $54 has now turned into resistance, and the indicators are in a free fall. Some whales took advantage of the selloff to bag more luna to their portfolio.
SOL shows a similar level of uncertainty just above the key support at $79. The price action remains bearish with lower highs and lower lows after a failure to break above the key resistance at $100. A retest of the support appears likely, and SOL closed the past seven days in red, losing 30% of its value.
Metaverse is making the relationship between the financial, virtual, and physical worlds to be more linked together. The Metaverse, when it becomes full-blown, would be an integral part of humanity. Goldman Sachs says the Metaverse could be an $8 trillion opportunity.Goldman Sachs’ analyst Eric Sheridan explained the bank’s metaverse prediction in a recent “Exchanges at Goldman Sachs” episode, titled “Understanding the metaverse and web 3.0.”
Metaverse tokens such as Mana and Sand are gaining global attention. Many VCs, investors and traders are now in the hunt for low market cap metaverse tokens to invest into.
Web3 Founders Welcome Walmart and Its NFTs to the Metaverse. CEO Tim Cook says Apple is investing in the metaverse.
Lastly, the market generally is recovering gradually from the last crash. People are highly excited about the coming month of February and they are hoping to see some news that will bring fresh air to the market. In February, there is a possibility of a sudden rally in the price of bitcoin which may kick start the bitcoin rally and make the altcoins rally.
MicroStrategy CEO Michael Saylor Explains Why Bitcoin Is Both a Blessing and a Curse.
“It’s a blessing and a curse. The blessing is it makes it the most exciting, interesting thing in the financial universe everywhere in the world. And the curse is it can induce anxiety for people that have a short attention span or are focused on a narrow time horizon.“
Google pushes deeper into crypto as it hired PayPal veteran Arnold Goldberg to helm its payments division. El Salvador Bitcoin wallet onboards 4M users with Netki partnership.
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