The crypto market has had an astonishingly strong week and immediately starts the new week in the green. Market sentiment has become much more positive, although many analysts are still warning of the poor macroeconomic conditions.
Nevertheless, a large number of prices rose sharply last week, in some cases even more than 50%. The total market capitalization of crypto finally crossed $1 trillion yesterday for the first time since early November, around the time of the FTX crash.
📈 Market Overview#BTC price trades above $21K
Market cap: $1.05T (+2.38%) $BTC dominance: 38.86% (-0.5%)
Fear & Greed Index: 45 (Fear)
— CryptoRank Platform (@CryptoRank_io) January 16, 2023
Bitcoin back above 200-day moving averages
Bitcoin (BTC) briefly touched $21,450 last night, its highest price since the FTX fiasco in early November. Bitcoin is up more than 22% over the past week, but is dropping back slightly below $21,000 this morning. Nevertheless, after 381 days, the price finally breaks above the 200-day moving averages and that is seen as a bullish sign. Still, there are concerns about a possible one long squeeze.
#Bitcoin markets display a fascinating and bizarre level of consistency between cycles.
In the 2018-29 bear, $BTC traded below the 200DMA 🔵 for 386-days.
With last weeks rally, $BTC is back above the 200DMA, having spent 381-days trading below it.
— glassnode (@glassnode) January 15, 2023
Ethereum price is close to $1,600
Ethereum (ETH) remarkably underperformed Bitcoin last week, although the emphasis is on something. The ETH price was still able to rise more than 20% last week and came very close to $1,600 a few times. Currently, the ETH price is around $1,550 and is therefore 1.2% up today.
500K validators on ethereum proof of stake chain! 🎉 pic.twitter.com/tm0lLtqC1S
— terence.eth (@terencechain) January 16, 2023
Crypto top 10 lags slightly behind but still turns green
The rest of the top 10 lagged a little further behind last week, but these prices also rose sharply. Binance coin (BNB) briefly broke through $300, but is now just below it again. Nevertheless, BNB is up 0.8% today and up 9.3% compared to a week ago. Ripple (XRP) briefly moved above USD 0.4 early this morning, but is currently dropping to USD 0.387, up 1% today and 12.5% last week. Dogecoin (DOGE) is currently dropping to $0.084, but is still up 15% last week.
Polygon and cardano hardest climbers top 10
Polygon (MATIC) was already up 18.5% last week and again up 3% today, but MATIC is currently dropping just below $1. In fact, Cardano (ADA) was up 19.5% last week, up 2.2% today and is now trading around $0.35.
We are attending the @wef in Davos next week and co-organizing the panel “Blockchain for Good” hosted by @HoBswiss.
📝Registry: https://t.co/KAow0akW7a@F_Gregaard @Davos @CV_Labs @emurgo_io @proof_space @unhcr_ch
— Cardano Foundation (@Cardano_CF) January 13, 2023
Solana rose more than 60% last week
Solana (SOL) is now in eleventh position, which is up almost 64% last week and is up 4.2% today. SOL is currently trading at around $23.5 while the price dipped below $10 around the turn of the year and the community was clamoring for it to drop to $0.
this chart deserves more airtime pic.twitter.com/KofkxYEMr4
— raj 🦾 (@rajgokal) January 14, 2023
Shiba inu price back above $0.00001
Just below that we find shiba inu (SHIB) up 5% today. The infamous meme coin is trading above $0.00001 for the first time since the FTX crash. Is that related to the launch of the Shibarium beta, a layer-2 scaling network?
🍖Introduction to Shibarium: Shiba Inu’s Layer 2 Network—Rejoice #ShibArmy! Shibarium Beta is about to be launched, and through this article we want to introduce some basic concepts in order to provide clarity to the community.
Read more: https://t.co/xWyPaVlQQ4
— Shib (@Shibtoken) January 15, 2023
Then of course we can’t forget bonk (BONK). The new meme coin may be partly responsible for the significant SOL increase. Although BONK corrected considerably shortly after New Year’s Eve, the price is still 290% up in the past 2 weeks and today it is 28% up again.
— Bang! (@bonk_inu) January 15, 2023
Crypto top 100 fastest risers
We have more hard risers from the top 100. Today we find terra (LUNA) and optimism (OP) entering the top 100 after rising 10% in the last 24 hours and about 50% last week. Zilliqa (ZIL) and helium (HNT) are up 11% today and sandbox (SAND) are up 12%.
🔹 $ZIL has been experiencing a significant uptick in social volume, meaning that the overall social exposure of $ZIL has been improving.
🔸Caused by the release of the EVM- testnet and releases of its partners, eg the @XcademyOfficial Android App! pic.twitter.com/t3WmYv9CG1
— House of Chimera (@HouseofChimera) January 13, 2023
Aptos, decentraland and frax share hardest climbers of the day
Then we have aptos (APT) which is up 17% today and is up a whopping 118% from a week ago. Decentraland (MANA) rose by 87% last week and today by almost 26%. Finally, we have the winner of the day: frax share (FXS). After a whopping 36% increase in the past 24 hours, the FXS price is above $9 for the first time since May.
Seems like only last week we were just celebrating 50k milestone 🤝$fxs ripping as market realizes no one will be able to compete with Frax’s staked $eth yields & are trying to be the $eth basepool on Curve — $cvx $crv 🎡 https://t.co/3bDO1l38Bh pic.twitter.com/y8ZRCSRr6i
— 0xChaos (@0xCha0s) January 16, 2023
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