2022 was a very tough year for the crypto market. All financial markets struggled this year, but the crypto industry saw several large companies and projects, such as terra (LUNA) and FTX, completely collapse.
It has caused interest in the most popular topics in the crypto world to drop sharply in recent months, Delphi Digital reports based on Google searches. Nevertheless, these volumes are still higher than in 2020, shortly before the bull market started.
The past 6-9 months have weakened interest in many of the most prominent crypto themes of the last few years. pic.twitter.com/TLo33IV3jn
— Delphi Digital (@Delphi_Digital) December 28, 2022
Also in the past 24 hours, many prices seem to be having more and more trouble holding up. Many cryptos are losing grip on the range they were still holding on to around Christmas. Total market capitalization is down 0.5% to $827 billion.
📈 Market Overview#BTC price trades below $17K
The Top-10 are traded in different directions: $BNB +0.76%, $ADA -2.33%, $XRP -3.43%.
Market cap: $839B (-0.42%) $BTC dominance: 38.04% (+0.15%)
Fear & Greed Index: 28 (Fear)Full Report👉https://t.co/Tne7A6iey8 pic.twitter.com/Pcitj6pOlN
— CryptoRank Platform (@CryptoRank_io) December 29, 2022
Bitcoin briefly dips below $16,500
Bitcoin (BTC) is also increasingly struggling to hold its own, losing traction in the range between $16,800 and $16,900 shortly after Christmas. Bitcoin even briefly dipped below $16,500 late last night, but was able to hold on to this for the time being. Bitcoin is currently rising to $16,580, but is still down 0.6% today.
$BTC Monthly
There is no level on the chart more significant than ~$13,800.
This was the all-time high monthly close in 2017 (discounting wick).
Also the top of the 2019 rally before price returned below $4,000.
It was the launch pad for 2020.
Yet to be retested as support. pic.twitter.com/ALJvdgxIPS
— The Wolf Of All Streets (@scottmelker) December 28, 2022
If bitcoin can’t hold on to that $16,500, chances are we’ll have a new one low go look up. Analyst Scott Melker mainly warns against the $13,800, which he believes is currently the most important level for the BTC price. Meanwhile, Deribit warns of a massive quarterly close of options tomorrow.
Large quarterly expiry coming up this Friday (DEC 30, 8 AM UTC) on #Debit 🚀🚀🚀
1/2 🧵
BTC:
☑️ $2.4 Billion Notional Value
☑️ 141K $BTC
☑️ Put/Call Ratio 0.60
☑️ Max. pain $18,500What do you think will happen leading up to and after the expiry?#BTC #ETH #OptionsTrading pic.twitter.com/St1FZsItxo
— Deribit (@DeribitExchange) December 28, 2022
In any case, Michael Saylor of MicroStrategy still firmly believes in bitcoin. He bought another 2,500 BTC. More on this later on Crypto Insiders.
MicroStrategy has increased its #Bitcoin Holdings by ~2,500 #BTC. Shaft or 12/27/22 @MicroStrategy holds ~132,500 bitcoin acquired for ~$4.03 billion at an average price of ~$30,397 per bitcoin. $MSTRhttps://t.co/lcMeULcGQk
— Michael Saylor⚡️ (@saylor) December 28, 2022
Ethereum is still struggling at $1,200
Ethereum (ETH) briefly spiked to $1,210 and then dipped briefly to $1,180 last night. Currently, ether is trying to recapture $1,200, bringing the price to the same price as 24 hours ago. According to analyst Ali Martinez, whales sold another large amount of ETH in December.
#Ethereum whales holding between 10,000 and 100,000 $ETH have sold or redistributed around 880,000 #ETH since December 2022. pic.twitter.com/vOA9Lt0bOH
— Ali (@ali_charts) December 29, 2022
Cardano and XRP hardest fallers crypto top 10
Binance coin (BNB) is currently up 1%, but the rest of the crypto top 10 turns red. Polygon (MATIC) is down 0.4% and dogecoin (DOGE) is already down 0.7%.
Next comes cardano (ADA) which is down 2.8% to USD 0.245. However, Ripple (XRP) is the biggest loser out of the top 10 today, falling 3.2% to $0.346.
Solana, terra luna classic and chain hardest fallers top 100
Solana (SOL), who dropped out of the top 10 after the FTX crash, also takes another big hit today. The SOL price drops by 5.3% to $9.5. However, Gatetoken (GT) is already down 5.7% and is dropping to $3.17. Toncoin (TON) loses 6.1% of its value and is now below $2.
Terra luna classic (LUNC) remains one of the most volatile rates on the market. LUNC rose sharply at the beginning of the week, but is also down again today. LUNC is down 8.3% to $0.000147.
🚨Important $LUNC Proposal Post 🚨
In accordance with #binance and the wishes of the $LUNC community we have brought forward an Agora proposal to stop #LUNC remembering off of burns!
This will allow us to increase burns and maintain our relationship with Binance @_terralunc pic.twitter.com/8b5lquCqxw
— Terra Luna Classic 🌕 (@_terralunc) December 28, 2022
Still, chain (XCN) is even deeper in the red today. The XCN price drops 9% to $0.013. Finally, we also have a green exception today: bitdao (BIT). The BIT price is rising sharply this morning and is already 13.4% up at $0.318 today.
(1/4) [VOTING] BIP-18: $BIT Purchase Program, Jan 2023
This proposal is a parameter update to BIP-9: $BIT Purchase Program, and BIP-12.
✅ Set the Target Daily Purchase Amount (TDPA) at $2.0M USDT per day starting Jan 1, 2023 for 50 days (total $100M USDT)
— BitDAO (@BitDAO_Official) December 26, 2022
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