2022, as you know, was a very bad year for the crypto market and 2023 sees very little action for now. Most prices are in a tight range and have barely moved in the past 24 hours. Still, analysts warn that volatility could return soon. Meanwhile, the total market cap remains around the same value of $842 billion.
2022 was the first year #BTC and $ETH closed below previous cycle highs. pic.twitter.com/KCVIEwM6u7
— Delphi Digital (@Delphi_Digital) January 2, 2023
Bitcoin celebrates 14th birthday
Bitcoin (BTC) fell to $16,400 shortly before New Years Eve and recovered to $16,700 on January 1. For the time being, the price does not exceed $ 16,750, although bitcoin is making another attempt at the time of writing.
Despite Bitcoin celebrating its fourteenth birthday, there is currently very little volume. That means that little BTC is bought, but little is also sold.
About 5.2m #bitcoin hasn’t moved in over 5 years. Keep HODLing! pic.twitter.com/MvpXA3wlpa
— Wicked (@w_s_bitcoin) January 1, 2023
Ethereum is also stuck
The same is largely true for ethereum (ETH). The ether price has not yet managed to break $1,220, despite several attempts. The number of daily transactions on the Ethereum network is also currently very low.
Yesterday, Ethereum mainnet daily transactions dropped to 742K. The last time they were this low was April 2020.
Even with the holiday, Layer 2s, etc, this is a dramatic drop in on-chain activity. pic.twitter.com/zSiPatch3A
— Patrick | Dynamo DeFi (@Dynamo_Patrick) January 2, 2023
XRP fastest riser in sideways crypto top 10
The rest of the top 10 largest crypto is a bit more volatile, with an emphasis on something. Ripple (XRP) is the strongest climber today out of the top 10, but ran into quite a bit of resistance yesterday around $0.354 and is dropping to $0.347 by this morning. This puts XRP up 0.7% today.
🐂 The #XRPNetwork has some intriguing network divergences pointing to strong #bullish cases. Our community post discusses whale addresses accumulating rapidly, traders continuing to #short, and a significant long/short on the verge of being crossed. 🤞 https://t.co/GHKKgAsoCw pic.twitter.com/RCOwEUaXji
— Santiment (@santimentfeed) January 2, 2023
SOL, LUNC & LDO again hardest climbers crypto top 100
The top 100 also remained quiet in the past 24 hours. At the top of the red side today, we find toncoin (TON) down 4.5% and tokenize exchange (TKX) down 4.9%.
On the green side, we find more notable crypto today. Fantom (FTM) is up more than 5% and terra luna classic (LUNC) is up almost 6%.
Perhaps even more striking is solana (SOL), which is currently up 6.5%. SOL failed to recapture $12 this morning, but it looks like the price is about to try again.
Unfazed by price volatility, NFT volume on Solana remained high at ~1.5M $SOL last week pic.twitter.com/4g5wOySILJ
— Nansen 🧭 (@nansen_ai) December 30, 2022
zcash (ZEC) and flow (FLOW) are also picking up strongly today and are both about 7% up, but it is again lido (LDO) that is the strongest climber of the day. The LDO price is currently around $1.24 after an increase of 7.8%. This means that LDO is already 30% up on two weeks ago.
📈 Lido Analytics: Dec 26, 2022 – Jan 02, 2023
TLDR:
– Lido staking deposits increased across all chains except Solana over the last week.
– ETH price increased by 1.2% today pushing Lido into the number 1 DeFi TVL protocol.
– Lidos L2 TVL reached 37,081 wstETH (7d: +11.03%). pic.twitter.com/Rw1fuqnPfS— Lido (@LidoFinance) January 2, 2023
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