The price of Bitcoin and a number of digital assets has consolidated this week after some crypto markets fell over 25% the week before. At $ 987 billion, the entire crypto economy is just below the $ 1 trillion mark, growing 1.3% in the past 24 hours.
Consolidate Crypto Asset Markets
A good number of crypto asset markets have been in a state of consolidation while some tokens have seen significant gains over the past few days. At the time of publication, Bitcoin (BTC) traded hands for $ 36,400 per unit with an overall market valuation of around $ 677 billion. BTC’s market capitalization gives the crypto asset a dominance of 66% compared to all existing alternative valuations of digital currencies. At the current price, BTC has increased 4% in the last seven days, 54% in the 30 days, 209% in the last three months and 324% in the last 12 months.
BTC / USDT markets via exchange.Bitcoin.com.
Ethereum (ETH) trades for $ 1,236 per ether and today has a market valuation of around $ 141 billion. ETH traders are still in the green, up 15% during the week, 90% for the month, 239% for the 90-day range, and over 651% last year. The stablecoin tether (USDT) has the third largest market capitalization today, but below the tether market is the digital asset polkadot (DOT).
ETH / USDT & BCH / USDT markets on Jan 18, 2021 via exchange.Bitcoin.com.
Polkadot has the fourth largest market capitalization today as each token is swapped for $ 17 per unit. Below the DOT market cap is XRP, which is currently trading for $ 0.28 per coin. XRP decreased less than a percentage during the week, but also decreased over 50% during the 30-day period.
ADA / USDT markets on Jan 18, 2021 via exchange.Bitcoin.com. At ADA, DOT and LINK, market prices have risen significantly north in the past few days while other crypto assets have been consolidated.
Cardano (ADA) follows XRP and each ADA token trades for $ 0.37 per unit. ADA has done really well over the past few weeks, hitting 36% this week. Over the month, ADA prices improved 108% and 266% in 90 days. Litecoin (LTC) is currently trading at $ 148 per coin, and the crypto asset is up over 9% in seven days. Bitcoin Cash (BCH) is trading for $ 492 per unit at the time of publication and is up over 5% this week. BCH has a total market cap of around $ 9.19 billion and is up 58% in the past 30 days.
“No surprise bitcoin recovered relatively easily last week,” says Accumulation
While the price of a large number of crypto assets fell last week, mainstream experts said the crypto economy was headed for a bear market. However, cryptoanalysts disagree with the bear market view, and BTC’s rebound over the past week has shown that things are still very optimistic. “Instead of a turbulent week with talks about crashes and bubbles, the last week was mostly relatively stable for Bitcoin,” said Simon Peters of Etoro in a statement to investors. “Starting from just $ 30,000, Bitcoin rose to $ 40,000 on Thursday before diving back in over the weekend. It’s currently at $ 36,389, ”added the market analyst.
While some commentators have pointed out that we are currently in a bear market from a technical standpoint, I don’t personally attribute that view. This level of volatility is no different from what we’ve seen in previous bull runs. However, with Bitcoin being offered at such a high price, the fluctuations in US dollars seem to be much more significant. Expressed as a percentage, they are not. The backdrop for Bitcoin remains supportive, so it was no surprise to me and many in the community that Bitcoin recovered from its setback relatively easily last week.
Glassnode statistics show that BTC accumulation addresses have increased 17% over the past year.
Meanwhile, an analyst said that BTC has a few days of consolidation and some action is likely to be taken in the meantime. “Three days until Bitcoin reaches a ‘relevant’ peak – that means three more days of fun with Altcoins,” Teddy Cleps told his 51,000 Twitter followers on Saturday.
Glassnode’s CTO told his Twitter followers that a large amount of BTC is being sent to “accumulation addresses”.
“2.7 million BTC are held in bulk addresses – that’s a 17% increase over the past year,” Glassnode CTO Rafael Schultze-Kraft recently tweeted. “These are addresses that have received at least two incoming transactions and have never issued any money. Mining and exchange addresses are excluded, ”added the researcher.
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