With 2022 in its last few days, the crypto market continues to see significant lows and most cryptocurrency prices remain stagnant. Bitcoin was recently down by 1.24% in the last 24 hours and trading at $16,672. Ethereum, the second most popular crypto, was holding at $1,199 down nearly 2%.
As for the altcoins, Solana is the biggest loser. It’s down by 4.34% in the last 24 hours. Dogecoin lost 4.25%, Chainlink 3.07%, Litecoin 2.59%, Avalanche 2.19%, Shiba Inu 2.10%, and Polkadot 1.75%. Ripple’s XRP has managed to stay in the green, gaining 0.35%. BNB is also up by 0.67%.
Despite losing 1.24% in the last 24 hours, analysts say the BTC price has remained resilient over the past two months. It hasn’t been shaken by the widening fallout from the implosion of Sam Bankman-Fried’s FTX. Martin Leinweber, the digital asset product strategist at Market Vector Indexes, highlighted Bitcoin’s strength compared to other cryptocurrencies. He said the much-favored cryptocurrency was not the most defensive coin one might expect from a store of value. It should be noted that Bitcoin shunned any form of volatility for multiple days.
Charles Edwards, CEO of Capriole, warned this is the most brutal Bitcoin miner capitulation since 2016. He outlined that Hash Ribbons capitulation captured the lowest Bitcoin hash rate reading of 2022, leaving miners bankrupt and defaulting under the pressure of squeezed margins globally. But former BitMEX CEO Arthur Hayes brushed off miner problems as a significant potential source of contagion for BTC price action. He said it would be like a drop in the ocean in terms of supply versus demand.