Friday, December 1, 2023

Market Watch Jan 02: Bitcoin Price Movement Seems Somewhat Stagnant.

Bitcoin trading has been somewhat flat over the New Year’s weekend and is now seeing slight price movement as the cryptocurrency has lighted up in green. The last few days of 2022 had the cryptocurrency prices record a trend of decline because of the strong bearish pull.

Now with the crypto market in the second day of 2023, there has been no improvement. But the market has made its best attempts to regain the bullish trend. At the time of writing this article, Bitcoin was trading at $16,672, up by 0.77% in the last 24 hours, as per data from CoinMarketCap. Ethereum up by 0.60% was holding at $1,201.

As for the altcoins, Polkadot is the biggest gainer. DOT was up by 3.32% in the last 24 hours, followed by Uniswap at 1.90%, Litecoin and Cardano 1.74%. XRP was the biggest loser; Ripple’s native token is down by 2.88%.

Cryptocurrencies suffered a huge blow in 2022 as the US Federal Reserve and other major central banks across the world raised interest rates to fight historic inflation. Moreover, the past year saw crypto winter following the collapse of Terra/LUNA and FTX which sent shockwaves across the industry. The downfall of these two major players liquated more than $2 trillion from the total crypto market cap from the all-time high in November 2021.

And the crypto winter hasn’t ended. David Marcus, CEO and founder of Lightspark, a Bitcoin firm, does not see the crypto winter ending in 2023 and not even in 2024. He believes it will take time to rebuild consumer trust and sees the current reset for the betterment of legitimate firms over the long term.

All for the test.

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