Thursday, July 25, 2024

Market Watch Jan 03: Bitcoin Slips Near $47,000 After Brief Price Recovery

After a brief price recovery over the weekend, bitcoin has again slipped and trying to hold onto $47,000. It was down by 0.84% in the last 24-hours standing at $46,827.07 mark. The weekly outlook for the world’s most popular cryptocurrency is bullish as it may gain track towards the $50,000 mark and slip again even before the week ends.

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Investors continue to be on digital assets because of its increasing market capitalization. Look at Ethereum for example. It follows bitcoin very closely and gets its highs and lows are closely related to that of the popular cryptocurrency. Ether has managed a slight gain of 0.80% despite bitcoin’s slip and remains close to the $3,800 mark.

According to Arcane Research, a blockchain analytical firm, ether is set to outperform bitcoin again in 2022. It did so in 2021 by gaining 418% compared to BTC’s 66%. Arcane highlighted this performance gap as the widest seen since 2015 when ethereum was launched. It believes the surge in NFT sales volumes is helping ether as most of the tokens run on the ethereum blockchain.

2021 was definitely the year of meme coins but can the same be said for 2022. Well, we have a whole year in front of us to say anything yet. Arcane Research acknowledged the absurd meme coin rally of 2021. It said this meme’s 2021 performance will be a historic relic of the absurd times.

Analysts are keeping a close watch on the US dollar-backed tether as it continues to reign high among the stable coins. And there is the USDC to pit up against. It will be a joy to watch which of the two comes up on top in 2022. Experts have pitted these two stable coins against each other and are hoping for the best with USDC to reach $1.279 by February 2022.

Cryptured Team
Cryptured Team
The writers team at Cryptured.com is composed of passionate and experienced journalists who cover the latest developments in the crypto and blockchain space. They aim to provide accurate, unbiased and easy-to-understand news and information for their readers, as well as insights and analysis from industry experts. The writers team is always on the lookout for new and exciting stories that can help the general public learn more about the potential and challenges of these technologies.
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