Cryptocurrency Update: Bitcoin observed its 13th birthday on Tuesday, January 4, on a dull note as it extended losses amid a number of reasons. The crypto market has been on the downward trod in general for a while now, clashing with the discovery of the new Covid-19 variant Omicron, as investors stayed away. The global traders have been avoiding risk assets amid Omicron fear and have been investing in safer assets instead of them. On Tuesday, the global crypto market, too, ran on a loss as eight out of the top 10 crypto coins lost their values over the day. Only Tether and Polkadot saw a rise in their numbers on Tuesday.
Bitcoin prices fell below the $47,000 mark again on Tuesday, weeks after touching the $51,000 mark. One unit of Bitcoin, the world’s largest cryptocurrency by market price, fell to $46,723.28. This was down by 1.15 per cent over the last 24 hours and 5.01 per cent over the last seven days, according to global crypto tracking website CoinMarketCap.
Ether, the world’s largest altcoin, on the other hand, fell over the last 24 hours, and stayed below the $3,900 mark. One coin of Ether or Ethereum was priced at $3,816.27 at the time of writing this article, data showed. This was down by 0.44 per cent over the last 24 hours and down by 2.71 per cent over the last seven days.
“The cryptocurrency market saw a marginal profit booking over the past 24 hours. Bitcoin fell below the $47,000 mark and Ethereum lost its ground of $3800. With institutional activity picking up, we saw traded volumes rise by almost 28%. The key levels to watch out for would be $46,000 in bitcoin and $3600 in ETH. A further decline below the support levels for these two top cryptos could result in a profit booking across the spectrum. The momentum is not yet bearish, and such minor profit booking is usually expected after almost 2 weeks of range bound movement. The coming couple of days could be crucial in determining the overall momentum in the market,” said Edul Patel, CEO and co founder of Mudrex.
“ETH is down 6 per cent over the past week. This trend set in, after the markets saw a slight spike early last week, post which major profit booking was seen, and the flash selling caused markets to close in. Ether (ETH) failed to sustain above the 50-day EMA ($3,925). This might have attracted selling from short-term traders,” said the ZebPay Trade Desk on Tuesday morning.
The global crypto market cap was standing at $2.24 trillion at the time of writing this article according to CoinMarketCap data. This was a 0.72 per cent increase in the last 24 hours. The global crypto volume, however, rose significantly over the past day as more traders sold their coins. The total volume of traded coins amounted to $93.01 billion over the course of the last day. This has risen by 15.23 per cent over the last 24 hours, said data.
PAPPAY became the top gainer in the crypto pack on Tuesday. Over the last 24 hours, the value of one coin increased by 961.41 per cent. One token was priced at $0.00003185, as per data from CoinMarketCap. Shuna Inuverse and ULAND were the other two gainers who occupied the next top spots on the day.
Top 6 Cryptocurrency Gainers in the Last 24 Hours (According to Data from CoinMarketCap)
PAPPAY: $0.00003185 – up by 961.41 per cent
Shuna Inuverse: $0.0000001732 – up by 872.90 per cent
ULAND: $0.02259 – up by 330.35 per cent
OBRok Token: $0.000004487 – up by 282.65 per cent
Zelda Inu: $0.02768 – up by 182.51 per cent
Gem Exchange and Trading: $0.3748 – up by 159.22 per cent
Top 6 Cryptocurrency Losers in the Last 24 Hours (According to Data from CoinMarketCap)
Cheems Inu: $0.000000000000005294 – down by 100.00 per cent
ERC20: $0.0001527 – down by 98.41 per cent
Dibs Share: $1,409.32 – down by 87.21 per cent
The Mask: $0.00000822 – down by 73.84 per cent
ZUM TOKEN: $0.000007633 – down by 68.47 per cent
ROBOT SHIB SWAP: $0.001459 – down by 68.16 per cent