Bitcoin, ETH remain flat, Solana continues positive surge- Republic World
Crypto market overview: The cryptocurrency market has been relatively stable in the last 24 hours, resulting in a total market capitalisation remaining close to $1.67 trillion. The crypto fear and greed index has been positive for the last 7 days; however, it has decreased by 2 points since yesterday.
CoinDCX Research Team while talking to Republic Business said, “Over the weekend, BTC and ETH exhibited sideways movement, while several altcoins continued their uptrend. BTC maintained its position above $43,000, and ETH held above $2,260. Key levels to watch include $44,500 as a crucial resistance level for BTC and $42,500 as a support level. For ETH, $2,380 is a key resistance, and $2,250 serves as a critical support level.”
“In a positive development, the market capitalisation of altcoins (excluding BTC and ETH) has surpassed the $500 billion mark, signalling a surge in altcoins. Additionally, the reset in Bitcoin funding rates indicates a potential continuation of the upward rally,” CoinDCX added.
CoinSwitch Markets Desk also shared their insights into Bitcoin’s consolidated movement over the weekend. Talking to Republic Business, CoinSwtich said that contrary to expectations, no Christmas corrections were observed. “After making its 18-month high on 8th December, BTC has continuously been consolidating in a rather tight range with both bulls and bears now waiting dormant for a breakout on either end. While bears were hoping for a Christmas correction, no such major move was to be seen as BTC continues to honour the uptrend it has been maintaining for the whole of 2023,” CoinSwitch said.
Sudeep Saxena, Co-founder, Coin Gabbar, said, “Hinging on the anticipation of spot BTC ETF approval news, Bitcoin’s current price is closely tied to the upcoming decision expected on January 10. The SEC has underlined that applicants must update their filings by December 29. In a recent meeting with potential issuers, the SEC confirmed that failing to meet this deadline would mean missing out on being part of the initial wave of approved ETFs.”
Solana’s bull run
Solana has been operating in a whole different bull trend as last week it showed its highest-ever weekly gain of 58.67 per cent in almost 3 years. Solana has now captured a market cap of 50 billion dollars and is the third largest non-stable crypto after BTC and ETH.
CoinSwithc Market Desk said, “As the overall DEX volumes on Solana also flipped the Ethereum and L2 volumes as traders flock to the SOL ecosystem to find the next BONK, Solana’s dogecoin, traders need to be careful as a bonk-like event happening again is rather unlikely in such a small duration.”
“Another major crypto making major moves in the past few days is Polkadot’s native token DOT . Polkadot’s rally started with its EVM-compatible chain Moonriver rallying more than 400 per cent. The 10-dollar mark however remains a major psychological resistance for DOT,” CoinSwitch added.
While talking to Republic Business, Shivam Thakral, CEO of BuyUcoin, also talked about the Solana bull run. Thakral said, “The crypto market remained calm as the holiday season began. Bitcoin is trading at the $43,447 level while Ethereum is changing hands at the $2,268 mark. In the altcoin space, Solana (SOL) is the biggest newsmaker with a 58 per cent surge in just 7 days, SOL is currently trading around $115 level. The overall market sentiment is positive due to the positive macroeconomic factors.”
What lies ahead in Crypto market?
Bitcoin is trading above $42,750, having tested the $42,600 zone where bulls were actively engaged. A decisive move beyond the $43,600 level may push BTC towards $44,300, with support currently positioned at $42,600, said, Edul Patel, CEO, Mudrex.
Patel also stated that the year-to-date Bitcoin performance showcases a remarkable 162 per cent increase. In contrast, Ethereum is at $2,200, reflecting an 89 per cent gain for the year. Additionally, Solana has also attracted significant investments over the past week due to its continued growth in the DeFi and NFT ecosystem and airdrops like BONK going on rallies.
Sharin the short-term target for leading cryptocurrencies, Vikram Subburaj, CEO, Giottus said, “Among altcoins, Solana is trading near $115 and continues to outperform the overall market. SOL’s rally shows continued momentum and is trading at a price as not seen since April 2022. The short-term targets for key altcoins are Ethereum ($2,300), BNB ($275), Cardano ($0.65) and Polygon ($0.95).”