Bitcoin and Ethereum are leading the market changes, while altcoins remain at a standstill. The overall market capitalization is also declining as investors move their funds to stablecoins and safe-haven assets such as gold. Even if the outlook remains uncertain, there could be potential opportunities for cryptocurrency investors in 2023.
Bitcoin’s price has failed to climb above $17,000, as it remains stuck in the $16-17,000 range. Ethereum is seeing a decrease as well, trading at $485 after seeing highs of over $750 earlier this year. Altcoins are also struggling to remain afloat and have seen a small boost from the low volatility environment.
This could be an indication that investors are taking their profits and moving their funds to stablecoins or other safe-haven assets. The overall market capitalization has also been declining, though it still remains at a healthy level above the $811.9 billion mark.
Bitcoin price analysis
Bitcoin holders may not have to wait much longer for the price of BTC to become exciting again.On December 26th, Bitcoin holders celebrated another day without volatility as early indications point towards a shift in trend. The asset fell from $16,959 to $16,700 and has since corrected itself back to $16,870.24 where it is currently trading at.
Bitcoin’s technical indications are flashing hints that the asset is likely to break through the $17,000 resistance in the coming days. The Relative Strength Index (RSI) and Moving Average Convergence Divergence (MACD) both suggest that upside momentum is growing.
Ethereum Price Analysis
The top two cryptocurrencies, Bitcoin and Ethereum have been experiencing low volatility as investors exercise caution. Ethereum has held above $1,200 level for the last few days and has made several attempts above the $1,400 level but these attempts have been unsuccessful.
The asset is currently trading at $485.44 with a 24-hour trading volume of $38 billion. Ethereum’s technical indicators remain neutral although the Relative Strength Index (RSI) has inclined above the 50 level and is indicating an increase in its demand among investor.
Altcoins Price Analysis
The rest of the altcoin market has seen less volatility and the best performed altcoin of the week is Terra Classsic which has gained by over 22%.Quant and Lido DAO have gained by over 7% in the last 24 hours.The worst performed altcoins are Chain CXN and Toncoin TON which have declined by over 5.17% and 7% in the last 24 hours.
Altcoins have seen a slight boost due to the low volatility environment and could potentially benefit from future bull runs if Bitcoin and Ethereum manage to break through their respective resistances.The overall cryptocurrency market is experiencing record-low volatility as investors remain on the sidelines during the holiday season.While the outlook remains uncertain, there could be potential opportunities for cryptocurrency investors in 2023.
