The cryptocurrency market continues to slide lower, dipping to $790 billion in total market capitalization. Bitcoin and Ethereum continue to consolidate in a bearish trend, with prices unable to break the $17k and $1.2k levels respectively.
The top 10 altcoins have seen a decline, with select altcoins; Dogecoin and Shiba Inu registering minor gains over the last 24 hours. As of writing, PancakeSwap increased by 1.57% in the last 24 hours. Shiba Inu hikes 2.26%. Polygon decreases by 2.49%. Solana drops by 3.21%.The worst performer of the day is Chain CXN which has been continuously declining, down by 12.56%. Neutrino USD USDN follows with a decrease of 7.85%.
Stablecoins remain a bright spot in the cryptocurrency market, leading the way in terms of performance. Tether (USDT) has seen its USD value rise to $1.0013 while other stablecoins remain on the rise.XRP plunges by 2.31%. Cardano is down by 0.64%. Terra Classic plummets by 1.56%.
The global crypto market cap decreases by 0.06% in the last 24 hours and stands at 795.48 billion USD. The total crypto market volume slashes by 11.95% and stands at 26.09 billion USD.
The top trending cryptocurrencies for today are:
Pancakeswap
PancakeSwap is up by 1.16% in the last 24 hours, trading at $3.18 at the moment of writing. The market cap for the token is currently at 511.913 million USD. Pancake is among the gainers in the market today and is currently trading 0.25% higher than its price 24 hours ago.
Shiba Inu
Shiba Inu has jumped by 0.86%, with a total market cap of $4.028 billion making it one of the top gainers in the crypto markets today. The token is currently trading at $0.000008011.Trading volume is up by 43.02%.
Trust Wallet Token
Trust Wallet Token has been trending in 2022 as crypto investors have turned to store their tokens in a secure and user-friendly wallet. TWT has seen its price rise by 3.97% in the last 24 hours, with a market cap of $549,486,653 currently making it one of the top gainers today. The token is currently trading at $1.32.
Bitcoin and Ethereum Technical Analysis
Bitcoin has declined below the $16,500 previous support level that has been held since the beginning of December. If BTC loses $16,000 and then $15,700 support levels, it may further decline to the next psychological level at $14,000.On the other hand, if Bitcoin bulls manage to break out from the resistance level of $17,500 and then above $18,200, a new bullish cycle may initiate in the near term. Bitcoin is trading at 16,520.24 after reclaiming the $16,500 support level.
Ethereum started consolidating below $1,200 as bulls fail to break out from this resistance level. If ETH/USD loses $1,000 and then $900 support levels, it may further decline to new lows at around $700.
On the upside, if Ethereum buyers manage to break out above $1,200 and then $1,300 levels, a new bullish cycle may start. Ethereum is trading at $1,192.51, down by 2.55% in the last 7 days.
2023 is off to an uncertain start for the crypto markets as analysts remain divided on whether we are seeing a new bull market or not. The trend going forward will provide investors with more clarity on which direction the crypto market is heading in the coming months. The overall bearish market sentiment has caused investors to flock towards stablecoins such as Tether, USD Coin, and DAI, which are currently dominating the crypto trading landscape.
