Major coins continued to perform well Monday night as the global cryptocurrency market capitalization rose 0.5% to $989.5 billion at 7:48 p.m. ET.
coin | 24hours | 7 days | price |
---|---|---|---|
Bitcoin Bitcoin/USD | 1.5% | 22.8% | $21,153.06 |
ethereum Ethereum/USD | 1.3% | 18.5% | $1,570.81 |
dogecoin Doge/US Dollar | -2.65% | 9.1% | $0.08 |
Cryptocurrency | 24 hour rate of change (+/-) | price |
---|---|---|
loop ring (LRC) | +5.1% | $0.30 |
Quants (QNT) | +5.5% | $138.73 |
flux share (FXS) | +6.9% | $8.93 |
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Important reasons: Bitcoin and Ethereum rose on Monday as the New Year’s rally remained intact. But momentum in other risky assets, such as stocks, is subdued as investors look ahead to corporate earnings season.
“There is certainly a growing sense of optimism about 2023 as we move through the first month of 2023. To say the least, economic data are good and the year is far from over for most of the year. was.” Craig EarlhamSenior Market Analyst at OANDA.
“Rising risk appetite has caused bitcoin to surge, hovering between $16,000 and $17,000 in the last few weeks of last year. ,” the analyst said in a note seen by Benzinga.
Earlam said it was unclear if this was a sign of a bottoming out or a temporary rally, but “clearly there are still very bullish traders out there.”
Michael van de Poppe He said Bitcoin is looking to “break resistance” and may “seek a cleanup” at the $21,600 level. At the time of writing, the dollar index was at 102.30.
glass node Bitcoin has said that for the first time since June, “more gains than losses have been realized on the chain”.
Separately, the on-chain analysis firm said that a “convincing break” with a realized profit/loss ratio or aSOPR index greater than 1.0 has been “historically [signaled] A cyclical regime shift is underway. “
“aSOPR retest successes and bounces from 1.0 are often observed near turning points in the cycle,” says Glassnode.
aSOPR or Adjusted Output Profit Margin is a metric that tracks the proportion of output spent on profit within a specific timeframe.
santimento He said cryptocurrency traders acted as if they were watching the pinnacle, taking advantage of the “opportunity to profit while the opportunity is given.”
A market intelligence platform said Bitcoin has shown its highest profit-taking rate since February 2021, while Ethereum’s case has been since October 2021.
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