Altcoins
BTC holds $42,000; Red alert for Altcoins
Crypto Price Today: Bitcoin (BTC) Holds Within the $42,000 Range; several altcoins suffer minor losses
Crypto Price Today: Cryptocurrency Markets we witness a mix of performances, with Bitcoin (BTC) maintains the US$42,000 range, while several altcoins suffer minor losses. This article provides an overview of the current crypto landscape, focusing on Bitcoin stability, notable winners and losers, and overall market trends.
The stability of Bitcoin
Bitcoin, the pioneer and most valuable cryptocurrency globally, managed to maintain stability in the range of 42 thousand US dollars. At the time of writing, the price of Bitcoin is $42,602.04, reflecting a 0.68% decline over the past 24 hours, according to CoinMarketCap. BTC’s ability to maintain this range is crucial to market sentiment.
The immediate challenge for BTC is to break through the resistance zone and reach a daily candlestick close above the US$45,600 mark. This breakout is necessary to escape the current range-bound price action. Currently, Bitcoin is positioned above its two long-term exponential moving averages (EMA) – the 50-day EMA at US$42,154 and the 200-day EMA at US$35,070.
A key factor to watch is whether BTC can maintain its position above the 50-day EMA. A daily candlestick closing below this level could solidify the downtrend, potentially delaying hopes of a near-term recovery.
Altcoin Movement
Although Bitcoin remains relatively stable, the broader altcoin market is seeing a mix of gains and losses. Notably, Ethereum (ETH), Dogecoin (DOGE), Solana (SOL), Ripple (XRP), and Litecoin (LTC) all saw minor losses.
The ETHDYDX token stands out as the main gainer among cryptocurrencies, with a remarkable increase of 8.87% in the last 24 hours. Conversely, THORChain (RUNE) is the biggest loser, with a notable decline of 10% over the same period.
Market Overview
The global cryptocurrency market capitalization currently stands at $1.68 trillion, reflecting a loss of 1.20% over the past 24 hours. This decline in market capitalization suggests a general trend of slight bearish sentiment among investors.
Several well-known cryptocurrencies, including Cardano, Avalanche, Dogecoin, Tron and Polkadot, recorded significant losses, contributing to the overall negative trend. Polygon, Shiba Inu, Litecoin, Bitcoin Cash, Cosmos and Leo are also trading in the red on Thursday.
Top Crypto Gainers for January 18, 2024
1. dYdX (ETHDYDX):
Preview:
24h volume: US$140,516,369
dYdX, represented by the token ETHDYDX, is a decentralized exchange (DEX) built on the Ethereum blockchain. According to the latest data, ETHDYDX price stands at US$3.14, representing a sharp increase of 8.87% in the last 24 hours. This significant increase indicates notable demand for the token in the crypto market.
2. Flare (FLR):
Preview:
24h volume: US$37,591,161
Flare (FLR) is another cryptocurrency making notable gains in the market. Priced at US$0.02232, FLR saw an increase of 6.81% over the past 24 hours, indicating positive momentum.
3. Rendering (RNDR):
Preview:
24h volume: US$163,798,709
Render (RNDR), priced at US$4.26, recorded a gain of 3.77% in the last 24 hours. RNDR is associated with the Decentralized Rendering Platform, providing a marketplace for users to buy and sell computing power for rendering tasks.
4. NEAR Protocol (NEAR):
Preview:
24h volume: US$165,649,662
NEAR Protocol (NEAR), priced at US$3.28, saw a moderate increase of 1.58% over the past 24 hours. NEAR Protocol is a blockchain platform designed to enable the creation and execution of decentralized applications (DApps).
5. Helium (HNT):
Preview:
24h volume: US$20,893,548
Helium (HNT), priced at US$7.58, saw a gain of 1.29% in the last 24 hours. Helium operates a decentralized wireless network that allows devices to communicate and connect to the Internet in a peer-to-peer manner.
The cryptocurrency market is known for its volatility, and investors should carefully monitor these market developments and indicators in order to make informed decisions. As the crypto landscape evolves, it is essential to stay informed about both Bitcoin’s performance and trends among different altcoins.