Cryptocurrency Update: Bitcoin prices remained mute at the beginning of the new year, on January 3, Monday, losing its value over the last 24 hours. However, the gains made by some of the major crypto coins including Ethereum made the global cryptocurrency market steady, gaining slightly over the course of the past day. The crypto market has been on the downward trod in general for a while now, clashing with the discovery of the new Covid-19 variant Omicron, as investors stayed away. The global traders have been avoiding risk assets amid Omicron fear and have been investing in safer assets instead of them.
Bitcoin prices fell below the $48,000 mark again on Monday. One unit of Bitcoin, the world’s largest cryptocurrency by market price, fell to $47,154.69. This was down by 0.26 per cent over the last 24 hours and 7.35 per cent over the last seven days, according to global crypto tracking website CoinMarketCap.
“The year 2022 seems to have started on a rather dim note. Bears have gained control, as markets have been in a consolidation phase, and try to recover from the slump. BTC is down 8 per cent week on week, and its dominance has fallen below 40 per cent, currently at 39.2 per cent. The asset has fallen over 30 per cent from its ATH of $69,000. However, despite this fall, Bitcoin was up 63 per cent, YTD (2021),” said the ZebPay Trade Desk in its weekly quote.
Ether, the world’s largest altcoin, however rose over the last 24 hours, but stayed below the $3,900 mark. One coin of Ether or Ethereum was priced at $3,821.25 at the time of writing this article, data showed. This was up by 1.95 per cent over the last 24 hours but down by 5.87 per cent over the last seven days.
The global crypto market cap was standing at $2.25 trillion at the time of writing this article according to CoinMarketCap data. This was a 0.39 per cent increase in the last 24 hours. The global crypto volume, also, rose significantly over the past day as more traders sold their coins. The total volume of traded coins amounted to $80.21 billion over the course of the last day. This has risen by 23.27 per cent over the last 24 hours, said data.
“The cryptocurrency market has been in a consolidated phase for the past week. We saw traded volumes remaining volatile, but lack of institutional activity hindered any massive volatility. Over the past 24 hours, we saw some of the decentralised exchanges going up in buying volumes as was observed from the price movement. We could see a rally if BTC and ETH manage to cross their psychological resistance levels at $50,000 and $4000 respectively,” said Edul Patel, CEO and co founder of Mudrex.
PAPPAY became the top gainer in the crypto pack on Monday. Over the last 24 hours, the value of one coin increased by 691.37 per cent. One token was priced at $0.000003, as per data from CoinMarketCap. Empire Capital Token and Capital Aggregator Token were the other two gainers who occupied the next top spots on the day. On the other hand, Metakings, valued at $0.0003083 was the top loser in the global crypto pack as per data. The coin declined 99.98 per cent over the day, according to CoinMarketCap. CarsAutoFinance and MOTHEREARTH occupied the second and third position according to data from the same website.
Top 6 Cryptocurrency Gainers in the Last 24 Hours (According to Data from CoinMarketCap)
PAPPAY: $0.000003 – up by 691.37 per cent
Empire Capital Token: $0.04332 – up by 290.38 per cent
Capital Aggregator Token: $0.000006699 – up by 228.88 per cent
BabyKitty: $0.00000000000001 – up by 199.47 per cent
Domain Coin: $0.01533 – up by 182.44 per cent
Infinity Doge: $0.00000000007351 – up by 176.38 per cent
Top 6 Cryptocurrency Losers in the Last 24 Hours (According to Data from CoinMarketCap)
Metakings: $0.0003083 – down by 99.98 per cent
CarsAutoFinance: $0.0012 – down by 88.00 per cent
MOTHEREARTH: $0.003499 – down by 82.14 per cent
Galaxy War: $0.1658 – down by 80.98 per cent
ZEON: $0.0006515 – down by 72.41 per cent
NinjaFloki: $0.000004117 – down by 71.59 per cent