Bitcoin And Ethereum Gain Momentum, Jump 5%; Altcoins Shine Brighter!

KEY TAKEAWAYS

1. Top crypto tokens by market cap – Bitcoin price is up 4.8% trading around $18,300, Ethereum price at about $1400, up about 5%.
2. Global crypto market cap is up about 4.2% in the past 24 hours, currently at about $890 billion.

CRYPTO MARKET TODAY AT A GLANCE

Additional Read: Could BTC hit $50,000 in 2023? | Price Prediction

TOP CRYPTOS TODAY BY MARKET CAP

For the first time since the beginning of the year of 2023, we are finally getting to see some positive action coming into the broader crypto market with the likes of Bitcoin (BTC), Ethereum (ETH) and Binance Coin (BNB) making solid headways in terms of price appreciation. For example, in the past 24 hours - Bitcoin (BTC), Ethereum (ETH) have managed to gain a solid 5% each at one point in time, ETH also going past it for a while too. This has resulted in Bitcoin having gained nearly 8% in the past week while Ethereum has rallied upwards of 12% in that timeframe, which isn't half-bad!

On the other altcoins front - we have the likes of Avalanche (AVAX) who managed to rally a staggering 27% in the past 24 hours alone, becoming one of the biggest gainers amongst the top 15 cryptos by market capitalization, excluding stablecoins. Other significant gainers include Polkadot (DOT) and Cosmos (ATOM) who managed to gain 5.2% and 5.3% respectively in the past 24 hours too.

BITCOIN PRICE TODAY

BTC/USD | Source: Tradingview

So, as we can observe from the chart above, despite the fact that Bitcoin price has managed to gain some price appreciation, it is still below all significant levels of resistance on the charts. The immediate set of resistance zone for BTC price would be between $19,000 to $22,000 which would be pretty hard to beat, unless there is some extremely positive set of news in the market. However, despite that, the rally in BTC price in the last couple of days have been pretty strong and that is something that can be of some relief for investors who are still HODLing on to their coins.

From a purely technical front, BTC price is above the 50 day moving average but is still below the 200 day moving average which also somewhat coincides with the immediate resistance level for Bitcoin (marked by black trendline). Along with that, the Relative Strength Index for the coin on the daily chart is also in the overbought territory, currently at about 75 as of writing which warrants some correction at these higher levels before continuing its rally. However, overall things are looking on the bright side for the grandfather of cryptos.

ETH/USD | Source: Tradingview

Ethereum price action too has been along similar lines as of Bitcoin's, though the amount of recovery is slightly higher. Ethereum price has managed to gain around 15% since the beginning of the year, which is pretty good considering the huge market capitalization of Ethereum - being the largest altcoin out there. ETH price is also better off then BTC when it comes to resistance levels as the altcoin king, as it is well above its last support level and is very close to providing a breakout over the $1400 level as of writing - which also coincides with the 200 day moving average for the token too.

Other than that, if this rally continues we could see a breakout over the psychological mark of $1500 and the eventual golden crossover of the 50 and 200 day moving averages that would further strengthen the bullish strength. However, similar to BTC, the Relative Strength Index for ETH too is around 76, which is in the overbought territory and hence some minor correction and profit booking could come into the picture.

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Altcoins continue to shine!

Apart from Ethereum, we have several other major altcoins that have been performing rather well too. As mentioned earlier in the article, Avalanche price has been the largest gainer in the past 24 hours, managed to rally over 27% in the timeframe. Along with that, altcoins like Polkadot, Cosmos and even Uniswap have managed to make some significant gains between 4-6% in the past 24 hours.

This trend can be expected to continue as we are seeing Bitcoin gradually beginning to lose out market cap dominance in the last couple of days. The altcoin season might be right around the corner and it could help in further bringing back some much awaited recoveries in the overall crypto market.

Prices as on 12 January, 2023.