Bitcoin and Ethereum Trade Flat in Early 2023

[ad_1]

The two major digital assets, Bitcoin and Ethereum, have started 2023 mostly unchanged as the crypto space attempts to recover from the record bear market of 2022.

Data from CoinMarketCap showed that Bitcoin and Ethereum traded flat for the first 24 hours of the new year. According to the data, BTC gained 0.05% to trade at $16,586 at press time, while ETH rose 0.06% to $1,200 over the same period.

The current price action continues a week-long market move that has seen both assets lose less than 2% of their value over the past seven days. BTC fell 1.5%, while ETH fell 1.6%. Data from Coinglass shows that $12.58 million was liquidated in 24 hours.

Source: Coin360What does the year hold for Bitcoin?

Based on the four-year cycle theory, crypto trader and analyst Rekt postulated that Bitcoin could bottom out this year. According to the analyst, BTC’s price action tends to bottom out in the third year of its four-year cycles. He added that BTC hits its bull market peak in year one, slides into a bear market in year two while it recovers and starts a new trend in year four.

Rekt said that while there is a chance for the price of BTC to drop further to new lows, there is still a chance that the value of the flagship digital asset will double. He went on to say that the past three BTC candles saw rallies of 234% and 316%. However, it is technically unlikely that the asset will reach such a high level this year.

Meanwhile, several stakeholders also highlighted the record capitulation of Bitcoin miners in 2022. Reports highlighted how miners have struggled in the current market situation and how mining machines are becoming less and less profitable.

Altcoin Price Performance

According to data from CoinMarketCap, the outlier among the top 30 crypto assets by market capitalization was Toncoin. The Telegram-backed asset posted a 6.6% gain in the past 24 hours to trade at $2.33 at press time. The crypto asset was down over 7% on the seven-day metrics.

Meanwhile, other altcoins, like Solana, Avalanche, XRP, Cardano, and Binance Coin (BNB), also suffered minor losses in the past 24 hours. According to the data, SOL has fallen 0.2% in the past 24 hours and more than 13% in the past seven days. AVAX posted a loss of 1.1% over the past 24 hours. BNB and XRP fell 0.5% and 1% respectively.

Disclaimer

BeInCrypto has reached out to a company or individual involved in the story for an official statement on recent developments, but has yet to receive a response.

[ad_2]