Bitcoin, Binance Coin, Avalanche, and Algorand Daily Price Analysis – 1 January Morning Price Prediction

The new year was expected to bring a bullish mood to the market, but unfortunately, it didn’t happen. Instead, it began with a bearish mood, and all leading coins are on their journey of depreciating their value. Investors had more expectations because many thought that the recession resulted from the vacation mood and the market would recover by the start of 2022. But all this remained a dream, and the market is in a mood to lose the gains it previously made.

Though the current situation is gloomy for the investors due to the dip in the market, Malaysia has another problem related to crypto. They are facing the problem of electricity theft related to crypto mining. Malaysian police have arrested a man involved in crypto mining using stolen electricity. The same problem might be present there in many developing countries where there are a lot of problems related to crypto. As the new year sets in, there is a need for the consideration of losses caused due to illegal mining and related problems.

Experts and investors hope that 2022 will be a blasting year for crypto despite the bearish start, bringing more capital. If this happens, the crypto market will not only recover but will also make significant gains. The closing quarter of 2021 was especially difficult for the market due to the continuing recessive mood, which caused much harm in the form of price recessions.

BTC is trying hard to stay steady

Bitcoin has continued to linger since the first impacts of the Omicron virus and hasn’t recovered completely. If it tries to gain momentum, there is another problem facing it, and it reverses the gains it has made. Investors believed that bitcoin would end in 2021 on a bullish note, and they believed that the start of 2021 for bitcoin would also be bullish. Unfortunately, the situation has not changed, and bitcoin continues to lag in progress.

The current bitcoin price is about $47,126.51, as the depreciation for the last 24 hours amounts to 1.84%. Compared to the 24-hour losses, the 7-day losses amount to 7.31%, which translates into huge amounts in the case of a giant like bitcoin.

The current market cap for bitcoin is estimated to be $890,117,256,507. The trading volume for the said coin is about $29,709,092,103. If we convert the 24-hour trading volume to bitcoin, we get 631 379 BTC.  

BNB reversing the gains

The graph for Binance Coin also shows a negative trend as it is continuing the downward journey. As per the latest updates, the 24-hours dip amounts to 0.97% compared to the seven-day dip of 5.36%. The current price for the said coin has come down to $517.32 after the recent dips. Binance coin was performing well before the recessive seasons, and since then, its fluctuations have kept its prices volatile.

The current trading volume for Binance Coin is about $1,695,070,367, which can be converted to 3,279,164 BNB. The current market cap for it is estimated to be $86,223,086,832.

AVAX continues to maintain its momentum

Avalanche is the only coin, except stable coins that have continued to maintain their momentum. The momentum for Avalanche has remained steady throughout the recessive period and shows its resistance levels of it. Though it is in a bullish mood, it has been ousted by Polkadot of the top 10.

Currently ranked 11th on the list, this coin has a market cap estimated at $26,730,185,986. At the same time, the current price for Avalanche is about $109.79. The trading volume for Avalanche during the last 24 hours is recorded to be $1,157,552,412.

The weekly losses for Avalanche amount to 5.66%, which can be recovered soon if it remains bullish.

ALGO is in a recessive mood

Algorand currently ranks 19^th on the list and has depreciated 5.18% during the last 24 hours. Compared to the seven-day gains of 6.13%, the mentioned losses seem to be reversing the additions.

The current market cap for Algorand is about $10,555,427,886, while the trading volume for this coin during the last 24 hours is estimated to be $342,586,053. The graph for Algorand still seems to show positive results, and it might soon recover from the recessive phase.

Final Thoughts

The looming recession in the market with the start of the year is not a good omen, but there are hopes of recovery. The market’s momentum depends upon the investor’s mood, and if the conditions change, the market will regain its previous value. There are many hopes related to 2022, and experts predict that it will bring new gains to the market.

The market needs to recover from the current dip to realise these dreams and hopes of progress. If the market recovers soon and maintains the gains, it will regain the losses. There is a need for an encouraging push that takes the market out of the difficult situation and puts it back on track. Hopefully, 2022 will do it, and the market will regain its value.