Bitcoin, Ethereum, XRP, and Chainlink Daily Price Analysis – 2 January Roundup

In contrast to other coins in the market, bitcoin is red, and investors are eagerly waiting for it to turn red. The performance of different coins at the beginning of 2022 has improved, but there has been no positive sign seen on its side since then. The improvement is underway in the form of a reduction in losses that bitcoin faced with the close of 2021 and the start of 2022. Once it turns green, the impact will be evident on the market and might show a bullish trend.

Elon Musk has said that cryptocurrency fixes the ‘error in money.’ The mentioned statement might also attract further investors to the market, as Musk has previously shown. After Musk’s statements, there are prospective chances of adding more investors to the market, as happened earlier in bitcoin and dogecoin. So, this statement might be a push-forward to the bearish market.

The importance of the crypto market will improve further, and experts believe that it will replace gold. The reason for it is the growing popularity and the profits that it promises. Though comparatively fluctuating in rates, the crypto market is attracting investors. Once this market stabilises, it will pose challenges to various traditional markets.

The fact is that it needs to pull itself out of the bearish situation and make the market reliable for the investor. There is the possibility of this happening in 2022, as 2021 did to attract record investments to the market.

BTC steadying itself with reduced dips

Bitcoin is on its way to recovery, which is evident from the recovery of the hash rate. Bitcoin‘s hash rate was affected badly after the Chinese ban as it closed down various mining centres. Now, with the improvement in the market, the hash rate has reached a new all-time high.

As with the improved hash rate, bitcoin has continued to reduce daily losses, amounting to 0.80% in the last 24 hours. Compared to the seven-day losses of 7.61%, the 24-hour losses are much less and show signs of improvement for the time ahead. The current bitcoin price is about $47,024.04.

The current market cap for bitcoin has also been improved after enhancements in hash rate and losses reduction and is estimated to be $888,197,864,182. The trading volume for bitcoin during the last 24 hours is about $43,529,522,045.   

ETH proving a beacon for the market

Being one of the leading coins, along with Bitcoin, Ethereum has undeniable significance in the market. Because of its significant share in the market, Ethereum’s growth also impacts the global market cap. As per the latest updates, Ethereum is growing and has remained bullish during the last 24 hours.

The 24-hour performance of Ethereum shows that it has gained 1.35% compared to the seven-day losses of 6.75%. The current price for the mentioned coin is about $3,799.85, and it might soon cross $3.8K. The current market cap for the said coin is approximately $451,773,375,322.

After a brief bearish period, Ethereum’s trading volume has also improved. The 24-hour trading volume for the said coin is about $9,996,578,054.

XRP showing improving signs

Ripple coin has also shown improvements due to the recovery in the market. The data for the last 24 hours shows that it has gained 0.69% in the previous 24 hours, compared to a 7.99% loss in the previous 7 days. The current price for the XRP coin is about $0.8496.

2022 might have more in the bag for XRP and other coins, which are expected to grow further. Currently ranking 8^th in the list, XRP coin has a market cap estimated at $40,342,514,955. The trading volume for the same coin during the last 24 hours was $1,128,886,638.   

LINK bullish, linking back to good days

Chainlink has got a lot for the crypto market because of its revolutionary features. Though it was showing improvement with a tremendous speed, the recent changes in the market affected it as well. The data for the last seven days shows that it lost 7.01%. In comparison, the previous 24 hours have proved bullish as it added 2.65%.

The current price for Chainlink is about $21.45, while its current market cap is estimated to be $10,017,136,333. Chainlink’s trading volume for the last 24 hours is approximately $16,509,467,397.  

Final Thoughts

The market has begun to improve with 2022, and the effects are evident in growing coins. All significant coins have turned bullish, except bitcoin, trying to steady themselves. Though experts have opined that this year will prove better for the crypto market, it is yet to be seen if it will make significant gains. The improvement on the side of major coins will bring significant value to the whole market.

The recovery phase might be slow initially; the market has to make up for the losses it has made. If it happens, it will start the journey of setting new records. So, the process might take time as the recent recessions have significantly shaken the market.

The hard times have continued since December 2021, and it is hoped to end soon.