Bitcoin, Ethereum, Helium, and UNUS SED LEO Daily Price Analysis – 8 January Roundup

TL;DR Breakdown

The cryptocurrency industry is among the most popular and in-demand financial markets globally. Even though the concept of crypto is not that old, it is still competing with the big guns of the global economic structure. Cryptocurrencies gave a practical shape to the idea of digital currencies that was around for a while. Now, crypto is used for trading and investing, but it is also a popular payment mechanism and is believed to act as a hedge against inflation.

However, the cryptocurrency sector has faced hurdles and obstacles in its adoption and widespread use. Many countries and states were reluctant to pursue crypto because of its decentralization and anonymity. Yet, the concept gained popularity among consumers and made its way to becoming a trillion-dollar industry. Nonetheless, the industry has also grown through patches of uncertain and bearish market environments.

Most recently, the crypto market has been undergoing an underwhelming condition. The global crypto market cap has plunged to $1.95 trillion after decreasing by 2.08% in the last 24 hours. Since the end of December, a persistent bearish trend has been observed in the market. Therefore, investors and traders are pulling out their capital to stay on the safe side of the market.

Bitcoin suffers from a lack of momentum, valued at around $41,900

Even though thousands of cryptocurrencies are now introduced in the market, Bitcoin remains at the top of the list. The inclusion of these crypto tokens in the sector might have slashed Bitcoin’s dominance to some extent, but it is still leading the industry by a fair distance. In figures, Bitcoin’s dominance is 40.5% in the crypto market. It also continues to be the most valuable asset. However, its performance lately has been somewhat underwhelming.

The coin is currently priced around the $41,900 mark. Over the last 24 hours, BTC went below $41K, but it successfully bounced back over the crucial level. However, the market cap and the trading volume of Bitcoin have also suffered from a below because of their plunging prices. Its market cap is now at $794 billion, and its 24-hour trading volume is a little over $28.40 billion.

Source: TradingView

BTC is still almost 12% lower than its last week’s price. The lack of momentum in its price trajectory might enforce another bearish pattern for the coin. Experts believe that BTC must hold solid positions and overcome local resistance levels in the coming days to avoid another significant bloodbath in the market.

ETH posts red candles, plunges to $3,100

Being second in line in top cryptocurrency tokens, ETH holds a respectable position in the market. However, the performance of Ethereum over the last week has raised concerns from the investing sector. Over the previous 24 hours, Ethereum has decreased by almost 4%. Ethereum went below $3,100. However, it staged a small bounce back to stay over $3.1K.

At the time of writing, ETH is traded at a little over $3,130. The coin’s market cap is at $373 Billion, and its trading volume is around $16.30 Billion. ETH has gone down by almost 17% within one week. Its 5-day chart below shows how the coin has fallen drastically within the last few days. This is why Ethereum’s dominance has also decreased in the meantime. The leading altcoin is now significantly below its all-time high, posted towards the end of last year.

Source: TradingView

HNT loses 10%, as altcoins depict a bloodbath

If you surf through the list of cryptocurrencies, there is hardly one drenched in red candles. With the crash in Bitcoin and Ethereum, the altcoin sector is also posting frustrating results. Helium’s HNT was among the top losers as it lost around 10%, dropping to $32.70. The coin has lost almost 17% over the last 7 days.

Source: TradingView

The market cap of HNT has also shed, falling below $3.50 Billion. Also, the coin’s 24-hour trading volume is below $40 million. The coin continues to struggle because of its lack of momentum. The overall crash market is also not lending a hand of support.

Among other losers, FTM and NEAR have lost over 8%. THETA and XTZ have lost over 6% and 5%, respectively. Meme coins, DOGE, and SHIB have also lost over 4% over the last day. Moreover, metaverse coins like GALA, MANA, and SAND were also unable to stand their ground.

LEO gains over 6%, ICP and ONE continues to pile on

The unpredictability of the cryptocurrency market is one of its most significant attributes. This is something that sets it apart from other financial markets. Any token can rise in different market conditions, shocking the crypto community. A similar pattern was now observed by UNUS SED LEO (LEO). Under devastating market conditions, LEO has managed to gain over 6% in the last 24 hours of trading. The coin has recovered its losses of previous days and is currently valued at around $3.80.

Source: TradingView

As the chart above shows, LEO has been able to bounce back from its major dip recorded earlier this week. The coin’s market cap is now over $3.62 billion, and its trading volume is over $521 million. The coin’s performance lures more investors and traders to explore a relatively unknown coin. LEO sits at number 43 in the list of top crypto tokens, and it might climb up if it continues to perform exceptionally well.

Moreover, ICP and ONE have also posted green candles. Both of these coins have piled on their weekly gains. Over the last day, ICP has gained 7.50%, and ONE has gained over 2.50%. The weekly price increase for ICP is about 25%, and for ONE, it is almost 18%. These two are leading the gaining crypto tokens in continuously supporting bearish sentiments. Also, KLAY has shown a slight improvement by gaining 1.80%. The coin now sits at $1.32, and it is looking all set to go further up if the market does not deteriorate.

Final Thoughts!

The cryptocurrency market is going through a rough patch. The fact that this was not expected has further frustrated the crypto community. Investors and traders were expecting the market to go up at the start of the new year. However, the market had other plans. Nonetheless, the next couple of days is crucial to determine whether the market stages a recovery or continues to crash for the upcoming few weeks.