The top two digital assets, bitcoin and ethereum, head into 2023 essentially unchanged as the crypto space tries to recover from the record-high bear market of 2022.
Data from CoinMarketCap shows that bitcoin and ethereum traded flat during the first 24 hours of the new year. According to the data, BTC was trading up 0.05% at $16,586 as of press time, while ETH was up 0.06% to $1,200.
The current price action continues a one-week market movement that saw both assets lose less than 2% of their values over the past seven days. BTC is down 1.5%, while ETH is down 1.6%. CoinGlass data shows that $12.58 million was liquidated in 24 hours.
What year is it for bitcoin?
Based on the four-year cycle theory, crypto trader and analyst Rekt approved That bitcoin may come down this year. According to the analyst, the price action of BTC is in a downtrend during the third year of its four-year cycle. He added that BTC reached the peak of its bull market in the first year, slipped into a bear market in the second year, while it recovered and began a new trend in the fourth year.
Rekt said that although the price of BTC could still fall to new lows, there is still a chance for the leading digital asset to double in value. He continued that the previous BTC candle three has enjoyed a rally of 234% and 316%. However, it is technically unlikely that the asset will go that high this year.
Meanwhile, many stakeholders also pointed to a record-high capitulation of bitcoin miners in 2022. Reports have highlighted how miners have struggled in the current market conditions and how miners are becoming increasingly unprofitable.
Altcoins Price Performance
According to data from CoinMarketCap, the most isolated of the top 30 crypto assets by market cap was TONCOIN. At press time, the Telegram-backed asset is up 6.6% over the past 24-hours and is trading at $2.33. The crypto asset was down by over 7% on seven-day metrics.
Meanwhile, other altcoins such as Solana, Avalanche, XRP, Cardano, and Binance Coin (BNB) also saw minor losses in the last 24-hours. As per the data, SOL has declined by 0.2% during the last 24 hours and by over 13% in the last seven days. AVAX saw a loss of 1.1% over the past 24 hours. BNB and XRP declined by 0.5% and 1%, respectively.
BeInCrypto has reached out to the company or the person involved in the story for an official statement regarding the recent development, but has yet to hear back.