Hey there, we hope you had an amazing weekend filled with relaxation. Whether you took a break and went on a small hike or binge-watched Berlin from the worldwide favorite creators of Money Heist, it is easy to lose track of the Crypto Rollercoaster.
But you don’t need to worry; Coin Informer is here to serve you the latest updates from the thrilling world of cryptocurrencies.
Your favorite brew in hand as I guide you through the intricacies of this week’s cryptocurrency market fluctuations. From Bitcoin’s dance between optimism and correction to Near Protocol’s resilience and Bonk’s descent, we’ve got it all covered.
Bitcoin’s Dance: From Optimism to Correction: Crypto Rollercoaster
Riding the Optimism Wave:
Bitcoin, the maestro of the crypto symphony, embarked on the week with optimism, spurred by talks of upcoming spot BTC ETFs. Starting at $42,146, it flirted with the elusive $45,000 mark, reaching a 21-month high of $45,894 on Jan. 2. The anticipation of multiple ETF approvals added fuel to the bullish fire.
The Matrixport Report’s Shadow:
However, the party hit a snag with the Matrixport report suggesting a potential denial of all ETF applications. Panic ensued, triggering a market collapse with BTC plummeting to $40,879 on Jan. 3. Liquidations approached a staggering $700 million.
The Resilient Recovery:
Despite the setback, Bitcoin engineered a recovery, recording a 4.69% intraday slump on Jan. 3, its highest since Dec. 11, 2023. As of now, Bitcoin stands at $44,007, fiercely defending the $44,000 threshold.
NEAR’s Rollercoaster Ride: Defending, Slumping, and Struggling:
Defending the $3 Territory:
Near Protocol entered the week defending the $3 territory, previously reclaimed on Dec. 21, 2023. Holding above $3.5 for several days, it surged to $4.62 on Dec. 26, 2023.
Bears Storm In:
Unfortunately, the week started on a bearish note, slipping below $3 and struggling to reclaim it. Despite a measured move towards $4 on Jan. 2, bears fiercely opposed the $4.33 resistance point.
The Week’s Decline:
NEAR succumbed to the market slump on Jan. 3, dropping below $3 for the first time since Dec. 21, 2023, reaching a low of $2.905. Even though it briefly recovered the $4 zone, the asset ended the week with a 7.7% decline, relinquishing pivotal price thresholds.
BONK’s Descent: From All-Time High to a 4-Week Low:
From All-Time High to Continuous Slump:
Bonk, the meme coin sensation, experienced an all-time high of $0.00003498 on Dec. 15, 2023. Since then, it has been on a downward spiral, marking lower highs and registering a 67% decline from its peak value.
The Ongoing Descent:
Market-wide turbulence took its toll, with BONK losing 13.68% on Jan. 3. A feeble recovery attempt followed with a 2% gain on Jan. 4. However, subsequent days brought further blows, ending the week at $0.00001075, the lowest in four weeks, with a discouraging 23.4% decline.
A Glimpse of Hope:
Despite the dismal numbers, BONK exhibits a CCI of -103, hinting at a potential trend reversal. Could this be the calm before the storm?
Conclusion:
The crypto seas were tumultuous this week, with Bitcoin showcasing resilience, NEAR battling challenges, and BONK finding itself at a crossroads. For a more in-depth journey into the crypto world, keep yourself informed with Coin Informer. Dive deep into the Crypto Rollercoaster and stay ahead of the curve!
