BTC traded bullish on Jan. 2 after breaking the sideways trading range of $16,500-$16,650. As a result, the bitcoin price prediction remains bullish and a break of the $16,770 resistance level could take BTC to $16,930. Major cryptocurrencies were trading in the red early on Jan. 2, as the global crypto market cap rose 0.07% to $795.38 billion the previous day.
The total cryptocurrency market volume over the last 24 hours is $17.41 billion, down 9.96%. The total volume in DeFi is currently $1.29 billion, which is 7.40% of the total 24-hour volume in the crypto market. The total volume of all stablecoins is now $15.63 billion, which is 8.81% of the crypto market’s total 24-hour volume.
Bitcoin miners’ income fell by 37.5%
Not only did miners face a lackluster market, but they were hit by skyrocketing electricity prices and unprecedented mining difficulties. Bitcoin mining revenue fell from $15.3 billion in 2021 to $9.55 billion in 2022, down 37.5%.
After hitting an all-time high in 2021, the cryptocurrency market cap has since fallen by over $2 trillion to under $900 billion. Bitcoin, the largest digital asset, has lost more than 70% since its all-time high of around $69,000 in November.
In addition, the past year was marked by a series of high-profile business and project failures that sent shock waves across the industry. When terraUSD went under in May, it set off a chain reaction that ultimately took down other companies, such as cryptocurrency-focused hedge fund Three Arrows Capital.
Then in November, one of the largest cryptocurrency exchanges, FTX, went bankrupt, sending shockwaves through the market. Stocks and cryptocurrencies, known as “risk assets,” have come under pressure from rising interest rates and isolated crypto-specific defaults. Investors’ wariness of risky assets also impacted miners, worsening market conditions.
In addition to the state of the market, miners have had to contend with rising electricity prices and an all-time high in mining difficulties. As the hash rate increased, mining difficulties skyrocketed in 2022, making it difficult for some miners to turn a profit. As a result, the miner’s daily earnings dropped from $63.548 million on November 10, 2021 to just $16.173 million by the end of the year.
bitcoin price
The current bitcoin price is $16,735, with a trading volume of $11.5 billion in the last 24 hours. On the technical front, Bitcoin is facing a strong resistance at $16,660 and a bullish breakout above this level could influence future market patterns.
BTC’s immediate resistance stands at $16,750 and a bullish break above this level could propel BTC to $16,950.
eg bitcoin price chart – Source: Tradingview
The RSI and MACD indicators have entered the buy zone, signaling the possibility of a pullback, but the 50-day moving average is acting as a key hurdle.
Failure to break above the 50-day simple moving average (SMA) may result in continued selling up to $16,500. As a result, BTC could find immediate support between $16,350 and $16,100.
Profitable cryptocurrencies to look at
With the market fearing losses, investors are looking for safer, higher-yielding alternatives. The market’s largest pre-sales are available to early investors.
Combat (FGHT)
The FightOut (FGHT) platform works much like a personal trainer, except the FGHT token is proactively rewarded for training time. All activities are recorded and can be used to improve the statistics of your own Metaverse avatar. Earning FGHT tokens gives users extra motivation to lead a healthy lifestyle and exercise while taking advantage of blockchain technology.
Despite the overall lack of liquidity in the Bitcoin market, FightOut has thrived and attracted investors. It has already raised more than $2.5 million through its token sale that started last week. As the sale progresses, the current sell price of 60.06 FGHT for $1 (FGHT can be bought with ETH or USDT) will increase.
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Dash 2 Trading (D2T)
When it launches in early 2023, Dash 2 Trade will be an Ethereum-based platform that will provide real-time analytics and social trading data. Trading signals, on-chain analysis, strategy development tools, and news feeds will be among the first features, helping both novice and experienced traders stay current in the turbulent bitcoin market.
One of the most important ICOs of 2022, Dash 2 Trade has launched its dashboard beta with only 4 days left in presale. To date, D2T has raised approximately $12.3 million in venture capital. D2T is the system’s access coin and is now worth $0.0533 in presale, having previously sold to investors for $0.0476.
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C+charge (CCHG)
C+Charge (CCHG) is a Binance Chain-based peer-to-peer payment system for electric vehicle (EV) charging stations. It intends to expand customer access to carbon credits by rewarding people who charge their electric vehicles at its terminals, which will be operational in the second quarter of next year.
To demonstrate its scalability, the platform has already agreed to add 20% of Turkey’s EV charging stations to its network. 1 CCHG costs $0.013 and can be bought with BNB or USDT. To date, the initiative has raised more than $62,000 in presale funds.
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Find the best price to buy/sell cryptocurrency
Cryptocurrency Price Tracker – Source: crypto news
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