Major cryptocurrencies dropped on Sunday following the excitement over the approval of Bitcoin exchange-traded funds (ETFs) earlier this week.
| Cryptocurrency | Gains +/- | Price (Recorded 9:30 p.m. EST) |
| Bitcoin (CRYPTO: BTC) | -1.23% | $42,260 |
| Ethereum (CRYPTO: ETH) | -2.48% | $2,505 |
| Dogecoin (CRYPTO: DOGE) | -0.01% | $0.080 |
What Happened: Bitcoin soared to $46,000 earlier on Friday and spiked to a two-year peak of $49,000 on Thursday as Bitcoin ETFs commenced trading in the U.S. However, the soaring prices proved to be short-lived.
Top Gainer (24 Hour)
| Cryptocurrency | Gains +/- | Price (Recorded 9:30 p.m. EDT) |
| Toncoin (CRYPTO: TON) | +10.65% | $2.32 |
| Chainlink (CRYPTO: LINK) | +6.54% | $15.30 |
| Tezos (CRYPTO: XTZ) | +6.01% | $1.14 |
The global cryptocurrency market cap now stands at $1.77 trillion, showing a 1.24% increase in the past 24 hours.
Stocks ended the week on a positive note, with mixed performance among the major indexes on the closing day. The S&P 500 edged up by 0.08% to finish at 4,783.83. The tech-heavy Nasdaq Composite closed just above flat, with an increase of 0.02% to settle at 14,972.76.
The US stock market will be closed for trading on Monday in observance of Martin Luther King Day.
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Analyst Notes: Cryptocurrency analyst Michael Van de Poppe said that the total market capitalization for crypto has reached the target of $1.8 trillion. “Time to remain calm on the total market capitalization, Bitcoin to consolidate, and Altcoins to flourish. Any dip of 20% is an opportunity to get in, in my opinion.”
Total market capitalization for #Crypto reached my target at $1.8T.Time to remain calm on the total market capitalization, Bitcoin to consolidate, and Altcoins to flourish.Any dip of 20% is an opportunity to get in, in my opinion pic.twitter.com/fsYSXVyp6G
— Michaël van de Poppe (@CryptoMichNL) January 14, 2024
According to pseudonymous analyst Crypto Tony, Bitcoin has hit the $47,000 mark, which he had previously identified as a top due to resistance points. The analyst has taken profits on his long position at $47,000 and is currently observing the market for the next move. Crypto Tony has set his stop loss at $41,000 for his long position.
$BTC / $USD – Update $47,000 i had been saying is a top for me for a few months due to the resistance points we see there….
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