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24 Crypto Update, 15 Jan: Bitcoin Holds Ground While Altcoins Ignite

Key Takeaways
  • After a significant drop, Bitcoin is stabilizing, indicating a possible decrease in market excitement.
  • Currently, Bitcoin is priced below $43,000, while Ethereum is trading above $2,500.
  • The cryptocurrency market has experienced a 0.80% uptick, leading to a total market capitalization of $1.77 trillion.
16-Jan-2024 By: Lokesh Gupta
24 Crypto Update, 15

Crypto market rose 0.80% in the last 24 hours, at $1.77 trillion.

  • BTC dominance is decreasing, with ETH dominance on the rise, indicating a shift of funds from BTC to ETH.

  • Solana Mobile intends to introduce a second smartphone with distinct hardware and a more affordable price to cater to the demand in the secondary market.

Major Events To Watch according to forex factory:

forex factory

Crypto Fear and Greed:

big eyes crypto

Over the past 24 hours, there was a surge in buying activity in the market, leading to a 12-point increase in the "Greed and Fear Index," reaching a reading of 64 on its 0 to 100 scale.

Latest Market Update: 

  • Bitcoin, the world's oldest and most valued cryptocurrency, struggled to surpass the $43,000 mark early Tuesday, hovering around the $42,800 range at the time of this writing.

  • Despite the waning excitement surrounding Bitcoin spot exchange-traded funds (ETFs), BTC and most other cryptocurrencies are maintaining relative stability, showing minimal worrisome fluctuations.

  •  Among the cryptocurrencies, Flare emerged as the biggest gainer, experiencing a notable 24-hour surge of nearly 33.96 percent.

  • Conversely, Aptos suffered the most significant loss, with a 24-hour dip exceeding 5 percent.

  • Total crypto market volume in the last 24 hours: $51.98 billion, reflecting a 6.94% increase.

  • DeFi's total volume now stands at $5.02 billion, constituting 9.66% of the overall crypto market 24-hour volume.

  • Stable coins contribute $45.75 billion to the total crypto market 24-hour volume, accounting for 88.00% of the total.

  • Bitcoin's dominance has risen to 49.79%, marking a daily increase of 0.07%.

Major Worldwide News Update:

  • Post Bitcoin ETF approvals last week, BTC struggled around $43,000, influenced by selling pressure after briefly hitting $49,000. Major wallets moved older coins, lowering average coin age. Santiment suggests potential market pause, but major whales could reignite it, testing $45,000-$50,000 levels. Market stability amid uncertainties prompts optimism. Long-term impact of ETF approval, per analysts, remains significant. Michael van de Poppe anticipates a mega bullish event, noting the ETF's real impact will unfold over the coming years.

  • Hong Kong's HashKey Group has achieved unicorn status, securing over $100 million in funding and a valuation surpassing $1.2 billion. OKX Ventures, associated with OKX exchange, is a significant investor. HashKey plans to expand its web3 ecosystem and develop licensed products, leveraging Hong Kong's evolving regulatory framework. The company is part of the growing digital asset hub in Hong Kong, with increasing interest in spot crypto ETFs.

  • Last week, the crypto market saw a substantial $1.18 billion influx into digital assets, driven by the debut of a spot Bitcoin ETF. Although not surpassing the Bitcoin futures ETF launch in 2021, the trading volume reached a record $17.5 billion, signaling a positive trend towards market maturation.

  • ChainArgos, a blockchain intelligence firm, raises concerns about Polygon network's token allocations and suspicious transfers in a series of posts. Alleged discrepancies in Launchpad Sale and Staking allocations have been documented, revealing potential issues with the movement of tokens, according to ChainArgos' investigation.

  • In recent years, the Indian crypto industry, marked by regulatory uncertainties and tax concerns, has experienced fluctuations impacting major players like WazirX and Mudrex. Despite challenges, optimism prevails among industry leaders, anticipating a positive policy shift in the upcoming union budget 2023 income tax for stability and clarity.

  • Successfully foiled a $15 billion XRP attack through adept transaction data management, demonstrating resilience. Binance encountered a comparable threat, but robust security measures thwarted the exploit, underscoring industry-wide strength. Bitfinex's UK subsidiary implements post-November 2023 policies exclusively for "High Net Worth" individuals, showcasing adaptability to evolving regulations.

COIN GABBAR Views: Cathie Wood's Bold Prediction: Ethereum to Surpass Bitcoin in the Next Bull Run. Speculation on the Next Bitcoin Halving Hype Cycle. Will BTC test the $41,500 support or rally to hit $50,000? Will the Union Budget provide relief in cryptocurrency taxation? To get latest news Stay tuned us at coingabbar

Disclaimer: Coingabbar's guidance and chart analysis on cryptocurrencies, NFTs, or any other decentralized investments is for informational purposes only. None of it is financial advice. Users are strongly advised to conduct their research, exercise judgment, and be aware of the inherent risks associated with any financial instruments. Coingabbar is not liable for any financial losses. Cryptocurrency and NFT markets could be highly volatile; users should consult financial professionals and assess their risk tolerance before investing.

Also Read: Crypto Daily Roundup, 15 Jan: Bitcoin Post-ETF Approval Puzzle Unfolds

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