Cryptocurrency Market Update: Bitcoin, Ethereum, and Altcoins Show Promise
The first week of the year saw a surge in cryptocurrency prices, with altcoins outperforming Bitcoin. Despite this, the largest crypto remained rangebound, while open interest in the CME improved. In this article, we’ll delve into the performance of Bitcoin, Ethereum, Solana, and Ripple, and explore their outlook for the future.
Whales Accumulate Bitcoin
Bitcoin’s price improved last week, but it remained within the established range. The weekly low and high were $91,271.19 and $98,972.29, respectively, with Bitcoin closing at $98,198.52. Open interest in the CME improved, suggesting that more long contracts were opened. However, BTC ETF flows were net negative, with outflows totaling $652.10Mn.
The outlook for Bitcoin is cautiously optimistic, with the cryptocurrency finding support within the demand zone on the H4 time frame. To break above the range high at $99,596.57, Bitcoin will need to gain momentum. As of publishing, BTC trades at $101,978.76.
Ethereum Breaks Above Range
Ethereum’s price action was more bullish, breaking above the range formed in the previous week’s trading session. The weekly low and high were $3,293.19 and $3,675.77, respectively, with ETH closing at $3,637.39. Open interest in Ethereum reached a weekly low on Jan. 1 and has been rising since, as new longs enter the derivatives market.
Despite spot ETH ETF inflows logging a negative week, with $97.00Mn flowing out of ETFs in the US, the outlook for Ethereum is positive. To resume a bullish trend, Ethereum must clear the recent high at the $4,096.44 level. As of publishing, ETH trades at $3,679.36.
Solana and Ripple Show Promise
Solana’s price action was bullish last week, breaking above the local range high from the previous week’s trading session. The weekly low and high were $185.55 and $219.67, respectively. Open interest in Solana followed a similar pattern to Bitcoin and Ethereum, picking up from Jan. 1.
The outlook for Solana is bullish, despite failing to break its all-time high. To continue its bullish trend, Solana must break the $230 level and then the $260 level. As of publishing, SOL trades at $218.28.
Ripple’s price action improved last week, logging a low of $1.99 and a high of $2.50. However, the price was incongruent with open interest, as an increase in long contracts did not buoy the price. The outlook for Ripple is positive, with the cryptocurrency logging higher highs and lows, climbing towards the next supply zone around $2.72. As of publishing, XRP trades at $2.44.
Conclusion
In conclusion, the cryptocurrency market has shown promise in the first week of the year, with altcoins outperforming Bitcoin. While Bitcoin remains rangebound, Ethereum, Solana, and Ripple have broken above their respective ranges, indicating a bullish trend. As the market continues to evolve, it’s essential to keep a close eye on open interest, ETF flows, and price movements to make informed investment decisions.
Source: Coinjournal.net
The post Crypto Market Update: Bitcoin, Ethereum, and Altcoins See Price Gains appeared first on CoinBuzzFeed.
