The total crypto market cap continues to decline as Bitcoin strays farther from $45,000.
Today, this value sits at about $1.52 trillion, after a 1.9% decline over the last day.
The crypto market today, is almost completely red, as shown below:
The crypto market's liquidations over the last day are shown to have affected mostly the bulls, with the top gainers over the last week, taking the worst beatings.
The total amount taken from traders over the last day, sits at about $162 million, with a substantial $120 million taken from the bulls alone.
What Is Bitcoin Up To?
Bitcoin, after its rejection from $45,000, now appears to be in a consolidation between $41,200 and $40,900.
Does Bitcoin's consolidation here, mean that we won't see a further correction? Sadly, the answer is no. Analysts have predicted that Bitcoin may even go as low as $38,000 before a rebound.
Considering this, it is best to be prepared for any such price movements.
Ethereum May Be At Risk
Ethereum so far, has retested the $2,150 support with the last three daily candlesticks.
This leads to speculation about Ethereum’s chances of breaking below and declining further to, say, $2,020 or lower.
This section is a reminder to be wary of Ethereum's price movement around this level and to not be caught unawares if the cryptocurrency does revisit $2,020.
Fetch.ai (FET) Is At An Important Resistance
On Binance, FET is up by about 12% over the last day and is ranked the 5th largest gainer at the time of writing. However, this isn’t the most interesting thing about its price action.
The cryptocurrency has been in a “cup and handle” formation for most of the year. However, in October, FET began to rally and eventually hit the $0.5747 resistance.
After much consolidation under this level, the cryptocurrency has now broken above with a daily candle and may now be poised to aim for higher highs. Price targets for FET include $0.65 and $0.7.
Watch Out For Aelf (ELF)
According to Binance’s rankings, ELF is the 4th largest gainer and is up by about 16% over the last day.
ELF’s rally over the last few weeks has now brought it into a retest of an important resistance as shown above. If a break above $0.8446 occurs from here, we can see ELF rally straight up to about $1 or $1.3
SATS (1000 SATS) Was Listed Yesterday
Bitcoin’s very own memecoin was listed on Binance yesterday, 12 December. This has contributed greatly to its bullishness because, at the time of writing, 1000 SATS is up by more than 100% over the last day.
The cryptocurrency is also the #1 gainer on Binance and currently trades at around $0.00004835. It may be best to sit around and watch this memecoin’s price movement for a while, and wait for the perfect entry point to the market