BTC Opens at $16,570, ETH Joins Stablecoins in Recording Losses

The first Monday of 2023 did not open with quite the sparkle for the crypto market. Bitcoin, on January 2, barely grew with a 0.13 percent gain. At the time of writing, BTC values hovered around the price point of $16,570 (roughly Rs. 13.7 lakh). The first ever cryptocurrency to have ever existed maintained values around the similar price point on both, national as well as international exchanges. The reason why BTC, along with a big bunch of altcoins, opened with losses today is because traders put a halt stamp on their activities during the holiday season.

“The price is attempting to move above the resistance at $16,600 (roughly Rs. 13.7 lakh). If buyers are able to maintain their momentum, the price of Bitcoin may rise above $16,700 (roughly Rs. 13.8 lakh) in the coming week,” Edul Patel, CEO and co-founder of Mudrex told Gadgets 360.

Ether reeled-in a loss of 0.05 percent on Monday, showed the crypto price tracker by Gadgets 360. ETH is currently trading at $1,195 (roughly Rs. 98,855), which is just a dollar short of what it was priced on December 30. Over the weekend, ETH failed to show any notable price changes.

“If Ethereum can close above the $1,200 (roughly Rs. 99,215) level, the next resistance level would be at $1,220 (roughly Rs. 1 lakh). For bulls to regain control, they will need to push the price above the $1,300 (roughly Rs. 1.07 lakh) level,” Patel noted.

Stablecoins such as Tether, USD Coin, Binance USD, and Ripple registered losses.

Both meme coins, Shiba Inu and Dogecoin also opened the new year with small but significant price dips.

Solana has been hit by dips, which intensified during the last week of 2022. At this point, SOL is trading at $9.97 (roughly Rs. 845).

In the last week of December, DeGods and Y00ts — the top two NFT projects based on the Solana blockchain, respectively migrated to the Ethereum and Polygon blockchains. The developers behind these projects said they did not see an impressive growth rate on Solana.

Meanwhile, Cardano, Polygon, Polkadot, and Litecoin emerged on the profit-making side of the crypto price chart.

Uniswap, Chainlink, Cosmos, Monero, and Stellar also reeled-in small gains.

On the first Monday of 2023, the overall crypto market grew by 0.60 percent, as per CoinMarketCap.

The current crypto market valuation stands at $798 billion (roughly Rs. 66,02,268 crore).

Web3 analysts and industry experts have predicted that the year of 2023 will turn out to be profitable for the NFT and metaverse sectors.

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