Bitcoin, Ethereum Extend Rally, Dogecoin Down

Major coins remained on the move Monday night as the global cryptocurrency market cap rose 0.5% to $989.5 billion at 7:48 PM EST.

Price performance of major coins
A coin 24 hours 7 days the price
Bitcoin BTC/USD 1.5% 22.8% $21,153.06
Ethereum ETH/USD 1.3% 18.5% $1,570.81
Dogecoin DOGE/USD -2.65% 9.1% $0.08

Top 24-Hour Gainers (data via CoinMarketCap)
cryptocurrency 24 hour % change (+/-) the price
Loopring (LRC) +5.1% $0.30
Quantum (KNT) +5.5% $138.73
Frak Share (FXS) +6.9% $8.93

Also see: The best ways to earn free cryptocurrency

Why it matters: Bitcoin and Ethereum were higher on Monday as the New Year rally remained intact. However, momentum has been muted in other risk assets such as stocks as investors look to the corporate earnings season.

“There is certainly a growing sense of optimism about 2023 as we make our way through the first month of the year.” “The economic data is kind, to say the least, which we weren’t afforded in the vast majority just now,” he said. Craig Erlamsenior market analyst at OANDA.

“Increasing risk appetite has fueled a surge in bitcoin, which languished between $16,000 and $17,000 in the last week of last year.” It’s up more than 25% year-to-date, breaking above $20,000 this morning in the process,” the analyst said in a note seen by Benzinga.

Erlam said it’s not entirely clear whether that’s a sign of a bottom or a brief bounce, but “obviously there are still very bullish traders.”

Michael van de Poppe he said that bitcoin is trying to “break resistance” and could “look for an increase” at the $21,600 level. He said eyes would be on the dollar index, which tracks the greenback against six other currencies, in the coming days. At the time of writing, the dollar index was at 102.30.

Glassnode said that for the first time since June, Bitcoin saw “a higher volume of on-chain profits than losses.”

Separately, the chain analytics firm said a “compelling break” above 1.0 for the realized profit/loss ratio, or aSOPR metric, was “historic [signaled] cycle mode change is in progress”.

“Successful retesting and rejection of an aSOPR of 1.0 is often seen near cycle milestones,” Glassnode said.

aSOPR or Adjusted Output Profit Ratio is a metric that tracks the ratio of spend output to profit over a given time frame.

Sentiment he said that crypto traders are acting like they see a top and are taking “the opportunity to make a profit while they get the chance.”

The market intelligence platform said that Bitcoin recorded its highest profit ratio since February 2021, while in the case of Ethereum, it was the case since October 2021.

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