Max E.Thu, Jan 13, 2022 4:55 PM
Bitcoin, Ethereum & Polkadot: 13 January Price Digest
Bitcoin (BTC): Recovery Momentum
The cryptocurrency and stock markets have revived somewhat amid the announcement of the head of the US Federal Reserve Jerome Powell on the fight against inflation. Many altcoins have already turned green, overtaking the consumer price index.
BTC rose to $44,000, after which it fell and consolidated above the level of $43,000. BTC price today is $43,727.63, it is up 2.17% in the past 24 hours.
However, judging by some technical indicators, this recovery momentum, unfortunately, will not last long. BTC is approaching the "cross of death" – the rare crossover of 50-day and 200-day moving averages. As the name suggests, the cross of death carries bad news and signals to traders that the situation is about to change for the worse and it is time to close positions. However, this indicator does not guarantee that BTC is doomed. The cryptocurrency market has already gone through 8 "crosses of death", 4 of which actually represented only the bottom of the market. The other 4 did indeed precede major sales with subsequent drawdowns ranging from 30% to 65%.
There is another rare occurrence on the intranet front as well. For the past 30 days, a fall in the value of long-term and short-term holders has been recorded, reflecting the strong price fluctuations of the past month. While neither technical analysis nor on-net data provide a 100% prediction of future price movements, they are definitely worth keeping an eye on.
Ethereum (ETH) Has Risen 2.08%
The price of Etherum (ETH) has risen 2.08% over the past 24 hours to $3,342.38
The capitalization of the largest altcoin on Thursday, January 13, is $398,640,562,985 billion.
According to the ViewBase platform, in a week, investors withdrew 203,147 ETH from centralized crypto exchanges for a total amount of up to $ 682.997 million.
The exchange balance of ETH in mid-January decreased to 11.6% of the total market supply of the cryptocurrency. Analysts estimate such data positively, as the reduction in the supply of the asset weakens the pressure on it from the sellers. This should have a positive effect on the cost of ETH amid growing demand.
The CryptoRank team found out that the lion's share of the altcoin is currently hosted on the Coinbase, Binance, and Gemini platforms – 6.34 million, 2.13 million, and 1.79 million coins, respectively. As a percentage, Coinbase and Binance hold 46.16% and 15.57% of the ETH exchange balance. The researchers remind us that the supply of Ethereum is 119 million ETH, of which 13.8 million are being kept in exchange wallets.
According to Glassnode, this week the number of non-zero-balance Ethereum addresses set a new record, surpassing 72.665 million.
Polkadot (DOT) Grows Amid Positive News
DOT price today is $26.75, it is up 2.80% in the last 24 hours.
The catalyst for growth is the overall minor recovery of the crypto market and the active development of the project: the final milestone was the completion of the launch of the first fully functional Moonbeam parachain on Polkadot. It is a platform that allows developers to deploy EVM-compatible smart contracts.