Max E.Mon, Jan 17, 2022 5:37 AM
Bitcoin, Cardano, Monero: 17 January Price Digest
BTC Price Stagnates
Two weeks have already passed in 2022, and all this time the cryptocurrency market was characterized by a depressed conjuncture and regular falls. BTC is still trading in a range, around 43k and its future is unclear. The live Bitcoin price today is $42 852,11. It is down 0,75% in the last 24 hours. Although BTC has managed to recover from a “sluggish” start to the year, its price is still 30% below its all-time high, reached just 2 months ago.
ETH is also locked in a tight range at $3,200: the live price is $3,276.46, down 1.38% in the past 24 hours.
And it’s not just Bitcoin that’s falling – its realized volatility has collapsed amid low trading volumes and meager demand in many spot and derivatives markets. At the same time, BTC implied volatility has recently dropped to a yearly low. This decline is partly driven by the jump in TVL of many leading L1 protocols and the emergence of a number of promising altcoins. Market participants have many alternatives to Bitcoin, in which they begin to pour their money, thereby reducing income in the BTC markets.
Cardano (ADA) Is Up 11.33%
One such alternative is Cardano (ADA). Over the week, the cryptocurrency grew by 32.22%, the daily growth was 11.33%. Currently, the price of the token is $1.54.
Notably, on January 17, Cardano founder Charles Hoskinson stated on Twitter that the massive influx of funds into the ADA Ecosystem was “just getting started.” Hoskinson expressed this opinion in response to a post by crypto analyst Lark Davis, who said that in the last 24 hours, Cardano has become the second blockchain in terms of transaction volume after BTC.
The other day, Tim Harrison, CMO of IOHK, the company behind the development of the cryptocurrency, revealed that the project will be actively pursuing the task of scaling and optimizing the performance of the blockchain in the near future.
Monero (XMR) Steady Growth
The confidential altcoin Monero (XMR) began to grow steadily last week. This coin is increasing in price against the backdrop of a negative trend that dominates the crypto market. In the last 24 hours alone, the altcoin has risen in price by 7.03% to $229.22.
Last Thursday, January 15, XMR rate was close to $230.
At the end of December last year, the coin was trading above $250, but then traders began to sell this asset. Analysts at Santiment note that Monero has been trading in a tight range of $200 to $300 over the past few months.
Last spring, the cryptocurrency reached $513, at the same time the growth of its value was accompanied by a surge in XRM mentions in social networks. Now there is a similar activity. This suggests that we are approaching peak values, and soon Monero will enter a correction phase.
The Monero hashrate has risen to a historic high of 3,503 GigaHash per second (GH/s). Network activity is also picking up, according to data from BitinfoCharts. XRM addresses, on average, carry out more than 27,600 transactions per day, experts say.