Over the past day, bulls were able to gain the upper hand over bears in the cryptocurrency market. As a result, Bitcoin (BTC) rose above its significant resistance level of $21,000, while Ethereum (ETH) was traded at $1,600. This marks the first time this has occurred since the collapse of FTX.
Additionally, the overall cryptocurrency market cap has returned to the $1 trillion mark after a period of being below it. However, it currently falls short of that threshold, but there has been a promising 9% increase in the last 24 hours, as per Coinmarketcap.
Among the alternative coins, some are currently displaying substantial expansion in their daily charts. The altcoins that are currently leading in terms of daily gains are SOL with a 35% increase, GALA at 27%, APT at 24%, SAND at 22%, and NEAR with 21%.
Because of this bullish momentum in the cryptocurrency market, data from the cryptocurrency analytics platform Coinglass shows that 134,852 traders liquidated $731.36 million worth of cryptocurrencies in the past 24 hours.
However, the recent market rally has significantly impacted short traders. Coinglass showed that liquidated short positions accounted for 60.54% of market liquidations in the last 24 hours. About $464.401 million of the maximum short position was liquidated in Bitcoin, compared to $200.728 million in Ethereum, as per Coinglass.
Bitcoin (BTC) & Ethereum (ETH) Price Analysis
On January 12th, Bitcoin (BTC) saw a significant increase in value, reaching a two-month high as it broke above the $19,000 level. This is the highest point for the coin since November 8th, when it had briefly surpassed $20,000.
The bulls continued to drive the price upward, pushing the asset above $20,000 and even reaching just above $21,000 in the early hours of today. However, according to the data from CoinMarketcap, BTC is currently trading at $20,907.14.
The bulls are pushing for Bitcoin (BTC) to reach $21,000 once again, while the bears are attempting to prevent further gains. Despite the ongoing tug-of-war, the largest cryptocurrency is displaying positive performance in both the daily and weekly time frames, having risen by 10.49% and 23.49%, respectively. Additionally, its trading volume has increased by 57%, and its market capitalization has grown by 10.52% in the last 24 hours.
Yesterday, Ethereum (ETH) saw a notable increase in value similar to that of Bitcoin (BTC), as the price climbed above the $1,400 level. The cryptocurrency reached a peak of $1,432.28 during the day, less than 24 hours after reaching a low of $1,378.42. ETH is currently trading at $1,538.29, with an 8% gain in 24 hours and a 20% gain in the last seven days.
The recent spike in Ethereum (ETH) prices has resulted in it reaching its highest point since November 8th, when it hit a high of $1,580, similar to the trend seen in Bitcoin. However, for the upward momentum to continue, it will need to maintain above the $1,500 resistance level, which could potentially lead to further gains.
Ethereum (ETH) price may rise to $1,550 resistance. Further gains may reach $1,600 or even $1,620 in the short term. However, if it fails to clear the $1,430 resistance, a downward correction may occur with initial support at $1,394.
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