The top two digital assets, Bitcoin and Ethereumstarted 2023 essentially unchanged as the crypto space tries to recover from the record-high bear market of 2022.
CoinMarketCap data showed that Bitcoin and Ethereum traded flat during the first 24 hours of the new year. According to the data, BTC gained 0.05% to trade at $16,586 as of press time, while ETH increased by 0.06% to $1,200 over the same timeframe.
The current price action continues a weeklong market movement that saw both assets shed less than 2% of their values in the last seven days. BTC fell by 1.5%, while ETH dropped by 1.6%. Coinglass data shows that $12.58 million was liquidated in 24 hours.
What Does The Year Hold For Bitcoin?
Based on the four-year-cycle theory, crypto trader and analyst Rekt posited that Bitcoin could bottom this year. According to the analyst, BTC’s price action tends to bottom out during the third year during its four-year cycles. He added that BTC reaches its bull market peak in the first year, slides into a bear market in the second year while it recovers, and begins a new trend in the fourth year.
Compiled by Metacrunch. Metacrunch is a news complier and aggregator platform which aims to spread awareness and updates on Metaverse, Web 3.0 Technology, Blockchain, Cryptocurrency, NFTs, Airdrops and many more.
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