As you know, 2022 was a very bad year for the crypto market and 2023 is seeing very little action for now. Most prices are in a tight range and have hardly moved in the past 24 hours. Still, analysts warn that volatility could soon return. Meanwhile, the total market capitalization remains around the same value of $842 billion.
2022 was the first year #BTC and $ETH closed below previous cycle highs. pic.twitter.com/KCVIEwM6u7
— Delphi Digital (@Delphi_Digital) 2 January 2023
Bitcoin celebrates its 14th birthday
Bitcoin (BTC) fell to $16,400 shortly before New Year’s Eve and turned to $16,700 on January 1st. For now, the price does not exceed $16,750, although at the time of writing bitcoin is making another attempt.
Despite Bitcoin celebrating its fourteenth birthday, there is currently very little volume. This means that some BTC is bought, but also some is sold.
About 5.2 m #bitcoin Haven’t moved in over 5 years. Keep on holding! pic.twitter.com/MvpXA3wlpa
— Wicked (@w_s_bitcoin) 1 January 2023
Ethereum is also stuck
The same is largely true for ethereum (ETH). The Ether price has yet to break $1,220, despite several attempts. The number of daily transactions on the Ethereum network is also currently very low.
Yesterday Ethereum mainnet daily transactions dropped to 742K. The last time they were this low was April 2020.
Even with holidays, Layer 2s, etc., this is a dramatic drop in on-chain activity. pic.twitter.com/zSiPatch3A
— Patrick | Dynamo DeFi (@Dynamo_Patrick) 2 January 2023
XRP fastest riser in sideways crypto top 10
The rest of the top 10 largest cryptos are a bit more volatile, with an emphasis on something. Ripple (XRP) is the strongest climber today out of the top 10, but ran into some resistance yesterday around $0.354 and is falling to $0.347 this morning. This puts XRP up 0.7% today.
🐂 The #XRPNetwork has some intriguing network divergences that point to strong #bullish cases. Our community posts discuss whale addresses that accumulate quickly and traders continue to #Map, and a significant long/short on the verge of being crossed. 🤞 https://t.co/GHKKgAsoCw pic.twitter.com/RCOwEUaXji
— Santiment (@santimentfeed) 2 January 2023
SOL, LUNC & LDO again hardest climbers crypto top 100
The Top 100 also remained quiet in the last 24 hours. At the top of the red page today we find toncoin (TON) down 4.5% and tokenize exchange (TKX) down 4.9%.
On the green side we find more notable crypto today. Fantom (FTM) is up more than 5% and terra luna classic (LUNC) is up almost 6%.
Perhaps even more striking is solana (SOL), which is currently up 6.5%. SOL failed to recover $12 this morning, but it looks like the price is about to try again.
Unfazed by price volatility, NFT volume on Solana remained high at ~1.5 million $SOL last week pic.twitter.com/4g5wOySILJ
— Nansen 🧭 (@nansen_ai) 30 December 2022
zcash (ZEC) and flow (FLOW) are also up significantly today and are both up around 7%, but again it is lido (LDO) that is today’s strongest climber. LDO price is currently around $1.24 after an increase of 7.8%. This means that LDO is already 30% higher than two weeks ago.
📈 Lido Analytics: 26 December 2022 – 2 January 2023
TLDR:
– Lido deposits increased across all chains except Solana over the past week.
– ETH price increased by 1.2% today, pushing Lido into the number 1 DeFi TVL protocol.
– Lido’s L2 TVL reached 37,081 wstETH (7d: +11.03%). pic.twitter.com/Rw1fuqnPfS— Lido (@LidoFinance) 2 January 2023
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