The most noteworthy cryptocurrencies this week: BTC, NEAR, BONK
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Global cryptocurrency markets had mixed sentiment last week, with significant gains and losses.The total market capitalization stay It was unchanged at $1.66 trillion. Cryptoassets Bitcoin (BTC), Near Protocol (NEAR), and Bonk (BONK) have made noteworthy moves during their roller-coaster ride.
Bitcoin retests $45,000
The week began with ongoing discussions about the upcoming launch of a spot BTC ETF, which would be a boon for Bitcoin and other cryptocurrency markets. Bitcoin opened the week at $42,146 and entered the new year on an upward trend, eventually surpassing the $45,000 mark.
Although the asset rallied significantly between October and December 2023, it failed to reach this price level. Fresh optimism brought by the new year sparked a rally on January 2 to a 21-month high of $45,894, as industry commentators highlighted the asset’s imminent approval. Multiple ETF applications.
However, optimism faded when a report from Matrixport suggested that all ETF applications could be rejected this month. After the report was released, a wave of selling ensued, causing a severe market meltdown. On January 3, BTC fell to a low of $40,879, with market liquidation approaching $700 million.
Despite the recovery, the top cryptocurrency plunged 4.69% intraday on the day, its highest intraday loss since December 11, 2023. Nonetheless, the asset has recovered most of its losses on January 3 and is currently trading at $44,007. Holding onto the $44,000 price threshold.
Despite the plunge on January 3, Bitcoin ended the week with a stunning 4.41% gain. At current prices, the next key resistance level for the crypto asset is below $45,000, currently at $44,857, the 0.786 Fibonacci level.
Nearly fell below $3
Since regaining the $3 price area on December 21, 2023, Near Protocol has zealously defended this price area. Prior to the rise in December 2023, NEAR last traded at the $3 mark in October 2022. After hitting a high of $3.625 on December 21, the coin stayed above $3.5 for several days, finally hitting $4.62 on December 26, 2023.
However, the asset started the week bearishly, falling into consolidation before falling to $3.520. The asset struggled to hold $3.5. On January 2, a cautious move back toward the $4 level became a reality, but bears mounted a strong resistance at $4.33 resistance.
During the market rout on January 3, NEAR fell below the $3 mark for the first time since December 21, 2023, falling to support at $2.905. Near Protocol recovered the $4 area the next day, but the move was short-lived.
The asset has since given back more of its gains and posted two consecutive down candles this weekend. NEAR fell 7.7% this week, abandoning key price thresholds of $3.6 and $3.5.
Bonk falls to 4-week low
BONK has been in free fall since hitting an all-time high of $0.00003498 on December 15, 2023, and that continued plunge has continued into this week.
Since reaching its all-time high, the Meme coin has hit lower and lower highs and is currently down 67% from its peak.
A downward spiral led to the formation of a downtrend, which was further exacerbated by the latest general market turmoil.
BONK was one of the assets most affected by this decline, losing 13.68% in value on January 3. The next day, the asset rose just 2% in a feeble attempt at recovery.
In the following days, Meme coins took further hits, plunging 6.33% on January 5 and 3.83% on January 6. Amid continued losses, BONK closed the week at $0.00001075, its lowest price in four weeks. The coin ended the week down a dismal 23.4%. However, with the CCI at -103, BONK may be on the verge of a trend reversal.
