Major coins gained upward momentum onMonday evening, as the global cryptocurrency market cap rose 0.85% to $805.75 billion. Price Performance Of Major Coins Coin 24-hour 7-day Price Bitcoin BTC/USD 0.3% -1.6% $16,687.80 Ethereum ETH/USD 1.15% -1.3% $1,215.03 Dogecoin DOGE/USD 1.9% -5.9% $0.07 Top 24-Hour Gainers (Data via CoinMarketCap) Cryptocurrency 24-Hour % Change (+/-) Price Lido Dao (LDO) +13.35% $1.21 Solana (SOL) +12.8% $11.25 BitDAO (BIT) +11.7% ??$0.37
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Why It Matters: Bitcoin and Ethereum were seen in thegreen on Monday evening even as stock futures traded flat. S&P 500 and Nasdaq futures traded 0.1% higher and unchanged, respectively, at the time of writing.
Cryptocurrency trader Michal van de Poppe said that he would like Bitcoin to hold above the $16,600 level which would result into continuation towards $17,000.
That’s going according to plan.
Holding $16,6K for continuation and took some highs.
I’d like #Bitcoin to still hold above $16,6K as that would result into continuation towards $17K. https://t.co/Tlh3Jdpx8H pic.twitter.com/UtclQesPaO Michal van de Poppe (@CryptoMichNL) January 2, 2023
In a separate tweet, Van De Poppe pointed to a Green candle on Bitcoins chart and said it was a bull market. A green candlestick implies that the opening price of Bitcoin on that day was lower than the closing price on the same day.
Green candle for #Bitcoin. Bull market. pic.twitter.com/N1U9sVDB83 Michal van de Poppe (@CryptoMichNL) January 2, 2023
Santiment noted that the next U.S. Federal Reserve meeting on interest rate policy is over four weeks out. Cryptocurrencies could be gathering some [bullish] momentum to kick off 2023, said the market intelligence platform.
With fireworks done and the latest #Fed meeting over 4 weeks out, #crypto could be gathering some #bullish momentum to kick off 2023. Our latest community & #NFTBattle submission looks at the positives of recovering #equities and a declining #dollar. https://t.co/ksTO5v2GKN pic.twitter.com/4rGxP6RDkn Santiment (@santimentfeed) January 2, 2023
Apart from the distant FOMC meeting, the dollar index ready to take another leg down was pointed as a factor that could support a rally for cryptocurrencies by Santiment. The dollar index measures the strength of the greenback against a basket of six other currencies.
Bitcoin Range Courtesy Santiment
If Bitcoin can break the 51-day range we've been stuck in, we may attempt towards the 20-21K region, said Santiment. However, if it fails to break the top side of Santiments range it could be headed toward the $14,000 mark.
Even so, the hangover from 2022 continues in the new year.
On Monday,Gemini exchange co-founder Cameron Winklevoss accused Digital Currency Group CEO Barry Silbert of bad faith stall tactics in the resolution of a dispute over redemptions of Geminis Earn product. The $900 million dispute arose after the Sam Bankman-Fried-led FTX cryptocurrency collapsed.
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