Bitcoin returned to trade above the $43,000 level on Jan. 15, reaching highs of $43,819. The majority of altcoin tokens were also up in the last 24 hours as the crypto market turns green.
According to CoinMarketCap data, Ethereum is up nearly 2% at $3,360 while tokens such as Aave (AAVE, +10.38%), IoTeX (IOTX, +13.29%), OMG Network (OMG, +11.48%), Chromia (CHR, +17.26%), were posting gains of more than 10% in the last 24 hours.
On a 7-day basis, most cryptocurrencies have regained losses in the first week of 2022 and were trading in green at press time. In the last 7 days, BNB (BNB, +16.98%), Terra (LUNA, +31.50%), Shiba Inu (SHIB, +13.10%), Near Protocol (NEAR, +37.22%), and a handful of tokens were up according to CoinMarketCap data.
The popularity of crypto continues to soar. According to a recent Huobi survey conducted on 3,144 people in the US – The most heard term is NFT, the least is DAO while the most heard Coins are BTC, DOGE, ETH, SHIB, BNB, USDT, SOL, ADA. 28% of those surveyed also said they invested in cryptocurrencies.
According to WhaleStats data, large investors have been accumulating different tokens. An Ethereum whale ranked 404 has bought 465,581 Enjin Coin or $1,182,577 worth. The mysterious buyer also acquired 602,919 MANA tokens valued at $1,838,902.
According to on-chain analytics firm, Santiment, the average returns indicator continues to show many altcoins are still lagging, hence leaving room to justify buys. It says:
”Bitcoin has crept back to $43.1k, & Ethereum is back over $3,300. Altcoins are still spread all over the place. Average trader returns, according to our divergence model, indicate $REN, $GRT, $COMP, $AMP, and many others are still in low-risk spots, based on trader FUD”
The analytics firm however sounds a note of caution:
”When it comes to buying the dip, it’s important to note just how enthusiastic the trading crowd is in doing so. Typically, when traders uniformly believe the price is about to bounce, this is NOT the time that prices actually bounce”
According to cryptoanalyst Michael van de Poppe, a retest of $46k may be in the pipeline for Bitcoin price ”Good and strong reaction at the U.S. Open for the markets as we bounce back upwards to $43K resistance for Bitcoin. Breaking through =retest at $46K possible”.
With the entirety of the crypto launchpad market seeing strong bullish moves, analysts believe that Shiba Inu might likely follow.
According to analysts, SHIB’s 23% gain initiated a bullish reversal pattern as a falling wedge pattern begins to form. Falling wedges generally offer an ideal launchpad for an upside break once the price closes above the structure’s upper trendline. However, a daily close above the MA 50 barrier and the upper trendline might seem essential for further upside moves.
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