It’s not been a good year for cryptocurrencies in 2022. But this doesn’t mean that the future is bleak. On the contrary, the cryptocurrency market will be bullish again. There are many use cases of cryptocurrencies that are yet to be explored, and as more use cases get explored, more people will invest in them, and the price will increase. Unfortunately, in 2022, many cryptocurrencies have lost their value over the past 12 months.
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Bitcoin (BTC)
BTC is currently priced at around $16,848.18 by the time of writing, with a low of $15,599.05 and a high of $51,956.33. Its current ranking is #1, according to CoinMarketCap, with a market cap of 324 billion dollars.
Bitcoin has just finished 13 consecutive years of market value growth. Not surprisingly, there was no big rally at the end, but they reached this point. Bitcoin is often measured in terms of how many fiat currencies it’s worth. In 2022, it didn’t see the greatest profit. Bitcoin started the year trading at $46,000 and sells for around $16,300. This means that Bitcoin has lost approximately 63% of its value since the first month.
BTC Coin Market Analysis
BTC has a total supply of 19,243,975 coins worth around $16,848.18 with a market volume of 11 million dollars, whereas the market capitalization is 324 billion dollars at writing. Bitcoin miners in the U.S. shut down operations due to bad weather. This reduced Bitcoin’s hash rate by 38%.
The bitcoin price has been on an ongoing, seemingly never-ending decline recently. A Santa rally in the coming days doesn’t seem like a plausible scenario for those invested in Bitcoin, but anything’s possible by the end of 2022. So in the next week, BTC could have a 10% or more increase and end the year with a bang.
BTC Price Prediction
In the 4H timeframe, the price action of $BTC/USDT consolidates inside the bear flag. Currently, the price is getting rejected from the resistance trendline of the flag. Therefore, we have to wait for a successful breakout or breakdown.
Ethereum (ETH)
ETH is a token of the platform Ethereum. Its current price is around $1,223.37 at the time of writing, with a low of $896.11, and it has a market cap of 149 billion dollars. It reached a high of $4,126.00, and its current ranking is #2, according to CoinMarketCap. ETH’s price has been in a downward spiral for the past year. It is currently hovering around $1500 and is expected to recover in 2023.
In 2022, Ethereum merged with a software upgrade that switched its consensus protocol from the proof-of-work paradigm to the proof-of-stake. Tech blog Digiconomist equated the 99.95 percent drop in energy consumption to Finland shutting down its coal industry.
ETH Coin Market Analysis
ETH has a total supply of 122,373,866 coins worth around $1,223.37 with a market volume of 3 billion dollars, whereas the market capitalization is 149 billion dollars at writing. One of the most popular crypto show hosts, who goes by the pseudonym “Coin Bureau,” has said that if the Shanghai upgrade goes well, it could have a big positive impact on Ethereum and ETH.
The Ethereum token has been doing well in the last few days. It slightly increased this weekend as the crypto market had a calm Christmas holiday season. In addition, data on the Ethereum Reserve for All Exversions shows that the ETH reserves on centralized exchanges have decreased by more than 30%. This means that investors are buying Ethereum more and are becoming more bullish about it.
ETH Price Prediction
In the 4H timeframe, the price action of $ETH/USDT moves inside the ascending triangle. Currently, the price is being turned down from the horizontal resistance zone of the ascending triangle. Therefore, we must wait for a successful breakout or breakdown to confirm its next movement.
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Closing Thoughts
The Crypto market is known for its volatile nature. According to the above analysis, the coins we discussed might prove to be profitable if other market conditions prevail favorably. We suggest you engage in adequate research before investing in any digital assets.
