The top two digital assets, Bitcoin and Ethereum, started 2023 essentially unchanged as the crypto space tries to recover from the record-high bear market of 2022.
CoinMarketCap data showed that Bitcoin and Ethereum traded flat during the first 24 hours of the new year. According to the data, BTC gained 0.05% to trade at $16,586 as of press time, while ETH increased by 0.06% to $1,200 over the same timeframe.
The current price action continues a weeklong market movement that saw both assets shed less than 2% of their values in the last seven days. BTC fell by 1.5%, while ETH dropped by 1.6%. Coinglass data shows that $12.58 million was liquidated in 24 hours.
What Does The Year Hold For Bitcoin?
Based on the four-year-cycle theory, crypto trader and analyst Rekt posited that Bitcoin could bottom this year. According to the analyst, BTC’s price action tends to bottom out during the third year during its four-year cycles. He added that BTC reaches its bull market peak in the first year, slides into a bear market in the second year while it recovers, and begins a new trend in the fourth year.
Rekt said while it was possible for BTC’s price to still drop to new lows, there is still the possibility of the value of the flagship digital asset doubling. He continued that past BTC candle threes have enjoyed 234% and 316% rallies. However, it is technically unlikely for the asset to rally that high this year.
Meanwhile, several stakeholders also pointed out Bitcoin miners’ record-high capitulation in 2022. Reports have highlighted how miners have struggled in the current market situation and how mining machines are becoming increasingly unprofitable.
Altcoins Price Performance
According to CoinMarketCap data, the outlier among the top 30 crypto assets by market cap was Toncoin. The Telegram-backed asset saw a 6.6% gain in the last 24 hours to trade at $2.33 as of press time. The crypto asset had declined by over 7% on the seven days metrics.
Meanwhile, other altcoins, like Solana, Avalanche, XRP, Cardano, and Binance Coin (BNB), also saw minor losses in the last 24 hours. According to the data, SOL fell by 0.2% during the previous 24 hours and over 13% in the last seven days. AVAX saw a 1.1% loss in the previous 24 hours. BNB and XRP declined by 0.5% and 1%, respectively.
BeInCrypto has reached out to company or individual involved in the story to get an official statement about the recent developments, but it has yet to hear back.