BTC opens at $16,570, ETH joins stablecoins and posts losses

The first Monday of 2023 didn’t exactly start out on a bright note for the crypto market. Bitcoin barely grew on Jan. 2, up 0.13 percent. At the time of writing, BTC values ​​are hovering around the price point of $16,570 (roughly Rs. 13.7 lakh). The very first cryptocurrency that ever existed has received a similar price on both domestic and international exchanges. The reason why BTC, along with a large amount of altcoins, opened with losses today is because traders halted their activities during the holiday season.

“The price is trying to move above the resistance at $16,600 (about 13.7 lakh). If buyers are able to maintain their momentum, the price of Bitcoin could surge to over $16,700 (roughly 13.8 lakh) in the coming week,” Edul Patel, CEO and co-founder of Mudrex, told Gadgets 360.

ether rolling a loss of 0.05 percent on Monday showed that Crypto price tracker by Gadgets 360. ETH is currently trading at $1,195 (approx. Rs. 98,855), which is just a dollar down from the December 30 price. Over the weekend, ETH showed no notable price changes.

“If Ethereum can close above the $1,200 (roughly Rs. 99,215) level, the next level of resistance would be $1,220 (roughly Rs. 1 lakh). For the bulls to regain control, they need to push the price above $1,300 (roughly 1.07 lakh),” noted Patel.

stablecoins such as tether, USD coin, Binance USDand ripple registered losses.

both meme coins, Shiba Inu and Dogecoins also started the new year with small but significant price declines.

Solana was hit by slumps that intensified in the last week of 2022. At this point, SOL is trading at $9.97 (approximately Rs. 845).

During the last week of December, DeGods and Y00ts – the top two NFT projects based on the Solana blockchain, were migrated to the Ethereum and Polygon blockchains, respectively. The developers behind these projects stated that they haven’t seen an impressive growth rate on Solana.

In the meantime, Cardano, polygon, Speckleand Litecoin emerged on the profitable side of the crypto price chart.

Uniswap, chain link, cosmos, Moneroand Stellar also made small profits.

On the first Monday of 2023, the overall crypto market grew by 0.60 percent, as per CoinMarketCap.

The current valuation of the crypto market is $798 billion (approximately Rs. 66.02.268 crore).

Web3 analysts and industry experts have predicted that the year will be 2023 profitable for the NFT and Metaverse sectors.

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