Most altcoins shed value in the last day, with a few gaining minimally.
The crypto market woke up to see most of the altcoins in red on January 5. Over the previous 24 hours, the crypto market’s capitalization increased by 1.21% to touch $820.08 billion. Volumes of the crypto markets also rose by 30.28% to reach $35.35 billion. Most of the gains in the last day were accorded to Cardano, which rallied by 4.76%. Bitcoin, Ethereum, Ripple, Dogecoin, and many other altcoins underwent a loss.
The crypto industry is anxiously awaiting inflation, unemployment, and other macroeconomic data from all over the world, as such reports have a spilling effect on the crypto market. Liquidity has been tight for a long time, and central banks have not shown any signs of easing interest rates. On a positive note, there has been a continuous buzz about crypto regulatory frameworks in many countries. A global crypto framework still needs to be put in the works, which could have hugely helped the crypto space. Analysts have also claimed that such a framework could boost investor confidence, remove uncertainty, and bring more stakeholders into the crypto industry.
BTC/USD price chart in 2022
Bitcoin is currently trading at around $16800 on January 5, 2023, with BTC/USD down by 0.20% in the last 24 hours. BTC/USD is trading below its 20-day EMA (16,928.73), with most altcoins going through a downward trend.