The crypto market was subject to widespread selling pressure as Bitcoin and altcoins reduced the gains made in the previous week. As bitcoin and ethereum continue to slide, the majority of crypto assets are currently trading in red. Bitcoin’s plunge from $52,100 highs to $47,300 lows is likely to be responsible for the widespread declines.
Bitcoin was rejected after hitting highs of $52,100 Dec. 27, and then falling nearly 9% to lows $47,300 Dec. 28. Nearly all altcoins are in the red, with many tokens, Polkadot, Chainlink, -11.70%, and Cosmos (ATOM) recording double-digit losses.
Interestingly, despite the downturn, some tokens are still holding their ground. IOTA (MIOTA), DigitalBits, XDB, +3.11%, DeFiChain, EVER, +16.79%, EverScale, EverScale, EverScale, EverScale, EVER, +16.79%, Alchemix, ACX, +17.13%), Enzyme, MLN, Harvest Finance, FARM, +109.59%) were all up.
The IOTA token has been launched as the network announces IOTA staking. Token holders will be able to start their staking period from Dec. 28 and receive staking rewards for the next 90 days.
Aragon, is a decentralized platform built upon the Ethereum network that offers a modularized way of creating and managing dApps. It has seen a 30.56% increase in the last 24 hour and an 82% increase in the past seven days. As we near 2022, the price of ANT rises as Web 3.0 becomes more popular. This helped the Aragon team achieve its goal of supporting “organizational form that safeguard self-sovereignty.”
FARM’s cost has increased as the project moves closer towards full decentralization. This will allow community members (known as “builders”) to update the user interface and install new farming techniques.
An Analyst outlines What to Expect Next
Bitcoin is down 16.18% in December, with just 3 days remaining before the 2021 end. It is unlikely that bitcoin will close December positive. Alex Kruger, Cryptoanalyst cum economist, believes that all hope is not lost and cites historical data. He pointed out that bitcoin has historically shown positive gains in its first week, referring to it as “The year’s first week effect”.
He said, “The first week effect of the year.” BTC returns the first week of 2021 +36% and 2020 +13, 2020 +7%, 2019, +7%, 2018, +8%. Santa was killed by bears, but what about the Wise Men em>?
He also explains what to expect for January. “Still expect strong crypto upmarket in early Jan, driven by fund inflows.” If the next inflation print is too hot, then you should be cautious ahead of the January 26 FOMC meeting.
