Bitcoin Falls In Value
Bitcoin fell 0.89% in Asian trading Monday afternoon but remained above a four-month high of US$22,000. When ranked by market capitalization, the top ten non-stablecoin cryptocurrencies were mixed. With a gain of 4.32%, Dogecoin led the gains, with Solana posting the largest loss among the top ten cryptocurrencies.
Bitcoin, the world’s largest cryptocurrency, fell 0.89% to US$22,701 at 4 p.m. in Hong Kong on Monday after rising 7.46% in the previous seven days.
Ethereum rose 0.3% to $1,634, gaining 4.31% weekly.
Dogecoin, the world’s most popular memecoin, led gains among the top ten cryptocurrencies, rising 4.32% to US$0.08936 after rising 3.53% in the previous week.
Solana fell the most, 2.76%, to US$24.48, after a weekly gain of 0.86%.
On Monday, many Asian equity markets did not operate for the Lunar New Year holidays. On Monday, Japan’s Nikkei 225 rose 1.33%, while India’s Sensex rose 0.52%.
Resurgence of Bitcoin
It is no secret that Bitcoin is viewed with skepticism, owing to its 40% gain in three weekly candles.
Demands for a significant correction and continuation of the bear market have long been made public, and some more conservative trading voices insist that macro lows have yet to be reached.
However, that tipping point has yet to materialize. BTC/USD traded just above $22,700 at the end of the most recent weekly candle, marking its best performance since last summer.
Following that, the pair consolidated into the start of Monday, retaining ground gained during the week.
Bitcoin is truly undergoing a renaissance, and on-chain data is nearing completion.
Multiple classic indicators of Bitcoin market health, as compiled by analytics firm Glassnode, are now exiting their capitulation zones.
These include the amount of BTC supply held at a profit and loss, perhaps unsurprising given the 40% increase this month.
Despite not dipping as low as it did during previous bear markets, net unrealized profit/loss is now out of its lowest boundary and on its way to better profitability.