Crypto Price Today: Bitcoin (BTC) holding onto the US$42,000 range; several altcoins experience minor losses

Crypto Price Today: Cryptocurrency markets are witnessing a mixed bag of performances, with Bitcoin (BTC) holding onto the US$42,000 range, while several altcoins experience minor losses. This article provides an overview of the current crypto landscape, focusing on Bitcoin’s stability, notable gainers, and losers, and the overall market trends.

Bitcoin’s Stability

Bitcoin, the pioneer and most valuable cryptocurrency globally, has managed to maintain stability within the US$42,000 range. At the time of writing, the Bitcoin price is US$42,602.04, reflecting a 0.68 percent dip in the last 24 hours, according to CoinMarketCap. BTC’s ability to hold onto this range is crucial for market sentiment.

BTC’s immediate challenge lies in breaking through the resistance zone and achieving a daily candlestick close above the US$45,600 mark. This breakthrough is necessary to escape the current range-bound price action. Presently, Bitcoin is positioned above its two long-term Exponential Moving Averages (EMAs) – the 50-day EMA at US$42,154 and the 200-day EMA at US$35,070.

A critical factor to watch is whether BTC can sustain its position above the 50-day EMA. A daily candlestick close below this level could solidify the downward trend, potentially delaying hopes of a short-term recovery.

Altcoin Movement

While Bitcoin remains relatively stable, the broader altcoin market is experiencing a mix of gains and losses. Notably, Ethereum (ETH), Dogecoin (DOGE), Solana (SOL), Ripple (XRP), and Litecoin (LTC) have all recorded minor losses.

The ETHDYDX token stands out as the top gainer among cryptocurrencies, witnessing a remarkable 8.87 percent surge in the last 24 hours. Conversely, THORChain (RUNE) is the biggest loser, with a notable 10 percent dip during the same period.

Market Overview

The global cryptocurrency market cap currently stands at US$1.68 trillion, reflecting a 1.20 percent loss in the last 24 hours. This dip in market cap suggests a general trend of slight bearish sentiment among investors.

Several well-known cryptocurrencies, including Cardano, Avalanche, Dogecoin, Tron, and Polkadot, have marked losses, contributing to the overall negative trend. Polygon, Shiba Inu, Litecoin, Bitcoin Cash, Cosmos, and Leo are also trading in the red on Thursday.

Top Crypto Gainers of January 18, 2024

1. dYdX (ETHDYDX):

Overview:

Price: US$3.14

24h Change: +8.87%

24h Volume: US$140,516,369

dYdX, represented by the token ETHDYDX, is a decentralized exchange (DEX) built on the Ethereum blockchain. As of the latest data, the price of ETHDYDX stands at US$3.14, showcasing a robust 8.87% increase in the past 24 hours. This significant surge indicates a notable demand for the token within the crypto market.

2. Flare (FLR):

Overview:

Price: US$0.02232

24h Change: +6.81%

24h Volume: US$37,591,161

Flare (FLR) is another cryptocurrency making notable gains in the market. Priced at US$0.02232, FLR has experienced a 6.81% increase in the past 24 hours, indicating positive momentum.

3. Render (RNDR):

Overview:

Price: US$4.26

24h Change: +3.77%

24h Volume: US$163,798,709

Render (RNDR), with a price of US$4.26, has recorded a 3.77% gain in the last 24 hours. RNDR is associated with the decentralized rendering platform, providing a marketplace for users to buy and sell computational power for rendering tasks.

4. NEAR Protocol (NEAR):

Overview:

Price: US$3.28

24h Change: +1.58%

24h Volume: US$165,649,662

NEAR Protocol (NEAR), priced at US$3.28, has seen a moderate 1.58% increase in the past 24 hours. NEAR Protocol is a blockchain platform designed to enable the creation and execution of decentralized applications (DApps).

5. Helium (HNT):

Overview:

Price: US$7.58

24h Change: +1.29%

24h Volume: US$20,893,548

Helium (HNT), priced at US$7.58, has observed a 1.29% gain in the last 24 hours. Helium operates a decentralized wireless network that enables devices to communicate and connect to the internet in a peer-to-peer fashion.

The cryptocurrency market is known for its volatility, and investors should carefully monitor these developments and market indicators for informed decision-making. As the crypto landscape evolves, it’s essential to stay updated on both Bitcoin’s performance and the trends among various altcoins.