BitcoinBTCCryptocurrency EducationIndustry AnalysisNEARNews

Top cryptocurrencies to watch this week: BTC, NEAR, BONK

2 Mins read

The global cryptocurrency market recorded mixed sentiments last week, witnessing major upswings and declines. The total market cap remained flat at $1.66 trillion. Amid the rollercoaster ride, crypto assets Bitcoin (BTC), Near Protocol (NEAR) and Bonk (BONK) made noteworthy moves.

Bitcoin retests $45,000

The week began on favorable grounds for Bitcoin and the rest of the crypto market amid sustained discussions about the upcoming spot BTC ETFs. Bitcoin began the week at $42,146, slipping into the new year with an uptrend that saw it finally clinch the $45,000 mark.


Top cryptocurrencies to watch this week: BTC, NEAR, BONK - 1
BTC price – Jan. 7 | Source: Trading View

The asset failed to reach this price mark despite its massive surges from October to December 2023. The renewed optimism brought by the new year triggered a rally to a 21-month high of $45,894 on Jan. 2, as industry commentators stressed an imminent approval of the multiple ETF applications.

However, the optimism withered when a Matrixport report presented the possibility of a denial of all ETF applications this month. Amid the report, a wave of selloffs ensued, leading to a severe market collapse. BTC dropped to a low of $40,879 on Jan. 3, with liquidations approaching $700 million in the market.

Despite engineering a recovery, the premier crypto recorded a 4.69% intraday slump that day, its highest intraday decline since Dec. 11, 2023. Nonetheless, the asset has recovered most of the Jan. 3 losses, currently trading for $44,007 amid a battle to hold up the $44,000 price threshold.

Bitcoin ended the week with an impressive 4.41% increase despite the Jan. 3 collapse. At its current price, the crypto asset’s next pivotal resistance below the $45,000 mark, sits at $44,857 currently at Fibonacci 0.786. 

NEAR slumps below $3

Near Protocol had fervently defended the $3 price territory since reclaiming it on Dec. 21, 2023. Before the December 2023 upsurge, the last time NEAR traded at the $3 mark was in October 2022. Upon hitting a high of $3.625 on Dec. 21, the token held above the $3.5 level for several days, eventually hitting $4.62 on Dec. 26, 2023.


Top cryptocurrencies to watch this week: BTC, NEAR, BONK - 2
NEAR price – Jan. 7 | Source: Trading View

However, the asset began this week on a bearish note, caught in a consolidation preceded by a drop to $3.520. The asset struggled to defend the $3.5. A measured move toward reclaiming the $4 level materialized on Jan. 2, but the bears mounted stern opposition at the $4.33 resistance point.

Amid the market slump on Jan. 3, NEAR dropped below the $3 mark for the first time since Dec. 21, 2023, collapsing to the support level of $2.905. Near Protocol recovered the $4 zone in a recovery move the next day, but this campaign was short-lived. 

The asset has shed off more gains since then, recording two consecutive daily losing candles at the end of the week. NEAR ended the week with a 7.7% decline, relinquishing the $3.6 and $3.5 pivotal price thresholds.

Bonk drops to 4-week low

BONK has been on a free fall since it hit an all-time high of $0.00003498 on Dec. 15, 2023, and this continuous slump spilled into this week.

Since claiming the all-time high, the meme coin has registered lower and lower highs, now 67% down from the peak value.


Top cryptocurrencies to watch this week: BTC, NEAR, BONK - 3
BONK price – Jan. 7 | Source: Trading View

The downward spiral has resulted in the formation of a downtrend, further exacerbated by the latest market-wide turbulence.

BONK was one of the most impacted by the drop, losing 13.68% of its value on Jan. 3. The asset only gained 2% the next day in a weak recovery attempt.

Subsequent days dealt further blows to the meme coin, with a 6.33% slump on Jan. 5 and a 3.83% drop on Jan. 6. Amid the sustained drop, BONK ended the week at $0.00001075, marking its lowest price in four weeks. The token closed the week with a discouraging 23.4% decline. However, with a CCI of -103, BONK could be on the verge of a trend reversal.

Source

1409 posts

About author
Harry is a crypto enthusiast and experienced trader with a track record of success. With a deep understanding of blockchain technology, he has analyzed market trends and identified profitable opportunities, resulting in impressive returns. Harry 's expertise lies in developing effective trading strategies that leverage the potential of cryptocurrencies. Through his articles, guides, and educational resources, he shares his insights and knowledge, helping individuals make informed trading decisions. With a keen eye for market patterns, Harry has navigated the volatile crypto landscape with confidence. Stay tuned for valuable perspectives and expert advice from Harry as he contributes to the Ailtra platform.
Articles
Related posts
CryptoNews

Indonesia's presidential elections pose uncertainty for the thriving cryptocurrency industry

1 Mins read
Indonesia, has emerged as a formidable player in the global cryptocurrency space in recent years. However, the nation’s upcoming general elections in…
BNBCryptoNews

Understanding the Cryptocurrency Boom - Dogecoin Climbs Due to X Payment Integration, While Stellar and BNB Also Experience Growth

1 Mins read
The cryptocurrency market has been experiencing notable gains over the past few days. This is led by an unexpected and surprising spike…
CryptoNews

Crypto Entrepreneur Charged with Defrauding Investors Out Of $150 Million Through Marketing Scheme

1 Mins read
Federal prosecutors have charged a German businessman with securities fraud, wire fraud and money laundering for allegedly scamming over 150 investors out…

🚀 Ailtra Crypto Bot Earned $8.9M Million in 7 Months with 0% Loss!

🚀 Ailtra generated $7.4 in 7 months only!

Unlock 20-75% Monthly Returns & Get $100 FREE!

Meet Ailtra Bot! Launching on 31st March an AI Crypto Bot boasting 20%-75% monthly gains and $7.5M earnings in 7 months. 💸Secure a FREE $100 bonus and up to $20K potential via referrals every month. 🎉Only 1,000 spots are available in first phase – claim yours fast! 🔥

Ailtra.ai will not disclose your account information to any 3rd parties.