- The altcoin market is patiently waiting for Bitcoin price to break above the current resistance level to continue rallying.
- Lido DAO (LDO) has risen 64 percent and 3 percent in the past seven days and 24 hours respectively.
Bitcoin price has closed the past two consecutive days above $17,000, prompting a mild altcoins rally. Of the top 20 digital assets, Solana (SOL) and Cardano (ADA) have outperformed with a rise of approximately 42 percent and 24.3 percent respectively in the last seven days. In the top 100 list, Aptos (APT) and Zilliqa (ZIL) have posted the highest gains in the past seven days with 47 percent and 45 percent respectively. As such, the total crypto market capitalization has risen to over $850 billion as of today.
Nonetheless, the crypto market is yet to fully recover from the FTX and Alameda’s tremors leave alone the entire 2022’s bear market. Moreover, one of the largest Bitcoin investment companies, Digital Currency Group is on the precipice of bankruptcy following huge FTX exposure. Furthermore, Gemini’s Earn Program customers allege DCG’s Genesis Trading owes them over $900 million.
Earn Update: An Open Letter to the Board of @DCGco pic.twitter.com/eakuFjDZR2
— Cameron Winklevoss (@cameron) January 10, 2023
The altcoin market is patiently waiting for Bitcoin price to break above the current resistance level to continue rallying. From a technical standpoint, a breakout from the current level will send Bitcoin price above $18k to retest the $18,500 psychological resistance zone.
Altcoins to Keep a Close Watch
Following a volatile weekend and Monday, most of the crypto assets have consolidated if not retracted on Tuesday. For instance, Cardano (ADA) and Solana (SOL) have dropped approximately 3 percent in the past 24 hours. Nonetheless, Lido DAO (LDO) has risen 64 percent and 3 percent in the past seven days and 24 hours respectively.
As such, on-chain analytic firm Santiment believes most crypto traders are just FOMO-ing to take small profits before an imminent pullback. Furthermore, Santiment believes more FUD will follow the current altcoins’ rally, which will send prices to the bottom again.
🥳 The #altcoin rally has rung in a very welcomed #NewYear for #crypto. Whether prices continue surging depends on whether traders can temper their #FOMO. If you start seeing 🚀#ALTSEASON🌜 plastered all over #Twitter, read why a pullback may be in order. https://t.co/fALNwSHxyc pic.twitter.com/0CU4NSaw6l
— Santiment (@santimentfeed) January 10, 2023
The Solana ecosystem with its BONK meme coin, which has gained over 90 percent in the last seven days, is expected to record more volatility in the coming weeks. Moreover, the latest meme coin has attracted significant attention from the global crypto community as observed from social media mentions and daily traded volume.
The GALA GameFi project is another top-performing crypto project in the past week. According to our latest crypto price oracles, GALA coin is up approximately 141 percent in the last seven days to trade around $0.04281522 on Tuesday. The GALA coin may have more upside in the coming days as indicated by its 24-hour trading volume of $1,464,010,859 and a market capitalization of approximately $322,307,666.
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