The global cryptocurrency market remained flat at the beginning of this Friday (23). Even with good economic prospects in the United States and with indications of an increase before the 25th, CoinGecko recorded almost non-existent increases. Bitcoin continued to consolidate on Friday after third-quarter US GDP data was revised to 3.2% from the previously reported 2.9%. According to world market data, Bitcoin, the main cryptocurrency on the market, was trading with just 0.1% gain in the last 24 hours. The price of BTC remains at around $16,800, with little change in recent days. In Brazil, with the large fluctuations in the exchange market, the price of Bitcoin fell by around 0.6%. According to CoinGecko, the current BTC price is BRL 87,000. Bitcoin’s new fall comes with a new appreciation of the real by 0.7% in the trading market. The commercial dollar exchange price closed at R$ 5.17 last Thursday and analysts point out that further declines may occur throughout the day, before the Christmas holiday. In the crypto market, stablecoins or crypto dollar also recorded a 0.7% drop when traded on exchanges. Still among the main ones in the market, Ethereum also recorded a drop of 0.4% in the Brazilian market, being sold for R$ 6,300 at around 9 am. Also Read: Bitcoin (BTC) Balei Movement Reaches Key Position; what to expect for 2023?
Cryptocurrency prices fluctuate and altcoins register small increases
Among the major alternative cryptocurrencies in the market, the picture remained mixed. While BNB, Lido Staked Ether (STETH), OKB, Polkadot (DOT), Shiba Inu (SHIB) and Solana (SOL) coins were down as much as 3%, other coins saw profits. According to CoinGecko, XRP, Dogeocoin (DOGE), Cardano (ADA) and Polygon (MATIC) saw a profit of up to 1.5%. Additionally, DeFi coins and gaming tokens also averaged 0.5% higher. Only FLOW, CHZ, and ENS tokens among the majors saw losses. The cryptocurrency market was trading higher at around $815 billion, up less than 1% over the past 24 hours. Total trading volume increased 16% to $29.47 billion.
Bad year means the end?
The year 2022 was the worst year for cryptocurrencies. Bitcoin, Ethereum and Polygon, in particular, saw several sharp declines over the year. We also saw the major FTX crypto exchange crash due to the liquidity crisis. The largest cryptocurrency on the market, Bitcoin, has seen a massive decline of around 65% in its price, moving from its ATH of $69,000 to its current price of $16,000. Likewise, Ethereum recorded a drop of more than 68%, getting further and further away from the ATH recorded in 2021. In addition, several other coins saw their liquidity fluctuate between 70% and 80%, in addition to several assets declaring total bankruptcy, with prices very close to $0. Some analysts point to the crises of the Terra blockchain and the FTX exchange as a big issue to maintain the price of cryptocurrencies. Others also point to the inflationary crisis experienced by European countries and the United States. In addition, we can add the wave of regulations and bans on digital assets in the account, which generated mass sales of assets, driving prices down. However, this is not the end. According to analyst Archit Gupta, cryptocurrencies should still fluctuate during the first few months of 2023, but should not fall much further. According to him, the tendency is for the market to react with more confidence after the disclosure of evidence of funds and reports made by exchanges. In addition, with the new regulations, investors who have never been in the market will be able to feel more comfortable making investments, which can generate more capital gains. Also Read: Solana Sets for Recovery Amid Violent Crypto Winter, Says Expert