BTC, NEAR, BONK: The Leading Cryptocurrencies to Keep an Eye on This Week
Last week, the global cryptocurrency market experienced a mix of positive and negative sentiments. The overall market cap remained steady at $1.66 trillion. During this period, Bitcoin (BTC), Near Protocol (NEAR), and Bonk (BONK) made significant moves.
Bitcoin made strides towards $45,000 at the beginning of the week, driven by discussions surrounding upcoming BTC ETFs. Starting at $42,146, Bitcoin steadily climbed and reached the $45,000 milestone. This was a notable achievement considering the asset’s previous surges from October to December 2023. The new year brought renewed optimism, leading to a rally that peaked at $45,894 on January 2. Industry experts anticipated the approval of multiple ETF applications. However, this optimism waned when Matrixport released a report suggesting that all ETF applications might be denied this month. As a result, a wave of selling occurred, causing a significant market collapse. On January 3, BTC dropped to a low of $40,879, with market liquidations nearing $700 million.
Despite the setback, Bitcoin managed to recover, although it experienced a 4.69% intraday decline on January 3, the highest since December 11, 2023. Currently trading at $44,007, Bitcoin has regained most of its losses from January 3 and ended the week with an impressive 4.41% increase. The next key resistance level for Bitcoin is $44,857 at the Fibonacci 0.786.
Near Protocol, on the other hand, struggled to maintain the $3 price level after reclaiming it on December 21, 2023. Before the surge in December, NEAR had last traded at $3 in October 2022. After reaching a high of $3.625 on December 21, the token stayed above $3.5 for several days and even reached $4.62 on December 26.
However, NEAR started the week on a bearish note and dropped to $3.520, struggling to defend the $3.5 level. On January 2, there was an attempt to reclaim the $4 level, but it faced strong resistance at $4.33. During the market slump on January 3, NEAR fell below $3 for the first time since December 21, collapsing to a support level of $2.905. Although NEAR briefly recovered the $4 zone the next day, this recovery was short-lived. By the end of the week, NEAR had declined by 7.7%, losing the pivotal price thresholds of $3.6 and $3.5.
Bonk has been experiencing a continuous decline since reaching an all-time high of $0.00003498 on December 15, 2023. The meme coin has been registering lower highs and is now down 67% from its peak value. This downward trend has been further exacerbated by recent market turbulence.
On January 3, Bonk was heavily impacted by the market drop, losing 13.68% of its value. The following day, it only saw a weak recovery of 2%. The subsequent days brought further losses, with a 6.33% slump on January 5 and a 3.83% drop on January 6. By the end of the week, Bonk had reached its lowest price in four weeks at $0.00001075, marking a discouraging decline of 23.4%. However, with a CCI of -103, there is a possibility of a trend reversal for Bonk.
In other news, CoinsPaid experienced another hacking incident, resulting in the loss of over $7 million.
