Market Summary 13/1: Bitcoin, Ethereum, Ripple…

93% of the top Bitcoin whales were not moved when Bitcoin dropped from its all-time high of $$41,000 to below $$33,000. Only 7% of the addresses transferred out of their wallets either to trade or to sell ever since Bitcoin started its correction. The top 100 wallet addresses are adding to their Bitcoin portfolios. They added over 16% of Bitcoin holdings which is about 334,000 Bitcoin, worth about $11 billion. This shows that the majority of the whales are looking to hold for medium to long-term investment. Most of the whales are cryptocurrency corporations such as exchanges, wealthy Bitcoin bulls, leading entities, and institutional investors.

Bitcoin saw one of its biggest rebounds yet on today's market after it made a comeback of 20% in just one day. The market has been volatile in recent after it saw a drop of 28% which was one of its worst ever.

Analysts say the recent healthy rebound could be a sign that the market is beginning to become more mature.” Some analysts are also adding caution to optimism as they say that the rising strength of the U.S. dollar index is a bad sign for Bitcoin.

Ethereum News

Ethereum got rejected from the $1,150 resistance zone after its modest rally yesterday. broke the $1,080 and $1,100 resistance levels. It even spiked above the $1,120 level. It broke the $1,080 and $1,100 resistance levels and even spiked above the $1,120 level.

Also, there is a key bearish trend line in place with resistance near $1,070 on the hourly chart of ETH/USD. It is currently trading well below the 100 hourly SMA and $1,100. If it goes above the trend line resistance and $1,100, it could start a rally.

Altcoin News

After it gained by 30% for its XLM token, Stellar is now back in the top ten listings of cryptocurrencies by market capitalization. Crypto data aggregator Coingecko listed it as the ninth-largest cryptocurrency by market capitalization. Its market cap is estimated at $6.2 billion ahead of Chainlink (LINK) and Binance Coin (BNB). Between Jan.1 and Dec. 31, 2020, it saw a 500% price increase. In December, Traditional German bank, Bankhaus von der Heydt, declared plans to issue a euro-backed stablecoin on the Stellar blockchain.

In conclusion, although there may be some volatility in the crypto market currently, the future outlook remains positive.