Bitcoin for R$87,000 and Ethereum for R$6,600 spark investor interest before Christmas. Game currencies and alternative currencies see a slight increase
CryptoFácil – The global cryptocurrency market held flat at the start of Friday (23rd). Even with good economic prospects in the US and with signs of an increase 25 years ago, CoinGecko posted almost non-existent increases.
The buildup continued on Friday after US GDP data for the third quarter was revised to 3.2% from 2.9% previously reported.
According to global market data, Bitcoin, the main cryptocurrency in the market, has been trading with only a 0.1% gain in the past 24 hours. BTC price is still around $16,800, with little change in recent days.
In Brazil, with the huge fluctuations in the exchange market, the bitcoin price fell by about 0.6%. According to CoinGecko, the current BTC price is R$87,000.
The fall of the new bitcoin comes with a new rise in the value of the riyal by 0.7% in the trading market. The trade dollar exchange rate closed at R$5.17 last Thursday and analysts note that further declines could occur throughout the day, ahead of the Christmas holidays. In the cryptocurrency market, stablecoins or crypto dollars also recorded a decline of 0.7% when traded on exchanges.
Still among the majors in the market, it also recorded a decline of 0.4% in the Brazilian market, selling for R$6,300 at around 9 am.
Cryptocurrency prices fluctuate and altcoins register slight increases
Among the major altcoins in the market, the picture remains mixed. While BNB, Lido Staked Ether (STETH), (DOT), (SHIB) and (SOL) coins fell by as much as 3%, other altcoins reaped gains.
According to CoinGecko, Dogeocoin (DOGE), () and (MATIC) gained up to 1.5%. Additionally, DeFi coins and gaming tokens 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 by 16% to $29.47 billion.
Bad year mean the end?
2022 was the worst year for cryptocurrency. Bitcoin, Ethereum, and Polygon, in particular, have seen several sharp declines throughout the year. We also saw a major crash of the FTX exchange due to a liquidity crisis.
The largest cryptocurrency in the market, Bitcoin, has seen a massive drop of around 65% in its price, going from its ATH of $69,000 to its current price of $16,000. Similarly, Ethereum recorded a decline of more than 68%, moving further and further away from the ATH recorded in 2021.
In addition, many other currencies have seen their liquidity fluctuate between 70% and 80%, in addition to many assets that have declared bankruptcy outright, with prices very close to 0 USD.
Some analysts point to the blockchain exchange and FTX crises as a major problem for maintaining 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 the digital assets in the account, which generated huge sales of the assets, which drove the price down.
However, this is not the end. According to analyst Archit Gupta, the cryptocurrency should remain volatile during the first few months of 2023, but it should not fall much further than that. According to him, the trend is for the market to react with more confidence after the disclosure of money evidence and reports provided by the stock 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.