Bitcoin
Bitcoin (BTC)
$70,425.00 -0.8098
Bitcoin price
Ethereum
Ethereum (ETH)
$3,550.44 -1.29647
Ethereum price
BNB
BNB (BNB)
$618.02 5.2251
BNB price
Solana
Solana (SOL)
$187.17 0.17214
Solana price
XRP
XRP (XRP)
$0.6288190 0.98745
XRP price
Shiba Inu
Shiba Inu (SHIB)
$0.0000309 -3.6796
Shiba Inu price
Pepe
Pepe (PEPE)
$0.0000078 -3.62294
Pepe price
Bonk
Bonk (BONK)
$0.0000270 -4.38275
Bonk price
Bitcoin
Bitcoin (BTC)
$70,425.00 -0.8098
Bitcoin price
Ethereum
Ethereum (ETH)
$3,550.44 -1.29647
Ethereum price
BNB
BNB (BNB)
$618.02 5.2251
BNB price
Solana
Solana (SOL)
$187.17 0.17214
Solana price
XRP
XRP (XRP)
$0.6288190 0.98745
XRP price
Shiba Inu
Shiba Inu (SHIB)
$0.0000309 -3.6796
Shiba Inu price
Pepe
Pepe (PEPE)
$0.0000078 -3.62294
Pepe price
Bonk
Bonk (BONK)
$0.0000270 -4.38275
Bonk price
Bitcoin
Bitcoin (BTC)
$70,425.00 -0.8098
Bitcoin price
Ethereum
Ethereum (ETH)
$3,550.44 -1.29647
Ethereum price
BNB
BNB (BNB)
$618.02 5.2251
BNB price
Solana
Solana (SOL)
$187.17 0.17214
Solana price
XRP
XRP (XRP)
$0.6288190 0.98745
XRP price
Shiba Inu
Shiba Inu (SHIB)
$0.0000309 -3.6796
Shiba Inu price
Pepe
Pepe (PEPE)
$0.0000078 -3.62294
Pepe price
Bonk
Bonk (BONK)
$0.0000270 -4.38275
Bonk price
Bitcoin
Bitcoin (BTC)
$70,425.00 -0.8098
Bitcoin price
Ethereum
Ethereum (ETH)
$3,550.44 -1.29647
Ethereum price
BNB
BNB (BNB)
$618.02 5.2251
BNB price
Solana
Solana (SOL)
$187.17 0.17214
Solana price
XRP
XRP (XRP)
$0.6288190 0.98745
XRP price
Shiba Inu
Shiba Inu (SHIB)
$0.0000309 -3.6796
Shiba Inu price
Pepe
Pepe (PEPE)
$0.0000078 -3.62294
Pepe price
Bonk
Bonk (BONK)
$0.0000270 -4.38275
Bonk price

Bitcoin, Ether, Major Altcoins – Weekly Market Update January 31, 2022

Markets
Bitcoin, Ether, Major Altcoins – Weekly Market Update January 31, 2022

The total crypto market cap added $153 billion to its value for the last seven days and now stands at $1,68 billion. The top 10 coins were mostly in red for the same time period with Terra (LUNA) and Solana (SOL) being the worst performers with 34.7 and 9.2 percent of losses respectively. Bitcoin (BTC) is currently trading at $36,970 while ether (ETH) is at $2,521.

BTC/USD

The coin closed the seven-day period 14.7 percent lower than the previous one as the big Head and Shoulders pattern on the weekly timeframe came into play with a solid break below the neckline.

Bitcoin, Ether, Major Altcoins - Weekly Market Update January 31, 2022 - 1

Bitcoin closed the trading day on Sunday, January 23 with a small pump to $36,360 after a two-day long massacre that saw it erase 14 percent of its value.

On Monday, the BTC/USDT pair hit $32,835 during intraday to register a new 6-month low. However, bulls were quick to react and “bought the dip” heavily which help it recover and eventually close in green at $36,580.

The Tuesday session was no different and the leading cryptocurrency moved further up, this time to $37,000 making it 3 consecutive days in green.

The zone around $35,000 was established as short-term support, but the potential risk of a bear flag formation on the daily chart was more than obvious.

The mid-week trading on Wednesday came with an attempt to break above the $39,000 mark on the news that the US Federal Reserve (FED) will not be raising the interest rates immediately, but postpone this to March. The 5 percent increase was fully retraced in the evening part of the trading day due to the more hawkish comments from the FED Chairman Jerome Powell in its Q&A section after the Federal Open Market Committee (FOMC) meeting.

On Thursday, January 27, the BTC/USDT pair was again very volatile. It first hit the $35,500 support early in the session then started moving in the opposite direction eventually closing at $37,150.

The Friday trading was no different and the coin continued to move North. It continued to rally by reaching $37,800 as bulls were hoping for a V-shaped recovery.

The weekend of January 29-30 came with a third consecutive day in green on Saturday for the biggest cryptocurrency. This time it stopped at $38,140, but not before touching $38,700, right below the 21-day EMA.

Then on Sunday it finally started losing momentum and drew a small red candle on the daily chart.

What we are seeing on Monday morning is a significant selloff. BTC is trading at $36,970.

ETH/USD

The Ethereum project token ETH was leading the altcoin market on its way down after the brutal selloff in the last ten days of January.

Bitcoin, Ether, Major Altcoins - Weekly Market Update January 31, 2022 - 2

The coin ended the trading day on Sunday, January 23 in green for the first time since January 16 as the $2,400 line was established as short-term support.

On Monday though, the ether dropped down to hit $2,150 during intraday. It quickly recovered climbing more than 12 percent to close the daily candle at $2,443. The trading volumes were starting to gain momentum and the Relative Strength Index was looking to rebound, jumping up from the oversold area.

The coin remained relatively stable around the 2,450 zone on Tuesday, January 25, confirming the mentioned support level.

The third trading day of the workweek came with a solid jump up to $2,730 on the Federal Reserve news of no immediate interest rate hikes. Still, it was fully retraced later in a 9 percent pullback.

On Thursday, January 27, the ether fell further down in the morning, briefly touching $2,312 before recovering to $2,420 later in the session as the previously mentioned support provided the needed stability.

Bulls pushed the price up to $2,537 on Friday, which resulted in a 5 percent increase in the total valuation of ETH.

The first day of the weekend was also positive for buyers and the biggest altcoin climbed further up to $2,607.

On Sunday, January 30, it remained flat around the $2,600 area as $2,800 remains the next possible target for bulls in this potential relief rally.

It is trading slightly lower, at $2,540 on Monday morning.

Leading Majors

Crypto.com (CRO)

Crypto.com’s native token CRO was able to temporarily break back into the Top 10 list at the end of November 2021 but since then has lost more than 50 percent of its valuation. The major pullback in the cryptocurrency market impacted the CRO/USDT pair particularly hard and it broke below the important $0.50 line on the daily timeframe.

Bitcoin, Ether, Major Altcoins - Weekly Market Update January 31, 2022 - 3

On the weekly chart, we saw the coin bouncing back from the $0.33 low. It increased by 20 percent on a seven-day basis and successfully moved back above the 21-period EMA on the mentioned bigger timeframe.

As previously mentioned, the $0.25-$0.27 area is expected to act as solid support in the mid-term while $0.50 is the next target for bulls, but only if they manage to close a daily candle above the 21-day EMA on daily.

CRO is currently ranked at #17 with a total market cap of approximately $10.4 billion. The coin peaked at $0.44 on Saturday, January 29, and is now trading at $0.42.

Altcoin of the week

Our Altcoin of the week is The Sandbox (SAND).

Once one of the leading metaverse projects and incubators, The Sandbox lost 70 percent of its value after hitting an all-time high on November 25, 2021. However, during the last week of January, we saw a series of announcements that made the SAND/USDT pair move again in the upward direction. It added 24 percent on a weekly basis and climbed back above the 21-period EMA on the weekly timeframe.

The rally in the price of SAND is most probably caused by the recently launched metaverse accelerator program with a $50 million starting fund aimed to boost future developments in its metaverse ecosystem. Additionally, the Sandbox team struck a deal with the Warner Music Group (WMG) to start building musical theme park thus expanding to the music industry.

The Sandbox is currently ranked at #39 on CoinGecko with a $3.6 billion market cap.

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