Bitcoin, the most popular cryptocurrency, was finally able to break over the big resistance level of $17,000 on December 5. It is now trending north and is expected to reach $17,600 in the near future. In a similar vein, Ethereum, the second-most valued cryptocurrency, has surpassed the $1,300 threshold and is now headed toward the $1,350 level.
The value of the world’s cryptocurrency market rose by 1.58% in the previous day, reaching $865.67 billion, as early trading on December 5 saw major cryptocurrencies see a range of prices. In the last twenty-four hours, the total volume of the cryptocurrency market increased by 5.91%, reaching $32.24 billion.
The entire volume in DeFi was $2.42 billion, which represented 7.49% of the total amount traded in the cryptocurrency market during the course of 24 hours. The entire volume of all stablecoins was $29.19 billion, which accounted for 90.52% of the total volume of the cryptocurrency market over the previous 24 hours.
Let’s take a look at the top 24-hour gainers and losers among alternative cryptocurrencies.
Top Altcoin Gainers and Losers
Three of the top 100 coins that have gained value in the last 24 hours are Cronos (CRO), Celo (CELO), and Litecoin (LTC). The price of CRO has increased nearly 12% to $0.071; the price of CELO has increased by more than 11% to $0.6955, and the price of LTC is up by nearly 7.5%.
Monero (XMR), Neutrino USD (USDN), and TRON (TRX) are three of the top 100 coins that have lost value in the last 24 hours. Whereas XMR has lost about 1.30% to trade at $144.50, USDN is down nearly 1% to trade at $0.8890. At the same time, the TRX price is down over 0.50% to trade at $0.0535.
Bybit to Cut 30% of Workforce as Crypto Bear Market Deepens
Bybit, a centralized cryptocurrency exchange, has become the latest to lay off employees as the crypto winter continues. The company had already laid off workers in June of this year. Bybit, a company with headquarters in Singapore, has announced layoffs.
In addition, it’s all a part of the company’s continuing effort to restructure. It’s the latest cryptocurrency firm to shift priorities as the bear market worsens. Bybit co-founder and CEO Ben Zhou made the statement on December 4, adding that the layoffs would affect all departments.
Kraken to Remove Over 1,000 Employees as Crypto Winter Casualties Rise
In order to “adjust to current market realities,” Jesse Powell, co-founder and CEO of Kraken, said that the firm will be laying off almost 1,100 employees, which represents around 30% of its total staff.
In particular, Powell alluded to “macroeconomic and geopolitical worries” as the underlying reason of the dismally slow growth as the primary culprit. He said that the current slump in the market had a negative impact on the volume of trades, the number of new signups, and the demand from customers.
Kraken said that it was forced to let go of a large number of people despite the fact that it has previously reduced its expenditures for both personnel and marketing. The bear market has caused a similar decrease in staff at other cryptocurrency firms this month, which is reflected in Kraken’s decision to lay off employees.
Unchained Capital, which terminated the employment of 600 workers, and Coinbase, which terminated the employment of 60 individuals, are both examples of organizations that have recently cut the size of its staff. This past week, BlockFi submitted its bankruptcy petition in the aftermath of the most high-profile instance of market volatility so far this year, which was the collapse of FTX.
As a result of the drop, the value of one of the most popular cryptocurrencies, measured in terms of the US dollar, has fallen to its lowest level in two years.
Although this has an adverse effect on the cryptocurrency market as a whole, the main cryptocurrencies are exhibiting a positive trend as a result of the technical perspective.
The current Bitcoin price is $17,332, and the 24-hour trading volume is $19 billion. During the last 24 hours, the BTC/USD pair has gained above 1.5%, while CoinMarketCap currently ranks first with a live market cap of $363 billion, above from $357 billion yesterday.
It has a total supply of 21,000,000 BTC coins and a circulating supply of 19,224,668 BTC coins.
The BTC/USD pair has broken through the $17,250 barrier, breaking through a narrow trading range of $16,800 to $17,250. The RSI and MACD indicators are in a positive territory, and the 50-day moving average is supporting BTC at $16,800.
On the plus side, Bitcoin is approaching the next resistance level of $17,650, and a break above this could expose BTC to $18,000. BTC has formed a bullish engulfing candle on the 4-hour timeframe, just above an upward trendline level of $17,000.
On the downside, Bitcoin support remains at $17,200, and a break below this level could lead BTC to $17,000 or even lower to the $16,750 level.
The current price of Ethereum is $1,296, with a 24-hour trading volume of $5.5 billion. In the last 24 hours, Ethereum has surged nearly 2%. CoinMarketCap currently ranks #2, with a live market cap of $158 billion. It has a circulating supply of 122,373,866 ETH coins.
On the 4-hour chart, Ethereum is trading bullish above the $1,250 psychological level, and it is now trading bearish above and below the $1,300 psychological level.
The bullish bias remains strong, as the 50-day moving average is close to $1,250. The RSI and MACD have recently entered the buying zone, indicating a good opportunity to go long.
Increased demand for ETH has the potential to push its price up to the $1,350 resistance level. If ETH fails to close candles above the $1,300 level, the price may fall toward the $1,250 or $1,220 support zones.
Keep an eye on the $1,300 level, which is likely to act as a pivot point today.
Compiled by Coinbold