On January 8, the Bitcoin price prediction was mostly steady as BTC continued to consolidate just below $17,000. Similarly, Ethereum, the second-largest cryptocurrency, is trading choppy near the $1,260 trading range after failing to hold above $1,275. As of January 08, Bitcoin volatility had dropped to new lows, disappointing buyers and sellers alike.
According to a tweet by CoinShares’ head of research James Butterfill, Bitcoin’s 30-day volatility has hit a record low of 18.7, putting it inside the range of well-known equity indices like the Nasdaq and S&P 500.
Ever since the FTX-induced market volatility phase in mid-November, Bitcoin trade volumes have been gradually declining, reflecting this trend. According to data compiled by CoinMarketCap, trading activity has decreased by over 3% since January 6th.
Given the coin’s volatile history over the past decade, this seems like a significant change.
Crypto Is Too Dependent on ‘Greater Fool Theory’ to Be a Desirable Investment
In a year-end Q&A released by Advisors Capital Management this week, former Federal Reserve Chairman Alan Greenspan discussed his thoughts on cryptocurrency, the defunct cryptocurrency exchange FTX, and the US economy.
From 1987 until 2006, Greenspan presided over the Federal Reserve as its chairman for a total of five terms. He served as chairman under the administrations of four separate American presidents. In September of 2016, he started working as the Economic Advisor at Advisors Capital Management.
The former head of the Federal Reserve was asked about the recent FTX crash and whether or not it could spread. After reviewing “the information that has come to light so far,” Greenspan concluded that the effects of FTX would be limited to the cryptocurrency and NFT (non-fungible token) industries. Noting the importance of cryptos. he stressed:
The collapse of FTX was not a result of lax risk management, inadequate accounting procedures, or some feature inherent to crypto — it was purely fraud.
Former Federal Reserve Chairman Alan Greenspan continued:
With respect to the wider crypto universe, I view the asset class as too dependent on the ‘greater fool theory’ to be a desirable investment.
However, it is weighing on the overall cryptocurrency market, limiting the bullish momentum.
Bitcoin is currently trading at $16,948, with a 24-hour trading volume of $7.6 billion. Bitcoin is at risk of falling to the $16,775 support zone after failing to close above the $17,000 double-top resistance level. On the 4-hour time frame, BTC is in an ascending channel, implying that a close above $16,775 could trigger a pullback.
Bitcoin could fall as low as $16,450 if it falls below $16,775 today. BTC may be entering a buying trend above $16,775.
The current price of Ethereum is $1,265 with a 24-hour trading volume of $2.6 billion. On the 4-hour timeframe, the ETH/USD pair is facing strong resistance near the $1,276 level, which is stretched by a double top pattern.
A positive breakout of the $1,275 level can push the ETH price to the next resistance zone of $1,300. The closing of Doji and spinning top candles under $1,275, on the other hand, may expose the ETH price to the $1,245 zone.
On the downside, the ETH price is hovering around $1,240, and a bearish breakthrough of that level might open the door to more selling to $1,220.
Alternative Coins with Huge Growth Prospects
Despite the market’s extended bearishness in 2023, a few alternative currencies are making news.
The FightOut (FGHT) platform functions similarly to a personal trainer, with the exception that the FGHT token is reimbursed in advance for workout time. All activities are monitored and can be used to boost the metrics of one’s metaverse avatar.
The FGHT presale is progressing nicely, with approximately $2.75 million raised thus far. As the sale unfolds, the current selling price of 60.06 FGHT for $1 (FGHT may be purchased using ETH or USDT) is projected to grow.
Dash 2 Trade (D2T)
Dash 2 Trade, which will launch in early 2023, will be an Ethereum-based platform that will provide real-time statistics and social trading data. Among the initial features will be trading signals, on-chain statistics, strategy-building tools, and newsfeeds, allowing both new and expert traders to stay on top of the volatile bitcoin market.
Dash 2 Trade has now raised a remarkable $14.2 million, with only four days and ten hours till the platform’s native D2T token is listed on Gate.io, the first of a series of planned centralized cryptocurrency exchange listings.
D2T will also be available on Changelly Pro, LBANK, and BitMart.
It’s currently being sold at $0.0556, however, some analysts have criticized the $0.0556 pre-sale price, saying it’s too low considering the token’s potential. Investors in D2T may see profits of 10x or more, say several traders, including well-known presale analyst Jacob Crypto Bury.
C+Charge (CCHG) is a blockchain-based network that rewards owners of electric vehicles for charging and using them. Its native token, CCHG, is currently available for purchase. The use of electric vehicles has grown dramatically in recent years all across the world.
The electric vehicle (EV) sector has emerged as a more ecologically friendly alternative to the existing automobile industry, which has been in desperate need of reform for a long time. People may now buy EVs and participate in the green revolution thanks to firms like Tesla, Rivian, and others.
To demonstrate its scalability, the network has already volunteered to connect 20% of Turkey’s EV chargers. 1 CCHG costs $0.013, and it can be bought using BNB or USDT. So far, the presale has raised $99,850.