Crypto Catch: Bitcoin’s Tough Start to 2022

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Crypto Catch: Bitcoin’s Tough Start to 2022

Bitcoin’s shaky start, bitcoin price
Image source: © Salarko | Megapixl.com

Highlights

  • Bitcoin has had a shaky start to the year trading down from US$48,000 to just above US$46,000 where it sits currently
  • Ethereum now sits at US$3,750 – a touch below its price on January 1st
  • In the past seven days Cosmos has increased 32 percent to US$38.89

Bitcoin has had a shaky start to the year trading down from US$48,000 to just above US$46,000 where it sits currently.

The latest slide from the number one cryptocurrency adds to an eight percent drop over the past week.

January 3rd marked the 13th anniversary of Bitcoin’s existence, with Bitcoin’s pseudonymous creator, Satoshi Nakamoto, first mining what’s now known as the “genesis block” on January 3, 2009.

Sadly, for Bitcoin investors, the crypto’s 13th Birthday hasn’t provided much in the form of a bullish market with the token continuing to sink lower from its record high in November last year.

Some analysts have pointed towards increased net exchange flows as an indicator of a bear market similar to the pattern seen before the big market crash in May of last year.

Ethereum’s Pending Upgrade

Ethereum has followed a more or less sideways trajectory since January 1st. The coin now sits at US$3,750 – a touch below its price on January 1st.

However, some analysts have picked Ethereum to spike considerably in the near future due to its upcoming and long-awaited upgrade.

The upgrade in question theoretically moves it to a proof-of-stake platform, which is considerably more environmentally friendly than its current proof-of-work system.

Moreover, the upgrade – slated for release this year – will vastly improve Ethereum’s scalability, increasing transaction speeds and reducing transaction costs.

Altcoin News

Cosmos’ price has climbed further as it moved into the new year. In the past seven days Cosmos has increased 32 percent to US$38.89.

Cosmos describes itself as the internet of blockchains and is a quickly expanding system of interconnected applications.

Cosmos’ price has performed well recently on the back of the South Korean Terra rollout. Terra has grown to become the second largest platform of its kind after Ethereum.

Terra has also become the ninth largest cryptocurrency by market capitalisation.

Winners and Losers

winners and losers in cryptocurrency trading

winners and losers in cryptocurrency trading

Note: this is the past 24 hours from 12:30pm AEST

Source: Coinmarketcap.com, based on top 100 cryptos.

Image Source @ 2021 Kalkine Media®

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