On the morning of December 6, Bitcoin gave up most of its recent gains in down nearly 2% from yesterday and exchanging $16,980. Ethereum also lost ground with a down almost 3% to $1,260. The selling trend that appears in the crypto market is linked to a stronger US dollar. Interest rate speculation increased on Monday after a US services index indicated the economy was stable.
Thus, the Bloomberg Dollar Spot Index (a dollar valuation index against 10 foreign currencies) rose by 0.8%, ending a four-day downward streak and announcing an upward recovery in the currency. American.
Global Cryptocurrency Market Falls 1.75% compared to the previous day and its capitalization amounts to 853.8 billion dollars. In the past 24 hours, the total trading volume increased by 26% to $40.21 billion.
Total DeFi volume is currently $2.84 billion, which is 7% of total market volume and stablecoins are $36.63 billion, which is 91.10% of total transaction volume over 24 hours.
The most notable rises and falls in the market
Among the cryptocurrencies that have gained value over the last day, we can distinguish:
- Axie Infinity (AXS): which jumped nearly 22% to hit $8.75.
- Synthetix (SNX): Up more than 7% to hit $1.96.
- Stacks (STX): improving 4% to $0.259.
Other cryptos are, on the contrary, down quite noticeably:
- Cronos (CRO): losing 7.5% to trade at $0.066.
- GMX (GMX): Down nearly 6% to $51.50.
- Celo (CELO): With more than 5% downside to trade at $0.6488.
The price of bitcoin
The current Bitcoin price is at $16,980 with a 24-hour trading volume of $19 billion. In the past 24 hours, it has lost almost 2% and its total market capitalization stands at $357 billion, down from $363 billion yesterday.
It could be noted that Bitcoin found itself in the overbought zone, then moving towards a downside correction. Additionally, some investors took profits and others saw an opportunity to enter the market above $16,850, a support level extended by a rising trendline.
Indeed, the closing candlesticks above $16,850 indicate a high probability of a bullish reversal with resistance at $17,385. If this resistance is breached, the price of BTC could then go towards $17,650 or $18,000.
On the other hand, a break below the $16,850 support may extend the selling trend to the next support level at $16,500.
The price of Ethereum
The current price of Ethereum is $1,260 showing a 3% loss in one day. Its 24-hour trading volume is $5.5 billion and its live market cap is $154 billion with 122,373,866 tokens in circulation.
On the 4-hour chart, Ethereum fell to the previous support zone of $1,250, and the close of the candlesticks above this level has the potential to cause kickback. On the rise, ETH could then come towards the resistance level of $1,300. It will be noted that the bullish bias remains highly likelyas the 50-day moving average is near $1,250.
The RSI and MACD, on the other hand, recently entered the sell zone, indicating a selling trend or rather highlighting the opportunity of the bearish correction seen today.
A increased sales pressure could nevertheless lead to a bearish breakout, bringing the price down to $1,220 or $1,185. Let’s keep an eye on the $1250 price action for trading today as it is likely to act as a major pivot.
Axie Infinity climbs 30%
The current price of Axie Infinity is $8.71, with a 24-hour trading volume of $716 million. Axie Infinity rose by more than 11% in the last 24 hours and 30% over 48 hours. It has a total live market capitalization of $869 million for 99,854,114 tokens in circulation currently.
At the beginning of the year, the rumor circulated that Axie Infinity would finally go towards decentralization, and this is confirmed. Indeed, Axie tweeted on December 5 that she had started a process of progressive decentralization.
The company released a statement saying it had officially launched as “Town Builders.” Another new addition to Axie is a feature called Axie Contributors. Participants will thus be able to have information on the discussions engaged in Town Builder, will establish contacts between them and will test various forms of community leadership. All of these announcements are contributing to Axie’s uptrend today which should continue.
The IMPT presale ends soon: only one week left to buy
IMPT is another network based on Ethereum which will reward users for doing business with environmentally conscious companies. These benefits will be provided by the company’s IMPT token, which can be used to purchase NFT-based carbon offsetswhich can then be sold or withdrawn.
Since its IPO in October, IMPT has raised over $14 million, with 1 IMPT currently trading at $0.023.
Due to its extraordinary success, IMPT.io, a revolutionary carbon offsetting and carbon credit trading platform, will end its token presale on December 11.
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