The crypto price charts reflected more greens than reds as the market remained missing in action over the last day. Bitcoin minted a minor profit of 1.52 percent over the last day. With this, the price of the asset has come to $91,948 — flirting with the crucial support zone of $92,000.
“Bitcoin is consolidating near $91,000 after another attempt to break the $92,000 resistance, as markets await the upcoming U.S. CPI data. Consensus expectations point to headline inflation around 2.7 percent year-on-year. A softer CPI would boost rate-cut expectations, weaken the dollar, and support Bitcoin, while a hotter print could trigger short-term volatility and test BTC near the $90,000 support,” said Akshat Siddhant, Lead Quant Analyst, Mudrex.
Ether joined Bitcoin in logging a minor gain of 0.92 percent. The asset, at the time of writing was trading at $3,135.
“Ethereum is showing relative strength, holding firmly above $3,000. A sustained close above $3,250 could open the path toward a new all-time high,” Siddhant added.
While BTC and ETH continue to remain lacklustre, Monero’s (XMR) rally has grabbed attention. The asset reflected a profit of nearly 13 percent over the last day despite the market slowdown. At the time of writing, XMR was trading at $648. On January 12, the token was trading at $568.
Source: CoinMarketCap
Solana, Tron, Dogecoin, Cardano, and Chainlink among other tokens registered small gains on Tuesday. These assets have been volatile for days and are still struggling to stabilize.
The overall crypto market cap rose by 1.29 percent over the last day. The valuation of the crypto market presently stands at $3.13 trillion.
Among a handful of tokens that registered losses, Bitcoin Cash joined Memecore and Cosmos.
As per CoinGlass data, over 91,610 traders were liquidated in the last 24 hours with the total liquidations hitting $190.5 million.