Bitcoin and Ethereum, the top two digital assets, began 2023 essentially unchanged as the crypto space attempted to recover from the record-high bear market of 2022.
According to CoinMarketCap data, Bitcoin and Ethereum traded flat in the first 24 hours of the new year. According to the data, BTC rose 0.05% to $16,586 as of press time, while ETH rose 0.06% to $1,200 in the same timeframe.
The current price movement is part of a week-long market movement in which both assets have lost less than 2% of their value in the last seven days. BTC was down 1.5%, while ETH was down 1.6%. According to Coinglass data, $12.58 million was liquidated in 24 hours.
Crypto trader and analyst Rekt predicted that Bitcoin would bottom this year based on the four-year cycle theory. BTC’s price action, according to the analyst, tends to bottom out during the third year of its four-year cycle. He went on to say that BTC reaches its bull market peak in the first year, then falls into a bear market while recovering in the second year before beginning a new trend in the fourth year.
While BTC’s price could still fall to new lows, the value of the flagship digital asset could more than double, according to Rekt. He went on to say that previous BTC candle threes saw 234% and 316% rallies. However, it is technically unlikely that the asset will reach that level this year.
Meanwhile, several stakeholders noted Bitcoin miners’ all-time high capitulation in 2022. According to reports, miners have struggled in the current market environment, and mining machines are becoming increasingly unprofitable.
Toncoin was the outlier among the top 30 crypto assets by market cap, according to CoinMarketCap data. As of press time, the Telegram-backed asset had gained 6.6% in the previous 24 hours to trade at $2.33. On a seven-day basis, the crypto asset had dropped by more than 7%.
Other altcoins, such as Solana, Avalanche, XRP, Cardano, and Binance Coin (BNB), have also suffered minor losses in the last 24 hours. SOL fell by 0.2% in the previous 24 hours and by more than 13% in the previous seven days, according to the data. AVAX lost 1.1% in the previous 24 hours. BNB and XRP both dropped 0.5% and 1%, respectively.