Retail bulls go big on longs as BTC slides below $40K
BAYC surpasses $1 billion in sales as crypto market majors struggle
Though celebrities are endorsing BAYC in large numbers, some owners are failing to keep their NFTs safe.
The wider cryptocurrency market is somewhat stable today, with its total market capitalization down less than 1% off the back of a similar decline in the price of BTC. Down 1% over the past 24 hours is ETH, while Terra’s LUNA and Avalanche’s AVAX are down more than 3.5% and 4.5%, respectively.
The wider cryptocurrency market is experiencing milder declines than yesterday. Source: COIN360
NFT Snapshot: BAYC surpasses $1 billion in total sales
Leading nonfungible token collection Bored Ape Yacht Club has generated more than $1 billion in total sales — $55 million of which game in the new year — per data from CryptoSlam.
Going hand-in-hand with a slew of celebrity endorsements is the growing number of stolen BAYC NFTs — something that has become somewhat of a meme in industry circles, where being one’s own bank is a better-understood staple of the technology underpinning NFTs (and crypto, in general).
There was a spike in BAYC sales on Jan. 1. Source: CryptoSlam!
Top altcoin gainers and losers: SOS sees sharpest decline
- WOO/USDT +17.02%
- BAND/USDT +7.53%
- WXT/USDT +7.25%
- MOF/USDT -7.16%
- LEASH/USDT -8.80%
- SOS/USDT -9.17%
XTZ is the top-performing large-cap altcoin on OKEx today, per the exchange’s default time settings. On the flip side, OpenDAO’s recently launched SOS is down the most among all altcoins after dropping more than 9%.
SOS has seen the worst decline among altcoins on OKEx today. Source: OKEx
BTC technical analysis: Sellers remain in control
The price of BTC continues to struggle as sellers are maintaining a slight edge. The four-hour ribbon of exponential moving averages is applying pressure from above, in confluence with a key Fibonacci retracement level. As discussed in yesterday’s Crypto Market Daily, a failure to see buyers take control could see the leading cryptocurrency fall towards 42,000 USDT.
OKEx’s BTC/USDT 6h chart — 1/4. Source: OKEx, TradingView
ETH technical analysis: Point of control in sight
The price of ETH is interestingly flat against BTC — implying a move may be coming in the immediate future. The upside appears to be the more likely outcome, with the four-hour EMA ribbon sitting underneath. In that case, the key point of control (blue) may be the target for ETHBTC.
OKEx’s ETH/BTC 6h chart — 1/4. Source: OKEx, TradingView
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