Ethereum Bounces Above $1.2K, Bitcoin Hits December Lows (Market Watch)

Most cryptocurrencies were trading in the red yesterday, but many of them saw slight rallies and rebounded a bit.

The decisions come on the heels of news that Binance US will buy Voyager’s assets. Elsewhere, SBF agreed to be extradited to the United States.

Bitcoin targets $17,000

Yesterday, the price of BTC fell to its lowest point in December – at around $16,438 on Binance. The cryptocurrency has since recovered and is trading at around $16,800 at the time of this writing.

Source: Binance via TradingView

That said, Bitcoin is up 0.3% in the past 24 hours, but still down around 2% in the past week. Its dominance continues to rise, highlighting the inability of altcoins to capitalize on its indecisiveness.

Speaking of altcoins, the picture is quite mixed.

Altcoins giving mixed signals

Altcoins haven’t taken advantage of the fact that Bitcoin has been struggling lately, leading to increased dominance of BTC. This is also perfectly represented in the following heat map of the last 24 hours:

Source: Quantify Cryptography

Some of them are preparing for a recovery, while others are losing a large part of the gains of the last few days. For example, Ethereum rebounded 2.2% and is now trading above $1.2k. LTC followed suit and is also up nearly 2.5%.

On the other hand, however, Open Network’s TON lost 10.6% and gave up much of the gains of the past few days when it was the market leader in price performance.

Memecoins DOGE and SHIB were also beaten, down 4.8% and 3.5%, respectively.

The developments follow news that Binance US will acquire Voyager’s assets in a deal worth more than $1 billion. The exchange even agreed to send $10 million up front as a good faith transfer.

Additionally, former FTX CEO Sam Bankman-Fried also reportedly agreed to be extradited to the United States, where he faces criminal charges.


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Cryptocurrency charts by TradingView.

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