Bitcoin Price and Ethereum Back Above $17,000 and $1,300
On December 5, Bitcoin, the leading cryptocurrency, finally broke above the major resistance level of $17,000 and it is now heading north to $17,600. Similarly, Ethereum, the second most valuable cryptocurrency, has broken through the $1,300 barrier and is on its way to $1,350.
Major cryptocurrencies traded mixed early on December 5, as the global crypto market capitalization rose 1.58% the previous day to $865.67 billion. In the last 24 hours, the total crypto market volume has increased by 5.91% to $32.24 billion.
The total volume in DeFi was $2.42 billion, accounting for 7.49% of the total 24-hour volume in the crypto market. The total volume of all stablecoins was $29.19 billion, accounting for 90.52% of the total 24-hour volume of the crypto market.
Let’s take a look at the top 24-hour altcoin winners and losers.
Top Altcoin Winners and Losers
Three of the top 100 coins that have gained value in the last 24 hours are Cronos (CRO), Celo (CELO) and Litecoin (LTC). The price of CRO has increased almost 12% to $0.071; the price of CELO has increased by more than 11% to $0.6955, and the price of LTC is up almost 7.5%.
Monero (XMR), Neutrino USD (USDN) and TRON (TRX) are three of the top 100 coins that have lost value in the last 24 hours. While XMR has lost around 1.30% to trade at $144.50, USDN is down nearly 1% to trade at $0.8890. At the same time, the TRX price is down over 0.50% to trade at $0.0535.
Bybit to cut 30% of workforce as crypto bear market deepens
Bybit, a centralized cryptocurrency exchange, has become the latest to lay off employees as the crypto winter continues. The company had already dismissed workers in June this year. Bybit, a company headquartered in Singapore, has announced layoffs.
In addition, it is all part of the company’s continued efforts to restructure. It’s the latest cryptocurrency firm to shift priorities as the bear market worsens. Bybit co-founder and CEO Ben Zhou made the statement on December 4, adding that the layoffs would affect all departments.
Kraken lays off over 1,000 employees as the number of encryption breaches this winter rises
Kraken co-founder and CEO Jesse Powell announced that the company would lay off nearly 1,100 workers, or 30% of its workforce, to “adapt to current market conditions.”
Specifically, Powell pointed to “macroeconomic and geopolitical concerns” as the root cause of the disappointingly weak growth. He pointed out that the recent market downturn has reduced trading volumes, new registrations and customer demand.
Kraken claimed it was obliged to lay off many employees despite already reducing staff and marketing expenses. Kraken’s layoffs mirror staff reductions at other cryptocurrency companies this month due to the bear market.
Unchained Capital (which laid off 600 people) and Coinbase (which laid off 60) are among the companies that have recently reduced their workforce. In the wake of FTX’s collapse, the most talked about example of market volatility this year, BlockFi filed for bankruptcy earlier this week.
The exchange rate of the most popular cryptocurrency to the US dollar, BTC/USD, has hit a two-year low due to the crash.
This ultimately has a bearish impact on the cryptocurrency market, but the technical outlook is driving a bullish trend in the leading cryptocurrencies.
Bitcoin price
The current Bitcoin price is $17,332, and the 24-hour trading volume is $19 billion. Over the past 24 hours, the BTC/USD pair has risen over 1.5%, while CoinMarketCap currently ranks first with a live market cap of $363 billion, up from $357 billion yesterday.
It has a total supply of 21,000,000 BTC coins and a circulating supply of 19,224,668 BTC coins.
The BTC/USD pair has broken through the $17,250 barrier, breaking through a narrow trading range of $16,800 to $17,250. The RSI and MACD indicators are in positive territory, and the 50-day moving average supports BTC at $16,800.
On the plus side, Bitcoin is approaching the next resistance level of $17,650, and a break above this could expose BTC to $18,000. BTC has formed a bullish engulfing candle on the 4-hour time frame, just above an upward trendline level of $17,000.
On the downside, Bitcoin support remains at $17,200 and a break below this level could take BTC to $17,000 or even lower to the $16,750 level.
Ethereum price
The current price of Ethereum is $1,296, with a 24-hour trading volume of $5.5 billion. Over the past 24 hours, Ethereum has risen almost 2%. CoinMarketCap currently ranks #2, with a live market cap of $158 billion. It has a circulating supply of 122,373,866 ETH coins.
On the 4-hour chart, Ethereum is trading bullish above the $1,250 psychological level, and it is now trading bearish above and below the $1,300 psychological level.
The bullish bias remains strong, as the 50-day moving average is near $1,250. The RSI and MACD have recently entered the buy zone, indicating a good opportunity to go long.
Increased demand for ETH has the potential to push the price up to the $1,350 resistance level. If ETH fails to close candles above the $1,300 level, the price may fall towards the $1,250 or $1,220 support zones.
Keep an eye on the $1,300 level, which is likely to act as a pivot point today.
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