Algorand (ALGO) is currently in the lead, with onchain data indicating that over ninety-one percent of token holders are experiencing a loss.

In second and third place, respectively, are Sandbox (SAND) and Arbitrum (ARB), with 84.58% and 83.43% of investors experiencing a loss in their respective investments.

The whole list, together with the percentage of token holders that have suffered a loss, is as follows, according to the data on the blockchain:

Algorand (ALGO) – %91
Sandbox (SAND) – %84.58
Arbitrum (ARB) – %83.43
Axie Infinity (AXS) – %79.04
Chiliz (CHZ) – %69.43
Cardano (ADA) – %60.01
Aave (AAVE) – %55.21
Lido DAO (LDO) – %55.01
Uniswap (UNI) – %52.02
Chainlink (LINK) – %48.35

Nevertheless, the cryptocurrency market as a whole is currently going through a period of major falls from the highs that it reached last time. During the course of the day, the price of Bitcoin has decreased by almost 5% and has fallen below $60,000.

Current Situation of Bitcoin, Ethereum and Other Cryptocurrencies

From the Ethereum perspective, the scenario appears to be somewhat more unfavorable. Over the past twenty-four hours, the value of the largest alternative cryptocurrency in the world has decreased by 6.65 percent. Despite the fact that Changpeng Zhao, the former CEO of Binance, received a sentence that was less severe than anticipated, the second largest alternative cryptocurrency, BNB, has not recovered sufficiently and is currently down 3% on the day.

Ethereum, the second-biggest cryptocurrency token by market cap, fell 5.7 percent to $2,986 at 11:35 a.m. IST. Toncoin (-5.3%), Dogecoin (-8%), Shiba Inu (-8.4%), Avalanche (-6.9%), BNB (-5%), Solana (-7.6%), XRP (-2.1%), and other big crypto tokens all saw declines.

As traders braced for important economic data and anticipated the Federal Reserve’s interest rate decision later in the day, the value of Bitcoin fell 5.2% to $59,950 during Wednesday’s trading session.

In the last 24 hours, the market cap of Bitcoin, the world’s largest cryptocurrency, fell to $1.178 trillion. Bitcoin’s dominance is currently 53.34%, according to CoinMarketCap. BTC volume in the last 24 hours rose 43.9% to $38.05 billion.

Meeting on monetary policy, the Federal Reserve Open Market Committee will convene on Tuesday. On Wednesday, they will likely decide to maintain the Fed funds target rate between 5.25% and 5.50%.

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We are entering an important period for Bitcoin. Especially if the weekly closing is positive, it can cause significant volatility in the coming days. The approach of monthly and annual closings is also important, as this situation can cause significant changes in the Bitcoin market.

Another significant detail is the possibility of major investors withdrawing from the market with the arrival of the new year and the holiday of US exchanges. This situation could lead to serious directional movements in Bitcoin. It may therefore be beneficial to carefully monitor liquidation rates and long-short ratios. These data can provide significant clues in understanding market trends and investors’ positions.

‣ Bitcoin (BTC) The BTC/USD parity as of the time of writing has increased 0.58% and is trading at $43259. Resistance levels for BTC are in the range of $44000 – $44400, support levels are in the range of $42 – $41800.

‣ Ethereum (ETH) As of the time of writing, the ETH/USDT parity has increased by 0.79% and is trading at $2283. The resistance levels for ETH are in the range of $2294 – $2386, while the support levels are in the range of $2150 – $2077.

‣ Polkadot (DOT) As of the time of writing, the DOT/USD parity has increased by 7.66% and is trading at $9.27. The resistance levels for DOT are in the range of $9.52 – $10.46, while the support levels are in the range of $8.63 – $7.76.

‣Cyber (CYBER) As of the time of writing, the CYBER/USD parity has increased by 10.17% and is trading at $7.31. The resistance levels for CYBER are in the range of $7.36 – $7.96, while the support levels are in the range of $6.46 – $6.20.

‣ MultiversX (EGLD) As of the time of writing, the EGLD/USD parity has a 4.30% increase and is trading at $75.87. The resistance levels for EGLD are in the range of $86.92 – $101.23, while the support levels are in the range of $63.30 – $60.88.

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Bitcoin, although it reached levels of $44,000 yesterday, could not make a daily closing above this level. A withdrawal occurred after eating a sale from the potential sales area. When we look at the Bitcoin chart now, it seems like a double peak formation is forming. If there is a daily closing below $41,000, the formation will be confirmed and we may see a decline to levels of $38,500. Therefore, it is important to be careful in our positions.

‣ Bitcoin (BTC) The BTC/USD pair is trading at $43,651, down 0.78% at the time of writing. Resistance levels for BTC are in the range of $44,000 – $44,400, support levels are in the range of $42 – $41,800.

‣ Ethereum (ETH) The ETH/USDT pair is trading at $2,293, down 1.40% at the time of writing. Resistance levels for ETH are in the range of $2,294 – $2,386, support levels are in the range of $2,150 – $2,077.

‣ Optimism (OP) The OP/USD pair is trading at $3.22, down 6.81% at the time of writing. Resistance levels for OP are in the range of $3.55 – $4.11, support levels are in the range of $2.98 – $2.63.

‣Cyber (CYBER) CYBER/USD pair is trading at $6.72, down 3.35% at the time of writing. Resistance levels for CYBER are in the range of $6.96 – $7.13, support levels are in the range of $6.34 – $5.99.

‣ Matic (MATIC) MATIC/USD pair is trading at $0.84, down 4.01% at the time of writing. Resistance levels for MATIC are in the range of $0.87 – $0.93, support levels are in the range of $0.82 – $0.76.

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We eagerly awaited the weekly closing price for Bitcoin, which took place around $41,000, but we observe that a positive momentum has not yet been achieved. Despite holding above $40,000, the situation for Bitcoin still maintains its uncertainty. However, if we can maintain this level, there is the potential for Bitcoin to rise again. So, we still need to be careful because the direction in the market maintains its uncertainty. No matter which direction it will be, we need to prepare ourselves for both scenarios.

‣ Bitcoin (BTC) BTC/USD parity is trading at $41199 with a 0.48% decrease at the time this article was written. Resistance levels for BTC are in the $41600 – $42200 range, and support levels are in the $40800 – $39400 range.

‣ Ethereum (ETH) ETH/USDT parity is trading at $2177 with a 0.92% drop at the time this article was written. Resistance levels for ETH are in the $2252 – $2294 range, and support levels are in the $2150 – $2077 range.

‣ Arkham(ARKM) ARKM/USD parity is trading at $0.57 with a 4.85% decrease at the time this article was written. Resistance levels for ARKM are in the $0.60 – $0.65 range, and support levels are in the $0.51 – $0.45 range.

‣ Celestia(TIA) TIA/USD parity is trading at $12.12 with a 4.67% decrease when this article was written. Resistance levels for TIA are in the $12.80 – $14.60 range, and support levels are in the $12.02 – $11.06 range.

‣ Ordinals (ORDI) ORDI/USD parity is trading at $52.25 with a 6.20% increase at the time this article was written. Resistance levels for ORDI are in the $57.00 – $67.86 range, and support levels are in the $49.21 – $44.91 range.

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By the weekend, Bitcoin broke the upward trend that emerged in the short term. In the coming hours or days, we may see a correction down to the levels of $40,000. If a speedy recovery comes above $40,000, a bounce can be experienced from this support point. However, if the candles start to close below and the descending peaks continue, this correction may take a little longer.

‣ Bitcoin (BTC) BTC/USD parity is trading at $41941 with a 0.80% decrease at the time of writing. Resistance levels for BTC are in the range of $42950 – $44250, while support levels are in the range of $42100 – $41400.

‣ Ethereum (ETH) ETH/USDT parity is trading at $2213 with a 0.74% decrease at the time of writing. Resistance levels for ETH are in the range of $2252 – $2294, while support levels are in the range of $2150 – $2077.

‣ Atom (ATOM) ATOM/USD parity is trading at $11.37 with a 5.62% decrease at the time of writing. Resistance levels for ATOM are in the range of $11.55 – $11.96, while support levels are in the range of $11.23 – $10.96.

‣ Jito (JTO) JTO/USD parity is trading at $2.75 with a 5.76% increase at the time of writing. JTO Resistance levels are in the range of $3.51 – $4.27, while support levels are in the range of $2.62 – $1.78.

‣ MultiversX (EGLD) EGLD/USD parity is trading at $63.19 with a 3.52% increase at the time of writing. Resistance levels for EGLD are in the range of $63.52 – $66.86, while support levels are in the range of $57.84 – $49.56.

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General Table

In general, 83.6% of Bitcoin investors are currently in profit. This is close to the levels seen when Bitcoin retraced from the all-time high (ATH) in November 2021. It indicates investors’ belief in the long-term value of Bitcoin.

Subgroups

However, when looking more closely at realized prices across groups, a nuanced picture emerges. Despite the overall bullish sentiment, a significant subgroup continues to remain underwater. For instance, the group that invested in BTC 2-3 years ago is still grappling with an average realized price of $45,000, contributing to the persistence of average losses.

It may attract your attention: Bitcoin Applications to the SEC are on the Record Number!

Conclusion

These results are intriguing. Some investors may choose to sell when their Bitcoin purchase prices approach breakeven, indicating a break-even point rather than a profitable exit. Bitcoin Bull Analysis

Possible Explanations

There are several possible explanations for why this subgroup is still underwater. First, these investors may have experienced significant losses before Bitcoin reached its all-time high (ATH). Second, they might anticipate Bitcoin’s price reaching a higher level. Third, these investors may believe in the long-term value of Bitcoin and expect to eventually turn a profit despite current losses.

Prospects for The Future

The behavior of this subgroup could influence the future of the Bitcoin market. If these investors choose to hold onto their assets, anticipating a higher Bitcoin price, this could provide additional support to the market. However, if these investors decide to sell their assets when they break even, it could create selling pressure in the market.

Conclusion

Bitcoin investors generally exhibit high enthusiasm; however, examining realized prices based on groups reveals that some investors are still underwater. The behavior of these investors could impact the future of the Bitcoin market.

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