Bitcoin fell 0.89% in Asian trading on Monday afternoon, but held above a four-month high of $22,000. When ranked by market capitalization, the top ten non-stable cryptocurrencies were mixed. With a gain of 4.32%, Dogecoin led the gains and Solana posted the biggest loss among the top 10 cryptocurrencies.
Bitcoin, the world’s largest cryptocurrency, fell 0.89% to $22,701 at 4:00 p.m. Monday in Hong Kong after rising 7.46% in the previous seven days.
Ethereum was up 0.3% at $1,634, gaining 4.31% on the weekly basis.
Dogecoin, the world’s most popular memecoin, led gains among the top 10 cryptocurrencies, up 4.32% to $0.08936 after rising 3.53% the previous week.
Solana fell the most, 2.76%, to US$24.48, after a weekly gain of 0.86%.
On Monday, many Asian stock markets were closed for the Lunar New Year festivities. On Monday, Japan’s Nikkei 225 rose 1.33%, while India’s Sensex rose 0.52%.
Bitcoin resurgence
It is no secret that Bitcoin is viewed with skepticism due to its 40% gain in three weekly candles.
Demands for a significant correction and continuation of the bear market have long been public, with some more conservative trading voices insisting that macroeconomic lows have yet to be reached.
However, that tipping point has yet to materialize. BTC/USD was trading just above $22,700 at the end of the most recent weekly candle, marking its best performance since last summer.
After that, the pair consolidated at the start of Monday, holding on to the ground gained during the week.
Bitcoin is truly experiencing a renaissance and on-chain data is nearing completion.
Multiple classic indicators of the health of the Bitcoin market, compiled by analytics firm Glassnode, are now breaking out of their capitulation zones.
These include the amount of BTC supply being kept on a profit and loss, which is perhaps unsurprising given the 40% surge this month.
Despite not dipping as low as it did during previous bear markets, net unrealized profit/loss is now off its lower bound and on track for better profitability.
