![]() The de-correlation of alternative cryptocurrencies (altcoins) with bitcoin’s price may also put further pressure on bitcoin’s price, according to an analyst. $24,400 and $17,700 for the overall market and long-term holders, respectively.īitcoin’s short-term holders “on aggregate underwater on their investment, and are the most likely to create sell-side resistance,” Glassnode wrote in its newsletter on Jan 3.Įther, meanwhile, recovered some losses yesterday, moving above $3,800 at the time of writing, according to data from TradingView and Coinbase.Ī few other layer 1 tokens also gained on Tuesday: Tokens of smart contract platforms such as Internet Computer, Cosmos, and Celo were among some of the biggest winners of the day, based on data from Messari. The realized price, a metric that values each bitcoin at the time when it was last spent on the blockchain, of bitcoin’s short-term holders was trading at roughly $51,400, according to Glassnode vs. trading hours on Tuesday, while ether reversed Monday’s loss, turning to green.Īt the time of writing, bitcoin, the oldest cryptocurrency, was trading slightly above $46,000 little changed in the past 24 hours, according to data from TradingView and Coinbase.ĭata from blockchain data firm Glassnode shows that with bitcoin’s little movement, short-term holders are bearing most of the pain, which creates increased sell-side pressure. Bitcoin continued to trade in a narrowed range during U.S. ![]()
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