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


Most of the cryptocurrencies were trading in the red yesterday, but a lot of them staged slight recoveries and bounced off a bit.

The moves come on the back of news that Binance US will be buying out the assets of Voyager. Elsewhere, SBF has agreed to be extradited to the US.

Bitcoin Takes Aim at $17K

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

btc_price_201201
Source: Binance via TradingView

That said, Bitcoin is up 0.3% in the past 24 hours but remains down some 2 percent in the past week. Its dominance continues increasing, highlighting the inability of altcoins to take advantage of its indecisiveness.

Speaking of altcoins, the picture is quite mixed.

Altcoins Giving Mixed Signals

Altcoins failed to take advantage of the fact that Bitcoin has been struggling lately, which resulted in an increased BTC dominance. This is also perfectly represented in the following heatmap from the past 24 hours:

cryptocurrency_heatmap_201201
Source: Quantify Crypto

Some of them are plotting a recovery, while others are forfeiting a lot of the gains in the past days. For example, Ethereum bounced by 2.2% and is now trading above $1.2K. LTC followed suit and is also up by almost 2.5%.

On the other hand, though, the Open Network’s TON lost a whopping 10.6% and gave up a lot of the gains from the past few days, when it was the market’s leader in terms of price performance.

Memecoins DOGE and SHIB also took a beating, down 4.8% and 3.5%, respectively.

The developments come on the back of news that Binance US will be buying out the assets of Voyager in a deal worth upwards of $1 billion. The exchange has even agreed to send $10 million in advance as a good-faith transfer.

In addition, the former CEO of FTX, Sam Bankman-Fried, has also reportedly agreed to be extradited to the US, where he is facing criminal charges.

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Cryptocurrency charts by TradingView.



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