2022 has been a perplexing year for cryptocurrency investors. For instance, this month saw the overall cryptocurrency market cap dipping from about $2.2 trillion early in the year to around $850 billion. Multiple bankruptcies by high-profile crypto-related projects intensified the value declines.
The crypto market sees consolidations, with most assets failing to make massive gains. Nonetheless, the ongoing cryptocurrency winter doesn’t cancel the narrative that crypto remains the most lucrative asset class as far as investments are concerned, as it can recover its losses and hit new peaks with time.
For now, enthusiasts expect the market to battle and halt massive sell-offs in the coming year. However, a prolonged cryptocurrency winter tests investor patience, and it presents lucrative chances to buy digital coins at discounted prices.
There’s curiosity about how some cryptocurrencies will conclude in 2022 and whether the price actions will clarify 2023 projections. So here are cryptos to watch for the 26 December week.
Bitcoin joined the broad crypto market struggle in 2022. The leading crypto by market cap lost over 60% since the year began. That saw more than 50% of Bitcoin investors experiencing losses as the market crashed. Nonetheless, various pieces of evidence show BTC will see a massive comeback next year.
Bitcoin traded at around $16,864 during this writing, surging 0.7% within the past week (Coingecko data). A renowned cryptocurrency specialist Benjamin Cowen predicted that an extended accumulation phase would kick-start once bulls dominate the market.
Ethereum gained around 3% within the past seven days, trading at $1,221 during this publication. The asset’s 24hr low is $1,203, while $1,222 represented the 24hr high. Moreover, the alternative token gained 0.1% in the last 24hrs.
The ETH Exchange Reserve for all crypto exchanges indicates that Ethereum reserves on centralized exchanges have dipped by over a quarter (on-chain data). Therefore, investors are accumulating ETH as they adopt more bullishness.
While writing this analysis, bulls should display massive pressure and consolidation beyond $1,230 before we may consider countertrend strategies. That would clear hurdles toward the bullish objective at $1,300 before striving to touch $1,350.
Cardano’s on-chain activity remained elevated despite 2022’s turmoil. ADA smart contracts exceeded 4,400 in 2022, a 395% uptick. Also, 57 million transactions confirmed a nearly 140% surge. ADA hovered at $0.26 during this writing, gaining 0.2% overnight.
Meanwhile, the alt dropped around 3% over the past seven days. Despite the ugly performance, ADA retains its spot in the top ten cryptos by market capitalization, with an approximately $9B valuation.
Several cryptocurrencies seem vulnerable to dips beneath their latest lows. However, MATIC outperformed as it tried to build a steady foundation beyond its yearly bottom. MATIC presented constant price actions some months after its launch, fluctuating within $0.01 – $0.03.
MATIC’s price hit its ATH of around $1.40 in 2020. While writing this content, the alternative token traded at $0.8030. Some market players perceive the dip as a chance to buy at lower prices.
XRP has lost around 80% since hitting the ATH price of $1.98 in April 2021. Meanwhile, the Ripple community awaits the outcome of the lawsuit between the Securities & Exchange Commission and Ripple.
The final verdict will likely impact XRP’s price action, which has displayed little strides into the green territory despite extended market challenges. Bulls target post-Christmas breakouts as XRP soars toward $0.35 during this publication.