In the final non-holiday weekend of 2023, the cryptocurrency market experienced a subtle downturn, with Bitcoin and Ethereum facing challenges while Internet Computer (ICP) emerged as a standout performer, doubling its market cap in just one week, according to data from Santiment.
As per the latest information from CoinMarketCap, Bitcoin witnessed a modest slide, retracting to $41,077.41 after attempting to breach the $43,500 resistance level. Despite a 33.50% increase in 24-hour trading volume, Bitcoin was unable to overcome the resistance, resulting in a 2.15% decline in the last 24 hours.
Analysts suggest that failure to surpass the $41,800 resistance zone could trigger further downward movement, with immediate support near the $40,600 level or the previous swing low.
Ethereum, too, faced challenges in gaining momentum above the $2,300 resistance. After reaching a peak near $2,330, the second-largest cryptocurrency by market capitalization experienced a fresh decline, mirroring Bitcoin’s trend.
At present, Ethereum is priced at $2,173.29, reflecting a 2.08% decrease in the last 24 hours. A potential upward movement may encounter resistance near the $2,200 zone, while failure to clear the $2,210 hurdle could lead to continued downward pressure. Initial support is identified near the $2,135 level or the preceding swing low.
Internet Computer (ICP) Surges Despite Bitcoin Downturn
In contrast to the prevailing market sentiment, Internet Computer (ICP) staged a remarkable comeback during the weekend, defying the trend observed in other tokens. The token surged to an impressive $11.81 on Sunday, marking its highest point since May 2022.
Having recorded a phenomenal 265% increase from its lowest point this year, ICP now boasts a market cap exceeding $4.6 billion, securing the 19th position on CoinMarketCap. However, despite this surge, ICP is currently trading at $9.86, reflecting an 8.73% decline in the last 24 hours.
Traders remain attentive to the evolving dynamics as the cryptocurrency market navigates the uncertainties of the final days of 2023, especially the resilience of Internet computers amid broader market fluctuations. The coming days will likely offer a clearer picture of whether Bitcoin and Ethereum can regain strength or if the current slide will persist.
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