The cryptocurrency market is still consolidating and most digital assets fail to make a significant move. Currently, investors are hoping that the crypto space will try to eliminate the significant sell-off carried into 2023.
Cryptocurrencies to watch for the week of December 26
However, there is some interest in how selected cryptocurrencies will end 2022, as price movements will give an idea of what to expect from next year. Therefore, here are the five cryptocurrencies to watch for the week of December 26.
Following the recent Bitcoin (BTC) gains driven by positive macroeconomic news, the first digital asset has plunged into trading in the now-familiar sub-$17,000 region. Bitcoin continues to be shaken by the fallout from the collapse of the FTX cryptocurrency exchange.
Interestingly, the data shows that despite Bitcoin’s consolidation, the asset recovered faster after the FTX saga compared to previous major capitulation events. Along this line, there was speculation that the impact of FTX could have dire consequences on Bitcoin.
For example, as reported by Finbold, legendary investor Bill Miller stated that Bitcoin’s hovering in the $17,000 range could be considered remarkable considering the impact of the FTX crash.
At press time, Bitcoin was trading at $16,825 with a daily correction of less than 0.1%. On the weekly chart, Bitcoin is up almost 0.7%.
Bitcoin seven-day price chart. Source: Finbold
In particular, it is very important to focus on Bitcoin’s price, as the movement of the asset often determines the overall market trend. Therefore, the Bitcoin bottom will be key for the crypto industry. There are also concerns that Bitcoin could correct further before rallying again. Meanwhile, historical data shows that Bitcoin could be on the recovery line in the next three years.
Despite the rough year, Cardano’s ( ADA ) on-chain activity has maintained its course, reaching new milestones. For example, in 2022 alone, Cardano’s smart contracts exceeded 4,400, an increase of 394%, with 56.9 million transactions representing a 139% increase.
Additionally, Cardano has relaunched DJED stablecoin testing with new features. Indeed, it is predicted that network activity will eventually fuel interest in the platform’s native token, ADA.
At the time of publication, ADA was trading at $0.26, correcting almost 3% on the weekly chart.
ADA seven-day price chart. Source: Finbold
ADA has extended the downtrend line witnessed in recent days, breaking below the critical $0.30 position. Additionally, forecasts by Pricepredictions predict that the downtrend line will likely extend into the new year, with ADA trading at $0.24 on January 1, 2023.
The XRP community awaits the decision of the Ripple and the Securities Exchange Commission (SEC) case. The final decision is likely to affect the price of XRP, which has registered signs of trading in the green amid the expanding bear market after a series of wins during the hearing. Despite legal hurdles, XRP ranked third among the top ten top-rated cryptocurrencies of 2022.
At press time, XRP was trading at $0.35, down 1% in the last 24 hours.
XRP seven-day price chart. Source: Finbold
While XRP failed to break the $0.40 resistance position, the token is witnessing increased whale activity. According to the Finbold report dated December 21, XRP whale and shark addresses holding between 1 million and 10 million tokens rose to 1,617 in the last month of 2022.
As the whales bet on the token, investors will watch the price action. If the token breaks the $0.33 support, it can be corrected to $0.31. Meanwhile, investors still rely on Ripple despite ongoing legal challenges, with Ripple being among the top ten most valuable startups in the US.
Binance Coin (BNB)
The utility token of the Binance crypto exchange remained stable in 2022 despite the bear market. But focusing on BNB’s performance has come into the limelight, especially with the collapse of FTX. In particular, concerns were raised regarding Binance reserves, which directly affect the value of BNB. At the same time, there is uncertainty regarding Binance’s next status, with reports suggesting that US officials are planning to prosecute the exchange and its managers.
BNB was trading at $244 at the time of publication, extending its final consolidation phase considering the token has 0.5% on the daily chart.
BNB seven-day price chart. Source: Finbold
Amid the prevailing cloud of uncertainty, analysts believe that BNB has strong fundamentals that could enable the token to emerge as the best-performing digital asset for 2023.
Tezos, the open source blockchain, is witnessing increased development activity with the team aiming to achieve high scalability with the various upgrades listed. For example, on September 23, the 11th Tezos protocol update went live. Indeed, the team focuses on delivering Smart Contract Optimistic Rollups (SCORUs). Also, the network registers a robust non-fiscal token (NFT) ecosystem.
Currently, development activity is not reflected in the price of XTZ. However, it is worth noting that Tezos is among the top-rated cryptocurrencies of 2022.
At press time, Tezos was trading on XTZ and was trading at $0.79, down about 3% in the last 24 hours.
Tezos seven-day price chart. Source: Finbold
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