Bitcoin (BTC) has been trading sideways in the upper $80,000 range for over two weeks. With no clear rebound momentum ahead of the end of the year, analysts are predicting a decline compared to the beginning of the year.
According to CoinMarketCap, a global cryptocurrency market monitoring site, as of 8:00 AM on the 29th, BTC was trading at $87,897.4, up 0.36% from the previous 24 hours. Ethereum (ETH) was trading at $2,949.67, up 0.55%. Binance Coin (BNB) was up 2.14% at $859.73, and XRP was up 0.22% at $1.867. Solana (SOL) was trading at $124.15, up 0.16%.
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The domestic market is showing a similar trend. On Bithumb, a domestic cryptocurrency exchange, BTC is trading at 128,031,000 won, down 0.02% from the previous 24 hours. ETH is up 0.21% at 4,298,000 won, and XRP is down 0.04% at 2,722 won.
As the cryptocurrency sideways trading continues, some predict that this could be the first year-over-year decline for BTC since the halving. Nick Purclean, co-founder of Coin Bureau, analyzed that "BTC needs a rebound in the remaining three days to close the year higher," adding that "the rate of increase needed for this to occur is 6.24%."
Cryptocurrency investor sentiment remains at a state of "extreme fear." The fear and greed index from cryptocurrency data analysis firm Alternative.me rose one point from the previous day to 24. A reading closer to zero indicates a weakened investor sentiment, while a reading closer to 100 indicates an overheated market.
- Reporter Kim Jeong-woo
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