The price of crypto with a large market cap (big cap) was observed to rebound to the green zone in trading Friday (31/12/2021) morning Indonesian time, although the movement also tends to be more flat.
Launching data from CoinMarketCap as of 09:42 WIB, only the Binance Coin and USD Coin stablecoins are still correcting today.
Binance Coin weakened 0.44% to a price level of US$ 511.66/coin or equivalent to Rp. 7,298,830/coin (assuming today’s exchange rate is Rp. 14,265/US$).
While the rest managed to rebound today. Bitcoin rose 1.07% to US$ 46,945.93/coin or Rp 669,683,691/coin, Ethereum rose 2.02% to US$ 3,711.32/coin (Rp 52,941,980/coin), Cardano jumped 2 .32% to US$ 1.34/coin (Rp 19,115/coin), and Terra jumped 4.64% to US$ 85.67/coin (Rp 1,222,083/coin).
Here’s the movement of the top 10 cryptocurrencies based on their market capitalization today.
With the turn of the year just a matter of hours, Bitcoin and other cryptocurrencies tend to recover from the correction that occurred in yesterday’s trading. Although likely to recover, Bitcoin, Ethereum, and other big cap cryptocurrencies are likely to be flat today.
This is because investors still tend to choose cash out, because they want to celebrate the 2022 New Year which is only a few hours away.
On the other hand, the expiration period of option contracts in the crypto market today also helped to restrain the increase in big cap crypto.
Bitcoin is likely to approach the $47,000 level on another day of low-volume spot trading. Technical analysis supports a “buy” signal after Bitcoin posted three straight days of losses this week.
CoinDesk noted that Bitcoin spot trading volume on centralized exchanges has remained low or is still experiencing a decline from yesterday’s trading.