Solana Hits Yearly High as Bitcoin Dominance Peaks: A New Crypto Market Overview
Date: 2023-12-23 Author: Dima Zakharov Categories: BLOCKCHAIN
Solana Surpasses Expectations
While Bitcoin and Ethereum temporarily stall, altcoins are taking the lead. One of the most remarkable success stories is Solana, now ranking among the top 5 cryptocurrencies globally and among the world's top 500 companies by market capitalization.
Bitcoin's Modest Gain
Bitcoin's price increased by approximately 5% from December 15 to December 22. Despite several attempts, it remains just shy of the $45,000 mark. The week has seen relatively stable fluctuations, with no daily price changes exceeding 3.5%.
Latin America's Crypto Initiatives
In the heart of the crypto industry, the United States, there is a momentary calm, as Latin American countries take the spotlight. Argentina recently announced the acceptance of Bitcoin payments for contracts, signaling a significant step in the right direction. While this doesn't mean Argentina has adopted Bitcoin as a currency, it's a substantial move forward.
In El Salvador, where Bitcoin has long been recognized as legal tender, a new law was introduced this week. It offers the prospect of accelerated citizenship for those who invest in the country's economy and social development using cryptocurrency. Interestingly, the law does not specify the minimum investment required.
Bitcoin Dominance Peaks
Bitcoin's dominance in the cryptocurrency market reached its highest point in over two and a half years in December. At one point, Bitcoin accounted for 55% of the entire crypto market capitalization. As of Friday evening, December 22, this figure had slightly dipped to 52.91%.
Technical Analysis of Bitcoin
From a technical analysis perspective, Bitcoin has been trading in a range between resistance at $44,700 and support at $40,181 since early December. Indicators provide mixed signals: trading above the 50-day moving average is bullish, but the RSI indicator suggests a bearish signal due to the formation of bearish divergence.
Crypto Greed and Fear Index
The Crypto Greed and Fear Index increased by four points last week, reaching a value of 74 on December 22, 2023. This indicates a prevailing sense of greed over fear within the crypto market.
Stay tuned for further developments in the dynamic world of cryptocurrencies.
