Cryptocurrency
What bear market? These crypto websites see traffic rising in 2023
Cryptocurrencies like Bitcoin (BTC) have been widely described as going through a bear market in 2023, but this may not exactly be the case, according to indicators such as the website traffic of certain crypto platforms.
Some major cryptocurrency websites, such as Binance and Coinbase, have seen a significant traffic drop in 2023, but there are many crypto sites that have experienced the opposite.
According to data from the web analytics platform Similarweb, the number of total monthly visits on the Binance website tumbled by 22% from 69 million in January 2023 to 54 million in August. Coinbase’s website has experienced a 15% traffic decline over the period, with the number of visits dropping from 33.5 million to 28.4 million.
A number of cryptocurrency exchange websites have had more success in terms of traffic, though. According to Similarweb data accessed by Cointelegraph, the websites of crypto exchanges OKX, HTX (formerly Huobi), Gate.io, CoinW, XT.com and Bitmart have seen a notable increase in traffic year-to-date (YTD).
According to the data, monthly visits to the HTX website surged more than 200% YTD, rising from 7.3 million in January to 22 million in August. The website of OKX saw a similar traffic increase, with total monthly visits jumping 185% from 8 million in early 2023 to 22.8 million in August.
The Gate.io and Coinw exchanges saw their website traffic surge by 143% and 66% YTD, respectively. The website traffic of crypto trading platforms XT.com and Bitmart has surged about 40% this year so far, reaching more than 9.5 million monthly visits.
Kraken, a major crypto exchange in the United States, has also seen its traffic rise this year, surging about 11% from 5 million to 5.6 million YTD, according to the data.
The websites of certain centralized cryptocurrency exchanges (CEX) are not the only crypto websites that have seen traffic increase this year. There is also a rising trend among some software cryptocurrency wallets as well as decentralized crypto exchanges (DEX) and other crypto services.
MetaMask, a major self-custodial cryptocurrency wallet, has recorded a 31% jump in traffic, with monthly visits surging from 4.5 million visits in January 2023 to 5.9 million in August. Binance’s self-custody wallet, Trust Wallet, has also seen its traffic grow this year, edging up roughly 7% from 2.9 million to 3.1 million monthly visits.
Major DEX Uniswap has posted a 28% increase in website traffic so far this year, rising from 3.9 million visits in January to 5 million visits in August.
Cryptocurrency gift card company Bitrefill is also among the crypto websites that have experienced some traffic growth this year. By August, the Bitrefill website had reached 1 million monthly visitors, up 12% from around 900,000 monthly visits in January 2023.
Related: India, Nigeria, Thailand top Chainalysis’ 2023 Global Crypto Adoption Index
With many cryptocurrency websites seeing notable growth this year, this could suggest that crypto may not have been in a bear market after all. While cryptocurrency website traffic does not reflect trading volumes, it can still serve as an important indicator of adoption and demand for cryptocurrency services.
Cryptocurrency website traffic is not the only evidence that crypto is not in a bear market, according to several observers.
According to one definition of a bear market, a bear trend happens when a market index or asset declines by 20% or more from its recent high. At the time of writing, Bitcoin is just 12% down from its most recent high of $31,400, according to data from CoinGecko.
According to some industry observers, it’s not quite accurate to say that cryptocurrencies have been in a bear market recently, as “Bitcoin always has and always will be in a bull market.”
Cryptocurrency
Bitcoin Price Analysis: Can BTC Bounce Back to $100K Following 8% Weekly Drop?
Bitcoin has been navigating an ascending consolidation phase near its critical $108K resistance level, recently encountering a sharp decline.
However, strong support zones suggest a potential for a short-term bullish rebound.
Technical Analysis
By Shayan
The Daily Chart
Bitcoin has undergone an ascending consolidation phase near the $108K resistance region, only to face increased selling pressure and distribution activity from large market participants.
This wave of selling led to a significant 15% decline, with the price finding support around the $90K mark and the middle boundary of a long-standing bullish price channel. These levels represent a critical defense line against further declines.
A rebound from this support could set the stage for a renewed attempt to reclaim the $108K mark. Conversely, a failure to hold it may lead to a deeper correction, with the channel’s lower boundary near $75K serving as the next key level of support.
The 4-Hour Chart
On the 4-hour chart, Bitcoin has been consistently trending upward within a multi-month bullish channel. The recent rejection at $108K triggered a sharp decline, bringing the price down to the channel’s middle boundary near $95K, a crucial dynamic support level.
A bounce from this region is anticipated, allowing the price to stabilize and potentially resume its uptrend. However, concerns over a hawkish monetary policy for 2025 may amplify selling pressure, increasing the likelihood of a bearish breakout.
In such a scenario, Bitcoin could face further downside, with $90K as an immediate target and $75K as long-term support.
On-chain Analysis
By Shayan
The Bitcoin Long-Term Holder SOPR metric provides valuable insights into market behavior and investor sentiment. Between 2022 and mid-2023, the SOPR remained below 1 for an extended period, indicating that long-term holders were selling at a loss associated with market capitulation.
By mid-2023, the SOPR began trending closer to or above 1, marking the beginning of a recovery. This shift was aligned with a broader market rebound as Bitcoin prices rose, reflecting renewed confidence among investors. The upward trend in SOPR suggested that long-term holders were no longer selling at a loss, a key sign of improving sentiment.
As the market moved into 2024, Bitcoin prices continued to climb, and the SOPR consistently stayed above 1. This shift signified that long-term holders realized profits, but the selling pressure remained controlled.
The stability of the SOPR above 1 highlights sustained confidence among investors, reinforcing that market conditions support continued growth, with a potential for further market expansion.
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Disclaimer: Information found on CryptoPotato is those of writers quoted. It does not represent the opinions of CryptoPotato on whether to buy, sell, or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk. See Disclaimer for more information.
Cryptocurrency charts by TradingView.
Cryptocurrency
Dogecoin (DOGE) Price Can Skyrocket by 12,000% If History Repeats
TL:DR;
- Dogecoin was once the top-performing cryptocurrency after Donald Trump’s victory, going from under $0.15 to almost $0.5.
- Although it has lost its momentum, especially in the past week or so, history shows that its most spectacular price surge during this cycle could still be around the corner.
Can DOGE Pull a 2021-Like Rally?
Perhaps due to its affiliation with Elon Musk and his upcoming role in Donald Trump’s administration, Dogecoin skyrocketed after the US presidential elections. Its price exploded by more than 200% from its aforementioned bottom to $0.485 on December 8.
After these quite impressive gains, though, DOGE started to retrace but still maintained the $0.4 level. However, that all changed last week when the market-wide crash pushed it south hard. In just a few days, DOGE’s price tumbled by nearly 40% to $0.26.
Although such a massive correction sounds painful, it is not something unheard of for the crypto market, especially in the ever-volatile meme coin sector. Similar enhanced fluctuations have transpired in the past as well, which could actually suggest a more favorable future for DOGE.
Popular crypto analyst Ali Martinez compared the recent crash to similar developments that took place during the bull cycles in 2017 and 2021. In both instances, the largest meme coin surged by triple-digits, retraced by 40-60%, and then shot up by four or even five digits by the end of the respective runs.
In 2017, when #Dogecoin began a parabolic run, it surged 212%, retraced 40%, then rallied 5,000%. In 2021, it went up 476%, retraced 56%, then skyrocketed 12,000%.
Now, in 2024, $DOGE is up 440% and has retraced by 46%. If history repeats, another parabolic rally is on the way! pic.twitter.com/uhf2kMc0Id
— Ali (@ali_charts) December 23, 2024
Can DOGE Soar Above $10?
Skyrocketing by 5,000% or 12,000% sounds quite bullish, but let’s look at these predictions more realistically. In 2017 and 2021, DOGE’s price was a lot more modest, and posting such massive gains seemed easier, at least on paper.
If the OG meme coin is to surge by similar percentages from now on, its price and market cap would have to go to the stratosphere. For example, a 5,000% increase would put its price at over $13, and the market cap would be at over $1.9 trillion – or bigger than bitcoin’s current one.
If DOGE repeats the 2021 gains, then its price would go all the way up to $31-32, and its market capitalization would be north of $4.5 trillion – bigger than Apple’s.
Although these numbers sound quite far-fetched and history is no indicator of future price performances, this doesn’t necessarily mean that DOGE has peaked during this cycle. Dogecoin is still far away from its all-time high registered in 2021, and many other assets have managed to break their peaks, so DOGE might still have a lot of room for growth.
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Cryptocurrency
Why is the XRP Price Down Today? (Ripple Price Analysis)
Ripple is navigating a pivotal range between $1.8 and $3, with recent price action highlighting the likelihood of a consolidation phase.
A breakout from this range will likely determine its next significant trend.
By Shayan
The Daily Chart
XRP recently faced rejection at the critical $3 resistance, triggering increased volatility and initiating a sideways consolidation phase. After that, the price found support at the $1.8 level, a key zone filled with demand and buying pressure.
This support region can limit further downward movement and maintain the cryptocurrency within the $1.8-$3 range.
As the price consolidates, a bullish or bearish breakout will determine Ripple’s upcoming trajectory. While this could lead to a sustained uptrend, an unexpected bearish breakdown might trigger a significant liquidation event, causing the price to plummet toward lower levels.
The 4-Hour Chart
During the 4-hour timeframe, XRP consolidates within a descending wedge pattern, which often signals a potential bullish breakout if breached upward.
Currently, the price is testing the wedge’s lower boundary near the $1.8 support level, where increased buying activity is expected.
In the mid-term, Ripple seems likely to continue fluctuating within this pattern, with a bullish breakout aiming to reclaim higher levels near $3. Conversely, a bearish breakdown below the wedge’s lower boundary could initiate a decline, potentially driving the price toward the $1.5 threshold, a crucial support level.
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Disclaimer: Information found on CryptoPotato is those of writers quoted. It does not represent the opinions of CryptoPotato on whether to buy, sell, or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk. See Disclaimer for more information.
Cryptocurrency charts by TradingView.
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