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Bitcoin‘s price began the final day of the year at the $42,200 level, preparing to close with a peak below the previous week. While many altcoins achieved impressive gains, the last week of the year did not yield a positive outcome for BTC. So, what is the current situation of cryptocurrencies on the last day of 2023?
Bitcoin (BTC)
BTC is finding buyers at $42,260 as this article is being prepared, approaching a new weekly red candle close after taking a break last week. The weekly, annual, and monthly closures will occur in a matter of hours. However, BTC is returning to alternating red and green candles after an 8-week streak of consecutive gains.
Investors concerned about a potential price correction may see the approval of a spot Bitcoin ETF just days or even hours after the new year begins. Sources from Reuters suggest this could happen as early as Wednesday.
If the spot Bitcoin ETF is approved as expected next week, it could start trading on exchanges by January 8. The biggest breaking point for investors in January will be the weekly volume at that time. If the volume is below a few billion dollars, it could lead to disappointment. At the very least, the launch of BITO needs to be surpassed.
Current Status of Cryptocurrencies
In the final hours of the year, BTC market dominance is increasing, meaning a retreat has started in altcoins. SOL Coin has dropped to the $101 region and is just behind BNB Coin. As expected due to the holiday season, volumes have dropped and retreated to $43 billion. The cumulative value of cryptocurrencies stands at $1.65 trillion.
The top 100 cryptocurrencies saw the best weekly gains in BSV and SEI, both of which increased by over 70%. TRB, ORDI, ASTR, ICP, CAKE, and Mina are among the altcoins that rallied between 25% and 50%.
On the downside, the leading losers were BONK, WEMIX, AVAX, HNT, INJ, FTT, and BEAM. If we really see a “sell the news” event next week, losses in these altcoins could increase. For now, this was the view on the last Sunday of the year.
