Data from CoinMarketCap shows that bitcoin and ethereum traded flat during the first 24 hours of the new year. According to the data, BTC was trading up 0.05% at $16,586 as of press time, while ETH was up 0.06% to $1,200.
The current price action continues a one-week market movement that saw both assets lose less than 2% of their values over the past seven days. BTC is down 1.5%, while ETH is down 1.6%. coin Information Shows that $12.58 million was liquidated in 24 hours.
What year is it for bitcoin?
Based on the four-year cycle theory, crypto trader and analyst Rekt approved That bitcoin may come down this year. According to the analyst, the price action of BTC is in a downtrend during the third year of its four-year cycle. He added that BTC reached the peak of its bull market in the first year, slipped into a bear market in the second year, while it recovered and began a new trend in the fourth year.
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