The broader cryptocurrency market has made a strong move jumping by 2.51% over the last 24 hours. The Bitcoin price is trading 1.09% surging past $44,100 levels as of press time. This comes as the US SEC reportedly held discussions with all the Bitcoin ETF filers on Thursday.
However, there’s greater optimism in the altcoin space with the Solana price shooting 18% and moving very closer to $100. With this, Solana flips the BNB coin as the fourth-largest cryptocurrency with a market cap of $41.4 billion.
Bitcoin Profit Taking On The Horizon
On-chain data shows that a large number of Bitcoins are currently sitting on profits and thus it indicates chances of profit-booking. According to the latest data from Santiment, Bitcoin’s ratio of supply in profit has reached 89%, signaling a cautionary stance as the new year approaches. The analysis suggests that further price rises are more probable when this metric falls within the 40-70% range. In contrast, assets like MATIC (Polygon) and LTC (Litecoin) are deemed to be in a more favorable position within an opportunity zone.
On the other hand, the Bitcoin fear and greed index points out extreme greed at the current price levels. Thus, investors shall maintain strong vigilance as of here.
The talk of the town is that the Bitcoin ETF approval can come earlier than the expected January 10 date. Some market analysts also continue to stay bullish expecting the BTC price to touch $50,000 by the ETF approval time.
Altcoins Take the Lead
The altcoin market continues to make strong moves and there’s some value unlocking opportunity even in some small-cap altcoins. Two such altcoins on the investors’ radar are Polygon (MATIC) and Fantom (FTM).
According to cryptocurrency analyst Ali Martinez, Polygon (MATIC) is currently facing a significant resistance zone ranging from $0.79 to $0.84. Within this zone, approximately 39,000 addresses are holding a substantial amount of over 4.24 billion MATIC tokens.
Martinez emphasizes the importance of breaking through this resistance level with conviction for MATIC to pave the way for potential new highs in its price trajectory. At press time, the MATIC price is trading 7.24% up at $0.83 and a market cap of $7.95 billion.
As per insights from cryptocurrency analyst Ali Martinez, the fact that Fantom (FTM) is trading above $0.47 signifies a notable bullish shift. The analysis suggests a lack of major resistance until the $0.65 mark. Martinez advises that as long as FTM maintains its position above this critical level, market participants should anticipate a robust rally in its price.
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