We start the year with slight positivity and gains for Bitcoin. The asset is still within range as there is low volume across the crypto market and institutional traders have gone away for vacations across all markets.
We don’t expect any breakout from this range until trading volumes return. Ethereum is moving sideways but in general, we see it as bearish with no new highs set since Mid-December. The crypto market saw major declines in 2022, however, the top 2 assets are doing well considering the fallout across the market.
GMX which is the utility and governance token of the GMX decentralized exchange platform saw major gains this year. The platform was performing well throughout the year but saw increased users after the FTX crash.
They were not the only project to benefit from the collapse as users flocked to self-custodial wallets. Trust Wallet Token saw significant gains due to the increased traffic on their wallet and we saw price action increase by over 100% in November.
In today’s DIFX Analytics, we’re going to look into the following assets:
Bitcoin starts the year on a positive note
Bitcoin has begun the year with some upside movement. The price continues to trade sideways between $16,400 and $17,000.
RSI has pushed above 50 but the price has not reacted much to this which indicates there is not much strength in the asset. We should see more volume return to the markets by the end of the week.
Ether moving sideways
Ether is hovering at $1200 at the moment and we are not seeing much movement similar to Bitcoin.
Consolidation has been the name of the game for the past couple of weeks across the markets. RSI is at neutrality sitting at 53.
Ethereum looks bearish on technicals as the asset has failed to set a new high since mid-December.
GMX 111% up Year-to-Date
GMX has been the top-performing crypto among the top 100 crypto assets by market cap. The asset saw 111% returns YTD and benefitted from the collapse of FTX as trading volumes increased on the platform.
GMX has a market cap of $347m with a Total Value Locked of $462m which gives the MkCap/TVL ratio a figure of 0.75 which is very healthy and considerably undervalued.
Trust Wallet Token
Trust Wallet was among those projects which benefited from the FTX debacle as users flocked to self-custody wallets in fear of further cascading effects from similar wallets. The incident prompted holders to move their tokens into the digital wallet and Trust Wallet Token saw major gains due to this.
We saw a 92% return YTD for the token even though there was a major selloff in December.
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DIFX shall not be responsible for any loss arising from any investment based on any recommendation, forecast, or other information herein contained. The contents of this publication should not be construed as an express or implied promise, guarantee, or implication by DIFX that the forecast information will eventuate, that clients will profit from the strategies herein, or that losses in connection therewith can or will be limited. Trades by the recommendations in an analysis, especially leveraged investments such as foreign exchange trading and investment in derivatives, can be very speculative and may result in losses in particular if the conditions or assumptions used for the forecast or mentioned in the analysis do not eventuate as anticipated and the forecast is not realized.