Bitcoin, Ethereum in the green as global market cap surges

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Bitcoin, Ethereum in the green as global market cap surges

On Thursday night, cryptocurrencies were in the green as the global market cap rose 0.4% to $798.2 billion at 7: 13 p.m. EST.

See also: 6 Best Cryptocurrencies For Investing In 2022

It Matters:Bitcoin andEthereum traded almost 0.4% and 0.8% higher intraday as the year drew to a close. The two largest coins were resilient even as U.S. stock futures turned red ahead of the last trading day of 2022, according to the two largest coins at the time of writing.

With a cautious mindset, investors are going into 2023, prepared for more rate hikes, and expecting recessions around the globe. Craig Erlam, a senior market analyst with OANDA, said the bar is low but arguably reasonably so.

The storm passes slowly and the price of digital currency continues to keep pace with it, as it fluctuates between $16,000 and $17,000. That's been the case over the last couple of weeks and it doesn't look like changing in the coming days, according to Erlam, in a note seen by Benzinga.

Erlam said that he was not convinced if the apex coin has bottomed and how long it will take for investor confidence to return.

I'm not convinced by either in the near term and think there are plenty of twists and turns to come early next year. Micha l van de Poppe said thatBitcoin saw harsh rejection at the $16,800 and $16,600 levels. The trader said that the block is testing the block around $16,400.

Trader Justin Bennett touched on the weakness in the dollar index, a measure of the strength of the dollar against a basket of six currencies, and said it matters forBitcoin too. The dollar index was 103.98, down 0.46% at the time of writing.

Since December 2022, around 880,000 ETH have been sold or redistributed by ether whales with holdings between 10,000 and 100,000 ETH.

If Bitcoin Breaches This Mark, It Could Become 'Very Unstable, Says An Analyst.