Bitcoin Nearly Hits $24,000, Clocks Eleven Straight Days Outside the Fear Zone
Bitcoin has experienced a remarkable rise of 40% this January, making it the best start to a year since 2013. On-chain signals have turned bullish, and analysts anticipate a swift correction to verify if a bottom has been formed in the market.
The bulls are trying to flip the $22,800 level into support, with BTC trading above that zone since Jan. 25. The 20-day EMA is forming a steep upward slope, indicating that the bulls are in control. However, BTC needs to capture $23,800 comprehensively to start marching toward $25,000.
The Crypto Fear and Greed Index currently has Bitcoin in the “Greed” zone with a score of 61. BTC has recorded 11 consecutive days outside the “Fear” zone, its longest streak since March 2022.
Data from IntoTheBlock suggests that 64% of Bitcoin investors are now in profit, and those who invested in 2019 are seeing an average profit of 9%.
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CRYPTO NEWS WEEKLY ROUNDUP:
Total Crypto Market Cap Recaptures $1 Trillion
The cryptocurrency market is showing resilience despite recent negative headlines and macroeconomic news. On Jan. 21, the total crypto market cap broke above $1 trillion.
The Bitcoin price gained 4.5% last week, despite the potential impact of Genesis Global Capital’s bankruptcy. The bullish sentiment is affecting altcoins as well, with 11 of the top 80 coins gaining 20% or more in the past week.
At the time of writing, the total market cap stands at $1.075 trillion. BTC dominance stands at 42.5%, and ETH dominance stands at 18.6%.
California DMV Partners With Oxhead Alpha to Test Digitization of Vehicle Title Management via Tezos
The California Department of Motor Vehicles (DMV) is collaborating with blockchain firm Oxhead Alpha to test a digital car title and transfer system using a private Tezos testnet.
Oxhead Alpha is building the “shadow ledger”, a blockchain replication of the DMV’s database, to be ironed out within three months. Subsequently, the DMV plans to roll out digital wallets for holding and transferring NFT car titles.
The blockchain initiative aims to modernize paper-based systems; blockchain-based record-keeping would make tracking the history of vehicles easier, and it’ll help prevent transaction fraud.
Oxhead Alpha’s President, Andrew Smith, praised Tezos as a great platform for delivering ”production-ready solutions,” thanks to its “responsible consensus, on-chain governance, and institutional grade security.”
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