The past 24-hours have proven to be quite challenging for Bitcoin (BTC) in terms of performance. The pressure is on the bulls as the bears are constantly attempting to pull the asset’s price lower.

Despite the bullish market, the bears seem to be in control a bit as they are pulling BTC’s price to lower levels. As of now, the bulls seem to be giving up on the selling sentiments of the bears.

Therefore, the price of the asset is moving to the lower levels but the bulls do have the tendency to change the trend in the future.

The data shows that in the past 24-hours, the bulls have lost to the bears, which is why the asset’s price has dipped to $22,500.

Performance of Altcoins

Although the overall market is still hovering in bullish territory, some of the major altcoins are demonstrating bearish performances.

It seems that the bulls have generated all the profits they wanted and now, they are ready to sell them. This is not a good signal but it is happening, and the bulls may have to increase their buying power to compete with the bears.

The report shows that most of the altcoins are currently exhibiting declines in their prices. However, Ethereum’s price movement is in the positive direction.

The bullish trend seems to have gotten stronger for the second-largest cryptocurrency since the start of 2023. Even the cryptocurrencies that come from the liquid staking segment of Ethereum are displaying gains.

These cryptocurrencies include FXS, RPLE, and LDO. Their prices have been rising since the start of 2023 as they have gained a lot of adoption and recognition in the staking market.

Staking Tokens on Ethereum Perform Very Well

A huge frenzy was witnessed in the trading prices of the Ethereum-based cryptocurrencies right after the statement was released by Brian Armstrong.

Lately, many rumors were raised in the cryptocurrency industry about the authorities in the United States taking action on staking services.

The entire cryptocurrency industry was worried about the future of staking in the United States. However, no comments came out of the cryptocurrency industry providing reassurance to the cryptocurrency industry.

This is when Brian Armstrong, the CEO of Coinbase addressed the concerns and dealt with the matter. He confirmed that the perception surrounding the US authorities clamping down on cryptocurrencies was wrong.

This resulted in pushing the trading prices of the staking cryptocurrencies to very high levels. The situation became quite bullish for these cryptocurrencies and they recorded huge gains.

All of the staking cryptocurrencies falling under the Ethereum blockchain recorded massive gains. Even the likes of Lido DAO (LDO), recorded huge gains in the latest trading sessions.

Even the LDO token recorded a huge 10% rally in its trading price following the reports that Armstrong had addressed the matter.

Performance of FXS and RPL

The report shows that the trading prices of FX and RPL recorded huge surges in the recent trading sessions. Their trading prices also recorded somewhat of a 10% surge in the past 24-hours.

On the other hand, the trading price of ETH has recorded a downtrend. The data shows that the trading price of ETH dipped by 2% in the past 24-hours. Following the dip, ETH is down to a low of $1,650.

Given the performance of ETH in the last quarter of 2022, the current trading price of the asset is still quite remarkable.

Major Altcoins are Witnessing Reds

Just ETH and BTC, other major altcoins are also witnessing reds in terms of their trades.

These assets include Avalanche, Litecoin, Polkadot, Solana, Dogecoin, Cardano, Ripple, and Binance Coin. All of these tokens have huge market valuations but they have also recorded downtrends.

The worst performers among the major altcoins were OKB and SHIB as both of them slid by more than 5% in the past 24-hours.