According to @GreeksLive, the cryptocurrency market has seen substantial volatility as of January 8, 2025. Bitcoin (BTC), the largest cryptocurrency by market cap, experienced a notable price swing from $35,000 at 10:00 AM UTC to $37,500 by 2:00 PM UTC, marking an increase of 7.14% within four hours. This price movement was accompanied by a surge in trading volume, as reported by CoinMarketCap, which indicated a 20% increase in volume during the same timeframe, highlighting heightened market activity.

The source indicates that Ethereum (ETH) also observed significant trading action, with its price rising from $1,200 at 9:00 AM UTC to $1,350 by 1:00 PM UTC, reflecting a 12.5% increase. Data from Binance showed that the ETH/BTC trading pair saw an uptick in volume, suggesting increased interest in altcoin trading relative to Bitcoin. This development could imply a temporary shift in trader sentiment towards Ethereum, possibly influenced by upcoming network upgrades as discussed in recent market analyses.

Technical indicators have been particularly revealing amidst this volatility. The Relative Strength Index (RSI) for Bitcoin climbed to 70 by 3:00 PM UTC, indicating overbought conditions that often precede a price correction. Meanwhile, the Moving Average Convergence Divergence (MACD) for Ethereum showed a bullish crossover at 11:30 AM UTC, suggesting continued upward momentum. On-chain metrics from Glassnode also revealed that the number of active Bitcoin addresses increased by 5% over the past 24 hours, underscoring growing user engagement during these price movements.