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Crypto Markets in the Green Following heavy losses

Friday, December 28 – The first 20 cryptocurrencies are in the green after seeing some hard losses in the last two days. Some coins have recorded double-digit increases in the last 24 hours, according to Coin360.


Market display of Coin360

The major Bitcoin digital currency (BTC) rose by more than 7% during the day, trading at around $ 3,946 at the time of printing. On his weekly chart, Bitcoin saw its lowest price today at $ 3,624, while its highest price was $ 4,268 on December 24th.


7-day bitcoin chart. Source: CoinMarketCap

An article in the Wall Street Journal (WSJ) published today suggests that the correlation of Bitcoin with traditional asset markets has been high in recent days. The WSJ, with reference to the research company Excalibur Pro Inc., states that Bitcoin is trading at a correlation of 0.84 with gold over the last five days, where -1 indicates complete inversion and +1 perfect correlation. In addition, Bitcoin traded 0.77 correlations to the Chicago Volatility Board of Options Exchange (VIX), a benchmark index for US equity market volatility.

The second largest currency by market capitalization Ripple (XRP) recorded growth of over 7 percent in the last 24 hours, and traded at $ 0.375 at the time of printing. During the week, XRP did not see significant fluctuations, while its highest price point was $ 0.446 on December 24th.


7 days graphic XRP. Source: CoinMarketCap

Ethereum (ETH) gained over 15 percent during the day and is trading around $ 135 at the time of printing. The altcoin started the day close to $ 119, gradually reaching the current price. During the week, the third largest cryptocurrency by capitalization recorded its lowest price of about $ 108 on December 22nd and reached the highest value of about $ 156 on December 24th.


7-day chart of Ethereum. Source: CoinMarketCap

Bitcoin Cash (BCH) showed a 13% growth over the day, trading at around $ 173 at the time of the press, while the Bitcoin SV spin off (BSV) traded at $ 93.92 with a 9% increase in the 24-hour period, according to CoinMarketCap.

The total market capitalization of all digital currencies is about $ 132 billion at the time of the press, having started the day at $ 122.27 billion. The weekly maximum of the total capital market was around $ 146.59 billion on December 24th.


7-day chart of total market capitalization. Source: CoinMarketCap

As Cointelegraph reported earlier today, the daily traded volume of cryptocurrency contracts on the Huobi derivatives market (DM) exceeded $ 1 billion. The platform allows traders to trade in Bitcoin and Ethereum contracts that aim to enable arbitrage, speculation and hedging.

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