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Saturday, December 1 – The Crypto markets have seen a significant inflow on the first day of this winter month, with all the top 20 coins by market capitalization in the green, according to CoinMarketCap.
Market display from Coin360
Following numerous dives below the $ 4,000 threshold, on November 30th, Bitcoin (BTC) managed to maintain support for $ 4,000 today. The main cryptocurrency is now trading at $ 4.202, up 4.5 percent in the last 24 hours at the time of printing. Bitcoin is down about 1.9% during the week, according to CoinMarketCap data.
Price chart of 7 days for Bitcoin. Source: Bitcoin price index of CoinMarketCap
Ripple (XRP), the second cryptocurrency by market capitalization, is seeing milder gains, around 3% in the last 24 hours and trading at $ 0.37 at the time of printing. The currency is seeing considerable losses during the week, down more than 7 percent.
7 days price chart ripple. Source: CoinMarketCap Ripple Price index
TRON (TRX) and NEM (XEM) are seeing the biggest gains among the top 20 coins by market capitalization. TRON, in 11th place on CoinMarketCap by press time, grew by 6.5%, with significant growth over the week – over 11%. The NEM has increased by 7%, recording about 5% of earnings in the last 7 days.
The Bitcoin Cash (BCH) hard fork, Bitcoin SV (BSV), is recording a massive increase in the last 7 days, with an increase of over 45 percent over the period. The hard forked cryptocurrency is ranked 9th on CoinMarketCap and trades at around $ 94, with a small growth over the course of the day – around 0.1%.
The total market capitalization saw a significant increase over the course of the day, after rising from around $ 129 billion to the current $ 137 billion. Daily trading volume remained stable during the day, at $ 16 billion, while a small decline was seen at $ 15 billion at the time of the press.
24-hour chart of total market capitalization. Source: CoinMarketCap
While the markets have taken another step back recently, Bitcoin's fundamentals, such as transaction costs and transaction numbers, have increased, as noted by the crypt evangelist Anthony Pompliano, a member of the cryptocurrency Morgan Creek Digital Assets.
In yesterday's post, Pompliano highlighted seven fundamentals of Bitcoin, highlighting the growing number of Bitcoin portfolios and the growth in the number of transactions confirmed on a daily basis.
The crypto believer has also pointed to the growing power of Bitcoin's hash rate, claiming that it is almost "quadrupled in the last year or so", while the number of Bitcoin nodes has increased by 98% in the last two years, said the expert quoting data from Bitnodes.
Concluding his analysis, Pompliano claimed that the price of a cryptocurrency is "just a measure of the value of an asset", stating that the underlying fundamentals are the main objective of the future value of the currency. He wrote:
"Do not be distracted by noise, concentrate on fundamentals, Bitcoin is not going anywhere."
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