After trying several failed attempts to get out of a year of crisis, the price of bitcoin and the largest encrypted market seem ready to close the month of December firmly in red. However, a handful of cryptocurrencies, including ethereum, tron and IOTA, have managed to resist the gravitational force present elsewhere in the market and record good returns to close the year on a positive note.
Ethereum, Tron, IOTA Headline Market in December
Despite beginning the month on a descending slope, both ethereum and tron recorded strong recoveries in the middle of the month, also interrupting during the third week of December and then considerably increasing from there – even though bitcoins and other better coins are back in red.
Ethereum is positioned to close the month at $ 136, up more than 20 percent from the previous month. Long second cryptocurrency by market capitalization, ETH has languished under the ripple (XRP) for some time. Following this wave, ethereum is on the verge of reclaiming the silver podium. As reported by CCN, the strong corrective rally of ethereum probably occurred due to a short compression of trading platforms with cryptographic margin, indicating that the activity was oversold.
The price of tron, meanwhile, rose even more, rising to $ 0.0193 – a full 33% from the end of November – to consolidate its position as a tenth cryptocurrency. The IOTA, in twelfth place, is working hard to rejoin the highest level of the market, with an increase of 25% in the last 30 days.
Bitcoin, the largest encryption market loses ground
Those rallies worked contrary to the general direction of the market, which recorded another month losing around the first anniversary of the bitcoin price reaching a record high of close to $ 20,000.
The price of bitcoin has decreased by about 5% for the month, which should have seen Bakkt, the start of the cryptocurrency launched by Intercontinental Exchange (IEC), listing the first physically established bitcoin futures. Instead, Bakkt delayed the launch until an undefined date in 2019, also announcing a $ 182 million loan round.
Second level ripple (XRP) achieved slightly better results with a 3.3 percent pullback. Bitcoin liquidity declined 9.45%, while EOS of the fifth position fell 12.21% full, which appeared benign compared to the implosion of 30.26% of the stellar price (XLM). Overall, the cryptocurrency market has lost around $ 8.4 billion of notional value since December 1, according to CoinMarketCap, dropping by 6.2% to $ 128 billion.
The strong performance of ethereum, tron, IOTA and others allowed the aggregate upswing markets to recover a bit of market share from bitcoins, whose capitalization has long diminished the joint valuations of its thousands of competitors. However, the bitcoin market share, also known as the Bitcoin Dominance Index, remains above 50% in 2019, ending in December at 51.9% compared to 53.5% at the beginning of the month.
Shutterstock foreground image. Price charts from TradingView.
Get an exclusive cryptographic analysis by professional traders and investors on Hacked.com. Register now and receive the first month for free. Click here.