Crypto Market Enjoys Christmas Rebound as Bitcoin, Altcoins Jump
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At press time, the cryptocurrency market was capitalized at $557 billion, according to CoinMarketCap. The value of all coins briefly fell below $490 billion on Sunday amid a renewed selloff of bitcoin and leading altcoins.
Trade volumes totaled $25 billion in the last 24 hours, with bitcoin accounting for roughly 43% of total transactions. Bitcoin’s share of the crypto market has declined sharply since the start of the year, when it accounted for nearly 90% of the total.
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There were no immediate catalysts for the rebound, with price action largely driven by technical trading. Prices have been highly volatile over the past four days following a large pullback from record highs.
The crypto universe peaked at nearly $650 billion last Thursday before a sharp correction wiped hundreds of billions from the market. Bitcoin
Bitcoin’s trade value climbed back above $14,000 on Monday, with prices hitting a session high of $16,000. BTC/USD was last up more than 2% at $14,180. That gives bitcoin a market cap of $238 billion. Ethereum
Ethereum’s native token rose sharply on Monday after a brief stint at multi-week lows. Ether climbed nearly 10% against the dollar to reach $737. Prices bottomed out near $550 on Sunday.
At present values, ether is worth a combined $73 billion.
Trade volumes have picked up sharply in recent weeks, with 24-hour transactions totaling $2.4 billion. Bitcoin Cash
Momentum returned to bitcoin cash after Coinbase reinstated trading of the digital currency. BCH/USD advanced more than 9% to $2,813 for a market cap of roughly $50 billion.
Bitcoin cash surged to the top of the crypto universe after Coinbase announced it would support the digital currency on its coveted GDAX exchange. However, the San Francisco-based company quickly suspended trading of BTC tokens over allegations of insider tradin g.
Despite reinstating BCH transactions, Coinbase is limiting its access to dollar-based transactions. This means European traders will not be able to access the cryptocurrency using the euro.
Coinbase is reportedly evaluating whether European markets are liquid enough to support BCH transactions.
Litecoin
Long positions on Litecoin also picked up on Monday, with LTC/USD values rising as much as 18%. Prices briefly crossed $300 before consolidating around $266 for a daily gain of 3%. At present values, Litecoin is capitalized at around $15 billion.
Disclaimer: The author ow ns bitcoin, Ethereum and other cryptocurrencies. He holds investment positions in the coins, but does not engage in short-term or day-trading.
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Read my 6 Golden Steps to Financial Freedom here . Best regards, Jonas Borchgrevink. s3bio December 25, 2017 at 10:13 pm
This article Sounds Like everything would Go up again. BTC had a 30% Slip anderen nö there’s a Natural pullback. Its much top early to call it ‘rebound’.
The market stays weak and bearish and Werk should all follow Mate cser’s advice and Stayfriends away from it.
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The young government of South Korea has just passed a law to try and reign in the overzealous population’s cryptocurrency craving. The law puts a blanket ban on opening anonymous crypto wallets and will give regulators the authority to shut down exchanges “if necessary.”
According to a recent poll, 31% of workers in South Korea have already transacted in cryptocurrencies. So this ominous threat from the government of the biggest cryptotrading country in the world is stinging the market at the moment.
The value of Bitcoin is down about 10% (blue circle) since the news broke sending prices back to where they were on Christmas day. Though we’re still far from the lows of December 22nd.
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Where we go from here is really in the hands of the Korean regulators and how they use their new power. Of course, the first stipulation about anonymous accounts is not enforceable. By nature, crypto allows for anonimity and anyone can open an anonymous bitcoin wallet and transfer coins there.
The power to shut exchanges is pretty scary. Though they wouldn’t be able to stop all cryptotrading in the country they could seriously hamper the free flow from Won to Crypto if they so choose.
We’ve seen the market sell-off (blue circle) when China implemented a similar ban back in September, but the market has since recovered.
@MatiGreenspan eToro, Senior Market Analyst
Revision: Please note that I made a mistake in yesterday’s update.
The total supply of XRP is 100 Billion, not 100 Trillion. Very sorry for the error. Many thanks to those who pointed it out. Glad to see you’re paying attention.
😉 Today’s Highlights Copper Rising Hard Fork Scammers
Please note: All data, figures & graphs are valid as of December 28th. All trading carries risk. Only risk capital you’re prepared to lose. Traditional markets
It was thought that Trump’s new tax plan would be very good for the US Dollar.
Analysts were touting that companies that operate offshore would flock back to the United States bringing with them Billions of Dollars in “repatriation” money.
Well, the Dollar has been selling like a hot cake since the bill was signed into law on December 22nd.
Of course, the law doesn’t go into effect until next year. So if those analysts believe that it will indeed go up they’re gonna get an excellent price to buy in. Personally, I’m a bit hesitant. The Dollar has been sinking steadily since the beginning of the year and these last few days could be seen as a dangerous continuation of that trend.
With the selloff in the Buck we can see the commodities, which are mostly priced in US Dollars, gaining in comparison.
Yesterday, we spoke about gold and oil, which are still rising steadily.
Today I just wanted to highlight Copper , which is trading at it’s highest level since 2013.
Yesterday, China ordered it’s top copper producer to halt production due to the high level of pollution. This comes on top of news earlier in the year from Chile who closed their biggest copper mines. Supply is low, demand is high.
Perhaps after a bit of a pullback, this could be a great metal to add to any diversified long term portfolio. No2X-x2 (Scam Alert)
The Segwit2x fork is indeed planned for today but we certainly haven’t seen any rush on bitcoin like we did the last time.
The previous plan to implement the Segwit2x .
