The Cryptocurrency Comeback
Friday, Dec. 28 — After a slightly treacherous week, the cryptocurrency market has emerged from the shadows, with the top 20 cryptocurrencies dancing in the green. While some coins stumbled and fell face-first into the pavement last week, today they’ve bounced back like a trampoline on steroids. According to the latest data from market analysis, a number of coins have even bagged double-digit gains in just 24 hours!
Bitcoin’s Rollercoaster Ride
Leading the charge is the ever-famous Bitcoin (BTC), enjoying a refreshing 7% spike and trading at a cozy $3,946 as of the moment. If you’ve been having a rough day, just remember that Bitcoin started off the week at a gut-wrenching low of $3,624 and reached a dizzying height of $4,268 on December 24. Talk about a wild ride! Yes, it’s enough to send anyone looking for a seatbelt.
Correlation with Traditional Markets
According to a recent report from the Wall Street Journal (WSJ), Bitcoin has been chumming it up with traditional assets lately. Who knew crypto could be so social? Its correlation with gold has hit a solid 0.84 over the past five days, proving once again that, in the world of finance, everything’s connected … like an episode of your favorite series that one friend binged without you.
Ripple and Ethereum Rejoice
Not to be left out of the party, Ripple (XRP) has also surged by over 7%, making waves around $0.375. This week has been a leisurely stroll for XRP, with its sharpest set of peaks sitting cozy at $0.446.
And hold onto your hats because Ethereum (ETH) is not just riding the wave; it’s surfing it at over 15% gain today! Starting from a modest $119, it has made its way up to approximately $135. Talk about putting the pedal to the metal! Just a week ago, ETH was hanging around a low of about $108.
Bitcoin Cash and Bitcoin SV
Bitcoin Cash (BCH) has also flexed its muscles with more than a 13% increase, trading right at $173. Not far behind, Bitcoin SV (BSV) is hitting $93.92 after an impressive 9% climb. Who knew these cash derivatives could be so sprightly?
The Overall Market Vibe
Overall, the total market cap of all digital currencies has jumped from around $122.27 billion to a dazzling $132 billion, proving that the crypto rollercoaster is far from over. In fact, it peaked at about $146.59 billion this past Dec. 24. This isn’t just a bull run, it’s more like a bull stampede!
Daily Trading Volumes Surge
In a spectacular twist, the daily trading volume for cryptocurrency contracts on the ever-busy Huobi Derivatives Market (DM) has soared past $1 billion. It seems traders are diving into Bitcoin and Ethereum contracts like kids into a ball pit—ready for arbitrage, speculation, and some nifty hedging!
