Crypto Markets Meet December in Green, Bitcoin Trades Above $4,200

Saturday, Dec. 1 — Crypto markets have seen a substantial influx on the first day of this winter month, with all top 20 coins by market cap firmly in the green, according to CoinMarketCap.

Market visualization from Coin360

Following multiple plunges below the $4,000 threshold yesterday, Nov. 30, Bitcoin (BTC) has managed to finally hold $4,000 support today. The major cryptocurrency is now trading at $4,202, up 4.5 percent over the past 24 hours to press time. Bitcoin is down around 1.9 percent over the week, according to data from CoinMarketCap.

Bitcoin price 7-day chart. Source: CoinMarketCap Bitcoin Price Index

Ripple (XRP), the second cryptocurrency by market cap, is seeing milder gains, up around 3 percent over the past 24 hours and trading at $0.37 as of press time. The coin is seeing considerable losses over the week, down more than 7 percent.

Ripple 7-day price chart. Source: CoinMarketCap Ripple Price Index

TRON (TRX) and NEM (XEM) are seeing the biggest gains among the top 20 coins by market capitalization. TRON, ranked 11th on CoinMarketCap by press time, is up 6.5 percent, also holding a significant grown over the week — more than 11 percent. NEM is up 7 percent, seeing around 5 percent gains over the past 7 days.

Bitcoin Cash’s (BCH) hard fork, Bitcoin SV (BSV), is seeing a massive increase over the past 7 days, up more than 45 percent over the period. The hard forked cryptocurrency is ranked nine on CoinMarketCap and is trading at around $94, seeing a small growth over the day — around 0.1 percent.

Total market capitalization has seen a marked increase over the day, having spiked from around $129 billion to as high as the current $137 billion. Daily trade volume has been stable over the day, accounting for $16 billion, while seeing a small drop to $15 billion at press time.

Total market capitalization 24-hour chart. Source: CoinMarketCap

While the markets have taken another dip recently, Bitcoin fundamentals, such as cost per transaction and number of transactions, have increased, as noted by crypto evangelist Anthony Pompliano, a partner at crypto investment firm Morgan Creek Digital Assets.

In yesterday’s post, Pompliano emphasized seven fundamentals of Bitcoin, pointing out the increasing number of Bitcoin wallets as well as the growth of the amount of daily confirmed transactions.

The crypto believer also stressed the increasing power of Bitcoin’s hash rate, claiming that it has almost “quadrupled in the last year or so,” while the number of Bitcoin nodes has been 98 percent up over the last two years, the expert said, citing data from Bitnodes.

Concluding his analysis, Pompliano argued that price of a cryptocurrency is “only one measurement of value for an asset,” stating that underlying fundamentals is the main focus of the future value of the currency. He wrote:

“Don’t be distracted by the noise. Focus on the fundamentals. Bitcoin isn’t going anywhere.”



Author: Cointelegraph By Helen Partz

Source link

Related posts

19 Thoughts to “Crypto Markets Meet December in Green, Bitcoin Trades Above $4,200”

  1. gamefly

    Thanks for sharing your thoughts on gamefly. Regards

  2. g

    What’s up everybody, here every person is sharing these kinds of familiarity, thus it’s good to
    read this weblog, and I used to go to see this webpage all the time.

  3. minecraft download mojang

    Hello, i feel that i noticed you visited my web site so i got
    here to return the favor?.I am trying to in finding issues to
    enhance my website!I suppose its adequate to use some of your concepts!!

  4. gamefly free trial

    Hello everybody, here every one is sharing such know-how,
    so it’s good to read this weblog, and I used to pay a quick
    visit this website all the time.

  5. gamefly free trial

    For most up-to-date information you have to visit the web and on the web I found this web site as a finest site for most up-to-date updates.

  6. gamefly free trial

    It’s wonderful that you are getting thoughts from this paragraph
    as well as from our discussion made here.

  7. gamefly free trial

    I’m truly enjoying the design and layout of your blog. It’s a very easy on the eyes which makes
    it much more enjoyable for me to come here and visit more often. Did you hire out
    a designer to create your theme? Fantastic work!

  8. gamefly free trial

    Asking questions are actually fastidious thing if you are
    not understanding something completely, however
    this post offers pleasant understanding yet.

  9. gamefly free trial

    My brother recommended I might like this website.

    He was totally right. This post actually made my day. You can not imagine just how much time I had spent for this information!
    Thanks!

  10. quest bars

    My brother suggested I would possibly like
    this website. He used to be totally right.
    This post actually made my day. You can not consider simply
    how a lot time I had spent for this info! Thank you!

  11. natalielise

    Hmm is anyone else encountering problems
    with the images on this blog loading? I’m trying to figure out
    if its a problem on my end or if it’s the blog.
    Any feed-back would be greatly appreciated. plenty of fish natalielise

  12. smore.com

    This design is steller! You obviously know how to keep a reader
    amused. Between your wit and your videos, I was almost moved to start my own blog (well, almost…HaHa!) Wonderful job.
    I really enjoyed what you had to say, and more than that, how you presented it.
    Too cool! pof natalielise

  13. pof https://natalielise.tumblr.com

    Hi there, I log on to your blogs daily. Your
    writing style is awesome, keep doing what you’re
    doing! natalielise pof

  14. descargar facebook

    I am extremely impressed with your writing skills and also with the layout on your blog.
    Is this a paid theme or did you modify it yourself? Either way keep up the
    excellent quality writing, it is rare to see a nice blog like this one
    these days.

  15. quest bars cheap

    Great article! This is the kind of info that are supposed to
    be shared across the internet. Disgrace on the seek engines
    for not positioning this submit upper! Come on over and consult with my site .
    Thank you =)

  16. quest bars cheap

    My partner and I stumbled over here from a different page and thought I might
    as well check things out. I like what I see so now i’m following you.
    Look forward to looking over your web page yet again.

  17. minecraft games

    Nice answers in return of this matter with firm arguments and describing all concerning that.

  18. quest bars cheap

    Hey there! I could have sworn I’ve been to this site before but after checking through some of the post I realized it’s
    new to me. Nonetheless, I’m definitely happy I found it and I’ll be book-marking and checking back frequently!

  19. quest bars cheap

    Hi, I do think this is an excellent blog. I stumbledupon it 😉
    I am going to come back once again since I book-marked it.
    Money and freedom is the greatest way to change,
    may you be rich and continue to help other people.

Leave a Comment