Connect with us

Markets

A Dozen Digital Assets Record Double-Digit Gains as Crypto Markets Begin to Heal After FTX’s Collapse

A Dozen Digital Assets Record Double-Digit Gains as Crypto Markets Begin to Heal After FTX’s CollapseAt the time of writing the global cryptocurrency market capitalization is hovering around $842 billion on Sunday, Nov. 27, 2022. Bitcoin prices consolidated since the start of the week, as seven-day stats indicate the price of bitcoin has dropped by 0.02% this week. Meanwhile, while bitcoin prices remain static, a number of alternative crypto assets […]

A Dozen Digital Assets Record Double-Digit Gains as Crypto Markets Begin to Heal After FTX’s Collapse

At the time of writing the global cryptocurrency market capitalization is hovering around $842 billion on Sunday, Nov. 27, 2022. Bitcoin prices consolidated since the start of the week, as seven-day stats indicate the price of bitcoin has dropped by 0.02% this week. Meanwhile, while bitcoin prices remain static, a number of alternative crypto assets have recorded double-digit gains this week.

Crypto Economy Hovers Above the $800 Billion Zone as a Dozen Tokens Record Double-Digit Gains

Bitcoin (BTC) on Sunday is currently trading for $16,550 per unit and prices have remained stagnant for the last seven days. The token with the second-largest market capitalization, ethereum (ETH), has managed to gain 3.45% this week climbing back above the $1,200 range.

At the time of writing (10:00 a.m. ET), the crypto economy is down 0.07%, and it is currently valued at 842 billion nominal U.S. dollars. Out of the top ten largest cryptos this week, the two leading tokens include BNB and DOGE.

A Dozen Digital Assets Record Double-Digit Gains as Crypto Markets Begin to Heal After FTX’s Collapse

BNB has increased by 16.29% against the greenback during the past week, and seven-day stats show dogecoin (DOGE) is up 25.57%. Both of these crypto assets are not the only tokens that have seen double-digit gains during the past week.

The exchange coin huobi token (HT), for instance, has increased by 55.99% this week and celo (CELO) is up 45.31%. Curve’s dao token (CRV) has jumped 35.41% higher against the U.S. dollar, and litecoin (LTC) has increased by 25.29% this week.

Apecoin (APE) managed to rise 22.55% this week, and chainlink (LINK) rose by 17.95%. Dash (DASH) is up 17.25% and convex finance (CVX) has risen by 15.25% against the greenback.

In fact, 13 different crypto assets out of the 21,863 listed on coinmarketcap.com, have increased by double digits during the last week. This week’s biggest losers, however, included chiliz (CHZ) down 24.16%, chain (XCN) which lost 16%, and algorand (ALGO) shed 12.67%.

Those were the only three crypto tokens that saw double-digit losses against the U.S. dollar during the past seven days. Presently, out of the $842 billion global cryptocurrency market capitalization, bitcoin’s (BTC) market cap dominates by 37.7%.

Ethereum (ETH), on the other hand, dominates the crypto economy by 17.6% on Nov. 27, 2022. Global trade volume is a lot less than when FTX collapsed two weeks ago, as it rose above $200 billion during multiple 24-hour periods.

Today, the crypto economy’s Global trade volume is only $36.84 billion and tether (USDT) commands $26.78 billion of the aggregate. Bitcoin’s (BTC) global trade volume today is around $19.30 billion and ETH captures $4.38 billion of Sunday’s trade volume.

What do you think about the handful of crypto tokens that have recorded double-digit gains this past week? Let us know what you think about this subject in the comments section below.

Source: Markets and Prices Archives – Bitcoin News

Continue Reading
Advertisement

Altcoins

Crypto stocks poised as Bitcoin holds $23K ahead of FOMC

Bitcoin miners Core Scientific rose 33% as stocks of Bitfarms, Stronghold Digital, CleanSpark all ended the past week higher. Coinbase and Robinhood shares also rose as Bitcoin broke above $23,000. FOMC meeting is this week and the market reaction will be key to what next for Bitcoin and crypto stocks. A number of crypto-related stocks […]

The post Crypto stocks poised as Bitcoin holds $23K ahead of FOMC appeared first on CoinJournal.

  • Bitcoin miners Core Scientific rose 33% as stocks of Bitfarms, Stronghold Digital, CleanSpark all ended the past week higher.
  • Coinbase and Robinhood shares also rose as Bitcoin broke above $23,000.
  • FOMC meeting is this week and the market reaction will be key to what next for Bitcoin and crypto stocks.

A number of crypto-related stocks are looking to extend gains notched in the past few days after closing in positive territory on Friday.

Among those to rip are share prices of crypto mining firms that had been struggling badly after reaching new all-time lows amid the crypto winter. 

This is happening even as Bitcoin price looks to push higher after holding above the $23,000 level over the weekend. A crucial macro news event to watch out for is the FOMC meeting this week.

Surge in Bitcoin price helped crypto stocks

Core Scientific (CORZ), the world’s largest publicly-traded Bitcoin miner, surged an impressive 33% on Friday, while crypto mining firm Digihost Technology (DGHI) saw its shares jump more than 11%.

Stocks of NASDAQ-listed miners Bitfarms (BITF), Stronghold Digital Mining (SDIG), Bit Digital (BTBT) and CleanSpark (CLSK) all ended the week in the green. Elsewhere, NYSE-listed Bit Mining and SOS ADR also rose.

Coinbase (COIN) and Robinhood (HOOD) stocks also traded higher, with the US-based crypto exchange’s stock soaring more than 15% on Friday. Coinbase‘s stock is up more than 73% in the past 30 days before markets open on Monday, 30 January. Robinhood shares ended the week 8% higher and were up nearly 28% over the past 30 days.

Bitcoin price, FOMC – what next for crypto stocks?

As noted, most of these publicly listed crypto companies saw their share prices soar alongside the positive price action of Bitcoin. But crypto has also largely correlated with stocks, with this week crucial in terms of the Federal Open Markets Committee (FOMC) meeting. 

On the positive side of things…

BTC/USD reached highs of $23,955 last week and is up more than 40% year-to-date. According to recent data from crypto analytics platform Glassnode, BTC’s recent upside momentum has the flagship digital asset’s price above three key on-chain metrics.

The breakout above $22,800 had Bitcoin above both the long term and short term cost-basis as well as Realized Price – the first time this has happened since 2020 COVID-19 induced crash. Also, the previous time when prevailing BTC price was above the three metrics was during the 2018/19 bear market.

On the flipside…

As covered by CoinJournal, Glassnode suggested last week that bulls managing to hold above the $22.4k level would aid sentiment and potential further gains. However, this week could see recent momentum derailed if investor reaction to the Federal Reserve’s FOMC minutes turns out to be negative. 

Although the market already expects a 25 basis point rate hike, some experts believe it would be a disaster for the markets if the Fed goes for a 50 basis point hike instead.

According to CoinGecko, Bitcoin was trading 1.1% down at 7:15 am ET on Monday as FOMC-related volatility likely began to set in across markets.

The post Crypto stocks poised as Bitcoin holds $23K ahead of FOMC appeared first on CoinJournal.

Source: CoinJournal: Latest Bitcoin, Ethereum & Crypto News

Continue Reading
Advertisement

Top Posts

We need your support.

Enjoying our free service? Please help us by clicking the ads on our website. They are 100% safe. Thank you!