Crypto market update: Cryptos still recovering from Black Friday loss

By Raffaele Redi

Lead cryptos are rebounding

Cryptocurrency bitcoin and virtual financial currency market exchange illustration                                 
Several major cryptos were trading higher today – Photo: Shutterstock
                                

Major cryptocurrencies have seen a recovery after the Black Friday crash – sparked by fears of the new Covid-19 variant Omicron.

The oil price has also rebounded despite yesterday’s decision by Opec to go ahead with a planned production increase, with Brent up 3.7% at $72.23 per barrel and US WTI up 3.5% at $68.86.

Stockmarket performances have been mixed, with the main US stock indexes, together with London, Paris and Frankfurt, still not fully recovered from Black Friday losses over the emergence of Omicron.

Gold stays high

Meanwhile, the price of gold has fallen back following its initially positive response to the hawkish stance on inflation by Fed chairman Jerome Powell on 30 November, when it hit $1,810.

While still substantially higher than in the spring, when it fell to around $1,677, gold is currently well down on its mid-November levels of $1,866 and currently stands at $1,772.20.

Digital gold – BTC – fared less well than some of the other cryptos. According to Currency.com, bitcoin, the largest cryptocurrency by market capitalisation, is trading down 1.7% over the past 24 hours at $56,235.21 – and 4.7% down over the past seven days.

The market cap of BTC was around $1.06trn, representing around 42.2% of the crypto market capitalisation, while the leading crypto’s trading volume was roughly 4.6% lower at $32.3bn in the past 24 hours.

The total crypto market capitalisation remained almost stable in the past 24 hours at around $2.63trn, according to CoinMarketCap.

Ethereum recovering

Digital silver, Ether (ETH) is fairly stable, however, down just 0.2% at $4.503.70 with a market capitalisation of $536.48bn. The cryptocurrency’s trading volume was around 17% lower at $19.32bn in the past 24 hours.

Meanwhile, one of the most popular stablecoin, Binance Coin (BNB), or the third-largest cryptocurrency with a market cap of $101.88bn, was trading higher by 1.4% at $6105.91 with a trading volume of $1.93bn, almost 24.8% lower in the past 24 hours, according to CoinMarketCap.

Finally, Solana, which recently started powering NFTs and the metaverse, was trading higher by 0.9% at $227.13, with a market cap of $69.4bn and a trading volume of $3.64bn, down by 4.3% in the past 24 hours, while Cardano ell 3.3% to $1.62.

Top gainers and losers

Elsewhere, the likes of Cosmos (ATOM) and Polygon (MATIC) witnessed a 24% and a more than 12.5% increase, respectively, in the past 24 hours.

On the opposite side of the coin, Kadena (KDA) and Gala (GALA) were trading both down by around 5% and 10% respectively in the past 24 hours.

All prices are correct as of 15:45 GMT (UTC -1).

Further reading

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