Bitcoin and Ether knocked after rise

Economic analyst

Cryptocurrency market capitalisation little changed over the past 24 hours, losing 0.4% to $2.27 trillion. This can hardly be called a move for such a volatile crypto market.

The cryptocurrency fear and greed index lost 11 points, dropping to 34, returning to fear territory. However, this comeback should be attributed more to the failure to develop growth rather than the price fall.

However, we must admit that the currencies are not catching up with the optimism of the stock indices, and there is no sign of a Christmas rally.

Bitcoin stalled on Wednesday at the $50K area and is trading again at $48.3K on Thursday morning. Ether was once again below $4K, another sign that too many traders are looking to lock in profits on the eve of a very successful year for cryptocurrencies. The relative share of Ether and Bitcoin has been falling over the past couple of days.

The divergence between the equity market and the leading cryptocurrencies may be nothing more than a temporary phenomenon and a tactical shake-up of fund portfolios and large investors. However, it is still prudent for crypto investors to remain wary of near-term dynamics.

The prolonged consolidation of significant cryptocurrencies creates a bad sentiment about the entire sector., Bitcoin’s sharp sell-off in early December clarifies that solid moves in the flagship cryptocurrencies are provoking altcoins into even greater amplitude.

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I'm Alex Kuptsikevich, the senior financial analyst at FxPro. Market professional with 16-years’ experience. Author of daily reviews on the impact of economic events with comments regularly featured in top international and Russian media. In my articles, I cover fundamental analysis, global markets, foreign exchange market, gold, oil, cryptocurrencies.


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