The bitcoin price recovered to $15,000 during a Boxing Day rally that restored some semblance of stability to the markets following a month of extraordinary volatility.
In a break from the recent trend, no top 10-cryptocurrency moved more than 10 percent against the dollar, and just three moved more than five percent. Altogether, the cryptocurrency market cap posted a single-day rally of $18 billion, which works out to an increase of about three percent.
The bitcoin price climbed to $15,000 on Tuesday, continuing a Christmas recovery that began after shaking out weak hands just days prior. At the time of writing, the bitcoin price was trading just below that mark on Bitfinex, representing a single-day increase of approximately seven percent. Bitcoin now has a market cap of just over $250 billion.
This must frustrate bitcoin skeptics, many of whom rushed to publish bitcoin obituaries after the flagship cryptocurrency stumbled 30 percent leading into the holiday weekend. But, as CCN.com pointed out in its analysis of the incident, the bitcoin price has fallen by at least 30 percent six times in 2017 alone, and each of those hiccups has ultimately been followed by a significant breakout.
The ethereum price fluctuated about $40 during intraday trading but ultimately ended the day on a sideways trajectory. At present, the ethereum price is trading at $734 on Bitfinex, about one percent higher than its previous day level. Ethereum now has a market cap of nearly $72 billion.
Although ethereum managed to eke out a minor increase, the rest of the major altcoins declined on Tuesday. Nevertheless, their movements were muted, and the total altcoin market cap held steady at its previous day-level.
The bitcoin cash price declined approximately two percent to $2,813, leaving the third largest cryptocurrency’s market cap at $47.5 billion. Fourth-ranked ripple declined nearly three percent, dropping it just below dollar parity. Ripple currently has a market cap of $38.1 billion. Litecoin, similarly, dropped about two percent, but its market cap managed to hold above $15 billion.
The market dealt sixth-ranked IOTA a five percent decrease, lowering its price to $3.58 and forcing its market cap just below the $10 billion mark. Dash declined by two percent and is currently trading at $1,147. At this level, dash has a market cap of $8.9 billion.
Eighth-ranked NEM posted the worst performance of top 10-cryptocurrencies. The NEM price declined almost 10 percent, reducing its price to $0.93 and market cap to $8.4 billion. This presented EOS with an opportunity to move up in the rankings, an opportunity it squandered after posting a four percent decrease of its own. Monero, priced at $345, rounded out the top 10 with a decrease of less than one percent. Monero now has a market cap of $5.4 billion.
Write to Josiah Wilmoth at josiah.wilmoth(at)CCN.com.
Last modified: March 4, 2021 5:03 PM