Crypto Market Sees Uptick as Bitcoin and Ethereum Prices Rise
The cryptocurrency market has experienced a notable increase over the past 24 hours, with the market capitalization rising by 1.9% to $3.23 trillion. This surge has been driven by the performance of the top 100 coins, with 90 of them seeing price increases. The total crypto trading volume has also reached $124 billion, indicating a significant level of activity in the market. The price of Bitcoin (BTC) has increased by 2% to $92,126, while Ethereum (ETH) has seen a 1% rise to $3,239.
Crypto Winners and Losers
Among the top 10 coins, Solana (SOL) has seen the highest increase, with a 4.8% rise to $137. Binance Coin (BNB) has also performed well, with a 2.2% increase to $886. On the other hand, Tron (TRX) has been the only coin to see a price decrease, with a 1.1% drop to $0.2772. In the top 100 coins, Zcash (ZEC) has been the best performer, with an 8% increase to $452. Aave (AAVE) has also seen a significant rise, with a 7.5% increase to $204.
A High-Volatility Regime Ahead
According to analysts at Glassnode, several key metrics indicate a decrease in liquidity across the market, signaling that “the market is likely entering a high-volatility regime in the weeks ahead.” This is supported by the fact that unrealized losses have jumped to $350 billion, with BTC responsible for $85 billion. Additionally, economists expect the Bank of Japan to raise its benchmark rate, which could lead to a tightening of global carry trades and affect FX dynamics and broader risk appetite.
Levels and Events to Watch Next
Looking ahead, market participants are watching the USD/JPY volatility and its potential impact on liquidity preference. The price of BTC is currently trading at $92,126, with a potential move above $96,000, followed by $98,500 and then $102,000. On the other hand, a drop could take the price back below $90,000 and towards $87,300. Ethereum is currently changing hands at $3,239, with a potential move above $3,270 and then $3,400, which could open doors for another leg up towards $4,000.
Crypto Market Sentiment Remains Cautious
The crypto market sentiment remains cautious, with the fear and greed index standing at 29. Market participants are highly cautious and alert, with no key signals indicating a significant move in either direction. The crypto fear and greed index is a measure of market sentiment, with higher values indicating greed and lower values indicating fear.
ETFs Break An Inflow Streak
The US BTC spot exchange-traded funds (ETFs) broke a two-day green streak with $77.34 million in outflows on Thursday. The total net inflow increased slightly to $57.85 billion. The US ETH ETFs also broke a brief green streak, with $42.37 million in outflows on December 11. The total net inflow pulled back slightly to $13.11 billion.
Coinbase Plans to Roll Out New Features
Major crypto exchange Coinbase plans to roll out prediction markets and tokenized equities. The company will issue tokenized stocks in-house rather than through external partners, according to Bloomberg. A Coinbase spokesperson said the company would reveal its upcoming products during a livestream on December 17.
Quick FAQ
Why did crypto move with stocks today? The crypto market saw an increase over the past 24 hours, and the US stock market recorded a mixed performance during its previous session. By the closing time on Thursday, December 11, the S&P 500 was up by 0.21%, the Nasdaq-100 decreased by 0.35%, and the Dow Jones Industrial Average rose by 1.34%, setting a record high.
Is this rally sustainable? The market is still consolidating, and barring a significant macroeconomic signal, it will likely continue trading in a tight range in the short term. In the long term, we should see some significant moves.
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