Bitcoin Falls Under $10,800 as US Stock Market Sees Minor Uptrend
Most of the top 20 cryptocurrencies are reporting significant losses on the day as Bitcoin falls under the $10,800 mark again.
Market visualization courtesy of Coin360
Bitcoin 7-day price chart. Source: Coin360
As Cointelegraph reported earlier today, Fundstrat Global Advisers Co-Founder Thomas Lee suggested that bitcoin’s volatility makes a long-term approach towards investing in it more appropriate for most traders.
Ether (ETH) is holding onto its position as the largest altcoin by market cap, which currently stands at $30.1 billion. The second-largest altcoin, Ripple’s XRP, has a market cap of $16.6 billion at press time.
Coin360 data shows that ETH has seen its value decrease by over 16% over the last 24 hours. At press time, ETH is trading around $292. On the week, the coin has also gained over 8.2% of value.
Ether 7-day price chart. Source: Coin360
XRP is down by about 17% over the last 24 hours and is currently trading at around $0.402. On the week, the coin is down about 8.2%.
XRP 7-day price chart. Source: Coin360
At press time, the total market capitalization of all cryptocurrencies is $307.6 billion, over 6.1% higher than the value it reported a week ago.
In traditional markets, the United States stock market is seeing slight gains so far today, with the S&P 500 up 0.51% and the Nasdaq up 0.74% at press time. The CBOE Volatility Index (VIX), on the other hand, has lost 2.04% on the day at press time.
Major oil futures and indexes are seeing discreet gains today, with WTI Crude down 0.05%, Brent Crude down 0.11% and Mars US up 1.22% at press time. The OPEC Basket is up 1.25% and the Canadian Crude Index has lost 0.12% over the 24 hours by press time, according to OilPrice.