Bitcoin Hovers Оver $3,850 as Top Cryptos See Mixed Signals
Most of the top 20 cryptocurrencies are reporting a mix of moderate gains and losses, with Bitcoin hovering over $3,850.
Sunday, Jan. 6 — most of the top 20 cryptocurrencies are seeing a mix of moderate gains and losses on the day to press time. Bitcoin’s (BTC) price is currently hovering over $3,850 again, according to Coin360 data.
Market visualization from Coin360
At press time, Bitcoin is up just a fraction of a percent on the day, trading at around $3,870. Looking at its weekly chart, the current price has come full circle from $3,867 on Dec. 30. The current price is lower than the intra-week high of $3,946 on Jan. 2, and notably higher than the low of $3,710 reported on Jan. 1.
Bitcoin 7-day price chart. Source: CoinMarketCap
Ethereum (ETH) remains the second-largest cryptocurrency by market cap. The divide between ETH and Ripple (XRP) — the third-largest crypto by market cap — is increasing. Ethereum’s market cap is currently $15.9 billion, while Ripple’s market cap is $14.5 billion.
Ethereum has seen its value decrease by nearly 3 percent over the last 24 hours. At press time, ETH is trading at around $153, having started the day around $157. On the weekly chart, Ethereum’s current value is notably higher than $139, the price at which the coin started the week.
Ethereum 7-day chart. Source: CoinMarketCap
Ripple is down a fraction of a percent on the day, trading at around $0.357 at press time. On the weekly chart, the current price is lower than $0.366 — the price at which XRP started the week — and $0.378, the mid-week high, reported Jan. 2.
Ripple 7-day price chart. Source: CoinMarketCap
The combined market capitalization of all cryptocurrencies — currently equivalent to about $132.3 billion — is at nearly the same point it was at one week ago, at $130.2 billion. The current value is slightly lower than the intra-week high of $135.2 billion, reported Jan. 2.
Total crypto market cap 7-day chart. Source: CoinMarketCap
As Cointelegraph recently reported, major financial consulting firm McKinsey & Company released a post according to which the company believes that there is little evidence of practical use for blockchain.
A supervisory memorandum published earlier this week stated that the Texas Department of Banking could consider stablecoins as money, making them and exchanges that deal with them subject to a number of Texas laws and licensing requirements.