Crypto Markets Rally, While Palladium and Oil See Decline

Wednesday, March 27 — cryptocurrency markets have entered the green zone after yesterday’s slight decline. Bitcoin (BTC) has reclaimed its position and is hovering above the $4,000 price mark.

Market visualization from Coin360

Market visualization from Coin360

The leading cryptocurrency Bitcoin is up 2.34 percent on the day, and is trading at $4,061 as of press time. Yesterday, March 26, BTC dropped under $4,000, and started the day at $3,962. On its weekly chart, Bitcoin’s deepest and highest points were $3,934 and $4,091 respectively.

Bitcoin 24-hour chart

Bitcoin 24-hour chart. Source: CoinMarketCap

Ethereum (ETH) has gained 3.48 percent over the past day and is trading at around $139.52 at press time. On the week Ethereum is down 0.16 percent, with monthly gains pinched to just 0.04  percent.

Ethereum 24-hour chart

Ethereum 24-hour chart. Source: CoinMarketCap

The third largest cryptocurrency by market cap Ripple (XRP) is trading at $0.309 at press time, having gained 2.57 percent over the last 24 hours. Over the past seven days, XRP is down by nearly 4 percent.

Ripple’s 24-hour chart

Ripple’s 24-hour chart. Source: CoinMarketCap

Stellar (XLM) —  now the eighth leading digital currency —  has increased by 3.9 percent on the day and is trading at around $0.1074. The coin began the day at about $0.102, while its highest price point was $0.1076.

News broke today that American leading cryptocurrency exchange Coinbase announced that it is giving away 1 billion XLM (about $106 million) to users that are willing to study the Stellar protocol. The move is part of Coinbase Earn, the exchange’s crypto-focused educational program.

Stellar’s 24-hour chart

Stellar’s 24-hour chart. Source: CoinMarketCap

On CoinMarketCap’s listings, all of the top 20 coins are in the green, posting more gains between 0.5 and 20 percent on the day. EOS has seen remarkable gains on the day, up over 17 percent and trading at $4.31.

Total market capitalization of all cryptocurrencies is around $142.6 billion at press time –– up а solid $6 billion from the week’s low at $136.4 billion.

Total market capitalization 7-day chart

Total market capitalization 7-day chart. Source: CoinMarketCap

In the meantime, Nick Percoco, chief security officer at United States-based cryptocurrency exchange Kraken, announced that two-factor authentication (2FA) is now mandatory for the exchange’s users. Per the announcement, Kraken supports Google Authenticator  and YubiKey as 2FA implementations.

Today, CNBC reported that palladium slumped 6 percent because investors booked profits after a rally to record highs and slowing global growth cast doubts over demand for the autocatalyst metal, while gold dropped on a stronger dollar.

Oil prices have also seen a slump today. U.S. West Texas Intermediate crude futures settled 53 cents lower at $59.41 per barrel, posting a nearly 1 percent loss today. International benchmark Brent crude was down 15 cents at $67.82 in the middle of the day.