Crypto Markets Teeter on New Year's Eve, With Mostly Losses Across the Board
On the cusp of the new year, most of the top 20 cryptocurrencies by market cap are in the red, with losses capped below 6 percent.
Monday, Dec. 31 — on the cusp of the new year, all but one of the top 20 cryptocurrencies by market cap are in the red, as data from Coin360 shows. Losses among the larger cryptos are tempered, with most losing 2-3 percent, and losses capped at 6 percent.
Market visualization by Coin360
Bitcoin (BTC) has seen a mild loss of around 2 percent over the 24 hours to press time, currently trading at $3,816. The closing week of 2018 has been a volatile one, with Bitcoin breaking above $4,200 Dec. 24, before sustaining several days of losses to trade close to the $3,600 mark Dec. 28. Throughout much of the week, the coin has mostly traded sideways in the $3,800-$4,000 range.
After the week’s shaky performance, Bitcoin is now 6 percent down on its 7-day chart: losses on the month are around 11 percent. On the year, Bitcoin is down 72 percent — having traded around $13,400 on Dec. 31, 2017.
Bitcoin 7-day price chart. Source: Cointelegraph’s Bitcoin Price Index
Ripple (XRP) — the second largest crypto by market cap — is down a similarly mild 2 percent on the day, and is trading at around $0.36 to press time. The asset’s 7-day trading pattern has been closely correlated with that of Bitcoin’s — peaking at as high as $0.44 Dec. 24, and reaching an intra-week low of $0.34 on Dec. 28.
Ripple’s typical trading range over much of the week has been $0.36-$0.38; today’s renewed losses have brought the asset to just shy of 2 percent lower than its value at the start of its 7-day chart. Monthly losses are at a fairly mild 4.5 percent. On the year, Ripple is down close to 85 percent.
Ripple 7-day price chart. Source: Cointelegraph’s Ripple Price Index
Ethereum (ETH) — ranked third by market cap — is down under 1 percent on the day and trading at $138 at press time. Following an intra-week high of over $156 Dec. 24, the altcoin has dipped below $115 on Dec. 28, but saw a second flush of positive momentum over subsequent days — inching back close to $150 on Dec. 29.
Ethereum is around 10 percent in the red on its 7-day chart as of press time. The coin has seen growth on the month, with a 23 percent gain. On the year, Ethereum is down close to 82 percent.
Ethereum 7-day price chart. Source: Cointelegraph’s Ethereum Price Index