Top 20 Cryptos Make Small Gains While Stocks and Oil Indexes See Green
Six out of the top 20 cryptos by market capitalization are seeing some losses while EOS has climbed over 6 percent.
Market visualization from Coin360
The biggest cryptocurrency, Bitcoin (BTC), is slightly up 0.05 percent, trading at $3,658 at press time. Bitcoin has climbed 5.65 percent over the past 7 days amidst all but one top 20 cryptocurrencies by market cap seeing solid growth over the week.
Bitcoin 7-da7 price chart. Source: CoinMarketCap
Ethereum (ETH), the top altcoin that regained its place as the second-largest crypto by market cap on Feb. 11, is up around 1 percent at press time. After dropping to as low as $103 per coin earlier this week, Ethereum is up almost 15 percent over the past 7 days, and is trading at $123.
Ethereum 7-day price chart. Source: CoinMarketCap
Ripple (XRP) is slightly down around 0.1 percent, trading at $0.304. The coin is seeing relatively modest growth over the past 7 days, up around 2 percent.
Ripple 7-day price chart. Source: CoinMarketCap
Total market capitalization is hovering around $121.6 billion, with an intraday low amounting to $119 billion. Daily trade volume is still relatively high with $20 billion traded on the average over the 24-hour period, while for most of the month it hovered between $15-$17 billion.
Total market capitalization monthly chart. Source: CoinMarketCap
EOS (EOS), the fourth top crypto by market cap, is seeing the biggest growth among top 20 cryptocurrencies, up around 6.6 percent over the past 24 hours at press time. In contrast, Binance Coin (BNB) is seeing the biggest losses, down 4.46 percent.
Over the past 7 days, Litecoin (LTC) is up the most, having grown by almost 30 percent at press time.
Earlier today, United States (U.S.) digital asset firm Morgan Creek Digital raised $40 million in funding from investors that included two major pension funds, in order to launch a new venture capital fund focusing on investing in the digital asset industry. Morgan Creek Digital Assets founder Anthony Pompliano claimed that the new fund intends to educate stakeholders to demystify the nascent crypto industry.
Recently, chair of the Financial Stability Board Randal K. Quarles claimed that cryptocurrencies as an asset class “may challenge any framework” for financial stability.
Meanwhile, U.S. stock markets have rallied today, with the Dow Jones Industrial Average (DJIA) rising around 1.49 percent, while the S&P 500 has increased by 1.29 percent, and the Nasdaq Composite Index grew by 1.42 percent at press time. Art Hogan, chief market strategist at National Securities, told CNBC that the current situation on stock markets may mean that the U.S. government shutdown was avoided.
Major oil indexes have also seen a significant growth, with the Canadian Crude Index rising around 1.3 percent, while West Texas Intermediate (WTI) is up 1.47 percent, Brent Crude growing by 1.61 percent, according to oilprice.com. The oil market is allegedly seeing a wave of green in ahead of the release of OPEC’s monthly market on the day.