Crypto markets are seeing a substantial influx in the initial week of this winter month, with all top 20 coins by market cap firmly in the green, according to CoinMarketCap.
Following a number of plunges below the $4000 threshold, as on Nov. 30, Bitcoin (BTC) now has managed to finally hold $4,000 support. The major cryptocurrency is now trading at $4,202, up 4.5 percent over the past 24 hours to press time. Bitcoin is down around 1.9 percent over the week, according to data from CoinMarketCap.
Bitcoin day chart
Ripple (XRP) is the second cryptocurrency by market cap. XRP is seeing milder gains and is up by around 3 percent over the past 24 hours and trading at $0.37 as of press time, however, the coin is seeing considerable losses over the week, approximately more than 7 percent.
Ripple 7 day price chart
TRON (TRX) and NEM (XEM) are seeing the gains bigger than the top 20 coins by market capitalization. TRON is ranked 11th on CoinMarketCap by press time and is up 6.5 percent, also holding a significant grow over the week, approximately more than 11 percent. NEM is up 7 percent, seeing around 5 percent gains over the past week.
Bitcoin Cash’s (BCH) hard fork, Bitcoin SV (BSV), is seeing a huge increase over the past 7 days and is up by more than 45 percent over the period. The hard forked cryptocurrency is ranked nine on CoinMarketCap and is trading at around $94, seeing a small growth over the day approximately around 0.1 percent.
Total market capitalization has seen a marked increase over the day, having hiked from around $129 billion to as high as the current $137 billion. Daily trade volume has been stable over the day, accounting for $16 billion, while seeing a small drop to $15 billion at press time.
The market capitalization chart
Crypto evangelist Anthony Pompliano, a partner at crypto investment firm Morgan Creek Digital Assets, has noted that while the markets have hit another low recently, Bitcoin fundamentals, such as cost per transaction and number of transactions, have increased.
In a post recently, Pompliano emphasized the seven fundamentals of Bitcoin, pointing out the increasing number of Bitcoin wallets as well as the growth of the amount of daily confirmed transactions.
The crypto believer also stressed the increasing power of Bitcoin’s hash rate, claiming that it has almost “quadrupled in the last year or so.” Also, Pompliano stated that the number of Bitcoin nodes has been 98 percent up over the last two years, citing data from Bitnodes.
Concluding his analysis, Pompliano argued that price of a cryptocurrency is “only one measurement of value for an asset,” stating that underlying fundamentals is the main focus of the future value of the digital currency. He wrote:
“Don’t be distracted by the noise. Focus on the fundamentals. Bitcoin isn’t going anywhere.”
PCEX is a digital currency exchange offering a reliable broker channel. Follow us on www.pcex.io to explore more.
Do you also think that December looks green for the crypto market? Let us know in the comments section.