• Home
  • Cryptocurrency
    • Bitcoin
    • Ethereum
    • XRP
    • Litecoin
    • Altcoin
    • Cardano
    • Tether
    • DOGE
    • Solano
    • XLM
    • DOT
    • XDC
    • SHIBA
    • BNB
    • Ape
    • HBAR
    • QNT
  • Blockchain
  • Regulation
  • Market
  • Live
    • Prices
    • ICO
  • Meta
    • NFT
  • Technical Analysis
    • XRP
    • BTC
    • XLM
    • ADA
    • TETHER
    • ETC
    • ETH
    • DOGE
    • LTC
  • Exchange
  • Mining
Wednesday, September 27, 2023
  • Login
  • Register
Coin24h.com
  • Home
  • Cryptocurrency
    • Bitcoin
    • Ethereum
    • XRP
    • Litecoin
    • Altcoin
    • Cardano
    • Tether
    • DOGE
    • Solano
    • XLM
    • DOT
    • XDC
    • SHIBA
    • BNB
    • Ape
    • HBAR
    • QNT
  • Blockchain
  • Regulation
  • Market
  • Live
    • Prices
    • ICO
  • Meta
    • NFT
  • Technical Analysis
    • XRP
    • BTC
    • XLM
    • ADA
    • TETHER
    • ETC
    • ETH
    • DOGE
    • LTC
  • Exchange
  • Mining
No Result
View All Result
  • Home
  • Cryptocurrency
    • Bitcoin
    • Ethereum
    • XRP
    • Litecoin
    • Altcoin
    • Cardano
    • Tether
    • DOGE
    • Solano
    • XLM
    • DOT
    • XDC
    • SHIBA
    • BNB
    • Ape
    • HBAR
    • QNT
  • Blockchain
  • Regulation
  • Market
  • Live
    • Prices
    • ICO
  • Meta
    • NFT
  • Technical Analysis
    • XRP
    • BTC
    • XLM
    • ADA
    • TETHER
    • ETC
    • ETH
    • DOGE
    • LTC
  • Exchange
  • Mining
No Result
View All Result
Coin24h.com
No Result
View All Result
Ledger Nano X - The secure hardware wallet
ADVERTISEMENT

Market Wrap: Bitcoin Stays in Tight Range but Gains Dominance as XRP Crumbles

24 December 2020
in XRP
Reading Time: 12 mins read
A A
0
189
SHARES
1.5k
VIEWS
Share on FacebookShare on Twitter
cryptotrader
ADVERTISEMENT

Related articles

Ripple (XRP) And Solana (SOL) Making an Attempt to Break Key Levels. What’s the next pivot points?

Ripple (XRP) And Solana (SOL) Making an Attempt to Break Key Levels. What’s the next pivot points?

27 September 2023
Shiba Inu, XRP to Expand Global Reach to 190 Countries via This Partnership

Shiba Inu, XRP to Expand Global Reach to 190 Countries via This Partnership

27 September 2023


  • Bitcoin (BTC) traded around $23,310 as of 19:00 UTC (2 p.m. ET), slipping 1.3% over the previous 24 hours.
  • Bitcoin’s 24-hour range: $22,644.56 – $23,672.82 (CoinDesk 20)
  • Derivatives market hints at more volatility ahead.
  • With XRP’s sell-off, bitcoin’s dominance of the crypto market increases.

Bitcoin prices, Dec. 23 – Dec. 24, 2020.
Source: CoinDesk

A mere $1.2 billion worth of bitcoin changed on the eight exchanges tracked by the CoinDesk 20, the lowest level in 10 days. 

Bitcoin volume on the eight CoinDesk 20 exchanges, December 2020
Source: CryptoCompare

The relative quiet of the holiday season could potentially give way to some downside at the start of the new year, according to technical analyst Katie Stockton, managing partner at Fairlead Strategies.

“Bitcoin is digesting its gains in a consolidation phase after having confirmed its breakout to new all-time highs with its mid-month push higher,” said Stockton. “Former resistance near $19,500 is now initial support. Overbought conditions have not had an impact on momentum,” she said, though that is “perhaps more likely in January, which appears prone to risk-off positioning as it pertains to other asset classes.”

Traders borrowing to buy bitcoin may also end up endangering prices in the not-too-distant future, according to analyst Alex Krüger. 

“The crypto market became extremely levered up since the $20K breakout, and implied volatility spiked higher as traders repriced,” Krüger said. “High leverage translates into weaker hands and makes price vulnerable to large corrections. That is why we have been seeing such large two-way price moves since. This is normal given such market dynamics. In such conditions negative news would have an outsized market impact.”

A hint of what’s to come – as early as Friday – may also be found in the derivatives market. 

“We will witness the largest expiry in Deribit’s history tomorrow [Dec. 25] as 86,000 option contracts will expire with a notional value of over $2 billion,” said Luuk Strijers, chief commercial officer at Deribit, the world’s largest bitcoin options exchange. About 35% of all options on the exchange will expire Friday, leading them to expect some volatility on Christmas Day.

Open interest by strike price for options expiring Dec. 25, 2020.
Source: Deribit

“Max pain is at a significantly lower level, possibly indicating volatility to come,” Strijers added.

As Deribit defines it, the max pain price is the strike price with the most open interest for puts and calls and the price at which the underlying asset (such as bitcoin or ether) would cause financial losses for the largest number of option holders at expiration.

Thursday also marked the December expiration of bitcoin futures on the CME, with 4,309 contracts changing hands, much lower than the previous day’s 13,829.

Read More: SEC Gives Broker-Dealers Room to Handle Crypto Securities

All is certainly not quiet, calm or bright for XRP. Its downward slide continued Thursday, with the embattled cryptocurrency taking another 16% hit over the course of the most recent 24 hours. Since Monday, when Ripple Labs CEO Brad Garlinghouse gave the heads-up that the Securities and Exchange Commission was going to file an action claiming that XRP is a security, the cryptocurrency lost more than half its value. While still the third-most valuable crypto, according to CoinDesk 20 data, its market cap is now back down to $26.6 billion, roughly where it was in early November. 

XRP prices, Dec. 17 to Dec. 24, 2020.

On the heels of XRP’s troubles, bitcoin’s share of the total crypto market has increased to nearly 69% from 65% in just the past week, according to data compiled by CoinMarketCap. 

Bitcoin Dominance, Dec. 17 to Dec. 24, 2020.
Source: CoinMarketCap

Read more: Coinbase, Other Big Exchanges ‘Between Rock and a Hard Place’ on Delisting XRP

Ether (ETH), the second-largest cryptocurrency by market capitalization, was down 2.3% Friday, trading around $596 as of 19:00 UTC (2:00 p.m. ET).

Ether prices, Dec. 23 to Dec. 24, 2020.

For those tracking decentralized finance, the amount of ether locked in DeFi contacts remains just shy of 7.3 million ($4.3 billion worth), according to data site DeFi Pulse.

Ether locked in DeFi.
Source: DeFi Pulse

Read more: FinCEN’s Proposed Crypto Wallet Rule Might Hit DeFi

Digital assets on the CoinDesk 20 were mixed, with eight winners and 10 losers Monday (the remaining two are stablecoins).

Notable winners as of 19:00 UTC (2:00 p.m. ET):

  • Stellar (XLM) + 9.8%
  • Orchid (OXT) + 4.0%
  • Cardano (ADA) + 4.4%
  • OMG Network (OMG) – 6.7%
  • Algorand (RAND) – 6.1%
  • Chainlink (LINK) – 5.6%
  • Nikkei 225 (Japan) 26,668.35 (+143.56 or +0.54%)
  • The FTSE 100 (U.K.) 6,502.11 (+6.36 or +0.10%)
  • The S&P 500 (U.S.) 3,703.06 (+13.05 or +0.35%)
  • Oil was up 0.23%. Price per barrel of West Texas Intermediate crude: $48.23.
  • Gold was in the green 0.27% and at $1,883.20 as of press time.
  • The 10-year U.S. Treasury bond yield fell 29 bps to close the short week at 0.926%.

The CoinDesk 20: The Assets That Matter Most to the Market



Source link

Cryptohopper
ADVERTISEMENT
[crypto-donation-box]
Tags: BitcoincrumblesDominancegainsMarketRangestaystightWrapXRP
Share76Tweet47
Ledger Nano X - The secure hardware wallet
Previous Post

Tierion to Repay ICO Investors Up to $25M in SEC Settlement

Next Post

Cryptocurrency XRP drops 18% after U.S. SEC charges Ripple over offering

Related Posts

Ripple (XRP) And Solana (SOL) Making an Attempt to Break Key Levels. What’s the next pivot points?

Ripple (XRP) And Solana (SOL) Making an Attempt to Break Key Levels. What’s the next pivot points?

27 September 2023
0

The cryptocurrency realm is a whirlwind of emotions, teetering between hope and hesitation, as indicated by the ‘Crypto Fear and...

Shiba Inu, XRP to Expand Global Reach to 190 Countries via This Partnership

Shiba Inu, XRP to Expand Global Reach to 190 Countries via This Partnership

27 September 2023
0

Tomiwabold Olajide Shiba Inu, XRP's global expansion expected to contribute to overall crypto adoption The global reach of cryptocurrencies Shiba...

XRP Positioning For Potential Comeback as Ripple Proper Party Edges Closer

XRP Positioning For Potential Comeback as Ripple Proper Party Edges Closer

27 September 2023
0

XRP is positioning itself for a potential comeback, eyeing a recovery campaign above the $0.50 territory as the Ripple Proper...

Ripple (XRP) IPO Speculations Soar Ahead of Popular Event

Ripple (XRP) IPO Speculations Soar Ahead of Popular Event

27 September 2023
0

Ripple is hosting a party to further unite the XRP community and, more importantly, celebrate the landmark partial victory against...

Bitcoin Jumps 2%, Ignoring DXY’s Rise to 10-Month High; XRP Eyes Death Cross

Bitcoin Jumps 2%, Ignoring DXY’s Rise to 10-Month High; XRP Eyes Death Cross

27 September 2023
0

Bitcoin rose during the early U.S. trading hours, ignoring the continued rally in the greenback as spot buyers shook out...

Load More
Next Post

Cryptocurrency XRP drops 18% after U.S. SEC charges Ripple over offering

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

We publish a comprehensive news feed covering all news relevant to the crypto user, covering main industry news, politics and regulation as well as consumer-level “news you can use” (practical stuff), including handy DIY tips, links to useful tools, unbiased reviews and opinions revolving around cryptocurrency. Simple logic and real-world examples are preferred before technical jargon and personal rants.

Categories

  • Altcoin
  • ApeCoin
  • Bitcoin
  • Blockchain
  • BNB
  • Cardano
  • Cryptocurrency
  • DOGE
  • DOT
  • Ethereum
  • HBAR
  • Litecoin
  • Market
  • Meta News
  • Mining
  • NFT
  • QNT
  • Regulation
  • SHIBA
  • Solano
  • Tether
  • Uncategorized
  • XDC
  • XLM
  • XRP

What’s New Here!

  • U.S. Department of Justice Opposes Sam Bankman-Fried's Latest Move for 'Temporary Release'
  • Where to play Pac-Man in Arizona
  • Sam Bankman-Fried’s Biggest Grift? His ‘Best In Class’ Exchange

Newsletter

  • About Us
  • Privacy Policy
  • Contact Us

© 2022 coin24h.com

No Result
View All Result
  • Home
  • Cryptocurrency
    • Bitcoin
    • Ethereum
    • XRP
    • Litecoin
    • Altcoin
    • Cardano
    • Tether
    • DOGE
    • Solano
    • XLM
    • DOT
    • XDC
    • SHIBA
    • BNB
    • Ape
    • HBAR
    • QNT
  • Blockchain
  • Regulation
  • Market
  • Live
    • Prices
    • ICO
  • Meta
    • NFT
  • Technical Analysis
    • XRP
    • BTC
    • XLM
    • ADA
    • TETHER
    • ETC
    • ETH
    • DOGE
    • LTC
  • Exchange
  • Mining

© 2020 coin24h.com

Welcome Back!

Login to your account below

Forgotten Password? Sign Up

Create New Account!

Fill the forms below to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In
  • bitcoinBitcoin(BTC)$26,259.000.46%
  • ethereumEthereum(ETH)$1,594.030.42%
  • tetherTether(USDT)$1.000.00%
  • binancecoinBNB(BNB)$211.19-0.08%
  • rippleXRP(XRP)$0.500.21%
  • usd-coinUSDC(USDC)$1.00-0.07%
  • staked-etherLido Staked Ether(STETH)$1,594.660.47%
  • cardanoCardano(ADA)$0.2446650.31%
  • dogecoinDogecoin(DOGE)$0.0603140.57%
  • solanaSolana(SOL)$18.97-0.29%
  • tronTRON(TRX)$0.0852971.26%
  • ToncoinToncoin(TON)$2.152.02%
  • Wrapped stETHWrapped stETH(WSTETH)$1,864.880.36%
  • polkadotPolkadot(DOT)$3.98-0.28%
  • litecoinLitecoin(LTC)$63.460.24%
  • matic-networkPolygon(MATIC)$0.50-1.44%
  • bitcoin-cashBitcoin Cash(BCH)$229.217.65%
  • chainlinkChainlink(LINK)$7.664.25%
  • wrapped-bitcoinWrapped Bitcoin(WBTC)$26,181.000.15%
  • shiba-inuShiba Inu(SHIB)$0.000007-0.62%
  • daiDai(DAI)$1.000.09%
  • true-usdTrueUSD(TUSD)$1.00-0.08%
  • leo-tokenLEO Token(LEO)$3.700.95%
  • uniswapUniswap(UNI)$4.220.05%
  • avalanche-2Avalanche(AVAX)$8.89-0.21%
  • stellarStellar(XLM)$0.1117860.16%
  • moneroMonero(XMR)$146.071.41%
  • okbOKB(OKB)$42.78-0.65%
  • binance-usdBUSD(BUSD)$1.00-0.01%
  • ethereum-classicEthereum Classic(ETC)$15.282.07%
  • cosmosCosmos Hub(ATOM)$6.950.41%
  • hedera-hashgraphHedera(HBAR)$0.0492330.27%
  • GGTKNGGTKN(GGTKN)$0.1121180.75%
  • filecoinFilecoin(FIL)$3.191.55%
  • makerMaker(MKR)$1,469.364.16%
  • crypto-com-chainCronos(CRO)$0.0500950.11%
  • internet-computerInternet Computer(ICP)$2.93-0.52%
  • lido-daoLido DAO(LDO)$1.460.65%
  • quant-networkQuant(QNT)$88.253.16%
  • MantleMantle(MNT)$0.386658-0.75%
  • AptosAptos(APT)$5.260.33%
  • vechainVeChain(VET)$0.016391-0.29%
  • ArbitrumArbitrum(ARB)$0.82-0.22%
  • optimismOptimism(OP)$1.26-0.13%
  • nearNEAR Protocol(NEAR)$1.07-0.80%
  • EdgecoinEdgecoin(EDGT)$1.00-0.03%
  • KaspaKaspa(KAS)$0.0465480.79%
  • Rocket Pool ETHRocket Pool ETH(RETH)$1,730.870.56%
  • BSCEXBSCEX(BSCX)$237.190.34%
  • aaveAave(AAVE)$60.20-0.83%