summary
- As of 1 p.m. today, bitcoins traded at about $23,530 each. That’s a 2.3% increase over 24 hours.
- In the last 24 hours, Bitcoin has been priced between $22,801 and $23,813.
- The volatility of the derivatives market is expected to increase in the future.
- As the sale of XRP (Ripple) tokens continued, Bitcoin’s share of the total cryptocurrency increased even more.
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12/24~25 Bitcoin price. Source = CoinDesk As a result of the aggregation of CoinDesk 20, the volume of bitcoin transactions on eight major cryptocurrency exchanges amounted to $1.2 billion, or about 1.3 trillion won. It’s the lowest in the last 10 days.
“It’s a relatively quiet atmosphere as the Christmas holiday begins,” said Kate Stockton, analyst at Fairlead Strategy. This could lead to a drop in prices at the beginning of the new year.”
“Bitcoin reached an all-time high in the middle of this month and then entered the phase of solidifying the current price. The price resistance, which continued at around $19,500 each, was the driving force behind the breakthrough of $20,000. Excessive buying in the market has not affected the recent price hike. However, since bitcoin is classified as a relatively safe asset than other cryptocurrencies, the buying trend of investors at the beginning of the year may lead to higher prices.”
Analyst Alex Kruger warned that “the bitcoin market may sooner or later be at risk because of those who invest in bitcoin with loaned money.”
“With the price of each exceeding $20,000, the bitcoin market continued to rise dramatically. However, as the price of bitcoin was readjusted at the hands of traders, implied volatility also increased. The high percentage of loans out of investment is a bad sign of the market as a whole.
In this case, the price of the asset is inevitably vulnerable to both large and small variables in the market. This is the reason why the price of bitcoin has soared. This is a natural trend in the current market structure. If bad news breaks out in this situation, the impact on the market will be great.”
The market changes that will happen tomorrow can be predicted by looking at the bitcoin derivatives market.
Luke Strikes, chief product officer at Deribit, the world’s largest bitcoin options exchange, said, “Today, the largest option expiration in the history of Deribit is going on.” Thousand cases are due.” This amounts to 35% of Deribit’s total option products. Accordingly, some price fluctuations are expected today. “The price of the max pain is very low, so price fluctuations are likely to be inevitable,” added Strickers.
The maximum pain price is the strike price of the call option and the put option with the most outstanding commitments. In other words, the price at which an option holder can suffer the greatest monetary loss at maturity is the greatest pain price.
The day before, on the 24th, a total of 4309 contracts expired as the December Bitcoin futures expiration date of the Chicago Commercial Exchange (CME). It was much less than the 13,829 cases that expired the previous day.
In the case of the Ripple (XRP) market, it is completely contrary to the calm or bright market atmosphere. On the 24th, the downtrend continued, down 16% from the previous day. On the 21st, right after Brad Garlinghouse, CEO of Reflaps, warned that “the US Securities and Exchange Commission (SEC) will file a lawsuit against the company,” the XRP price quickly broke in half.
According to data released by CoinDesk 20, XRP is still the third largest of all cryptocurrencies, but its current market capitalization has fallen to $33.3 billion or about 37 trillion won.
According to CoinMarketCap’s research, the Bitcoin dominance index rose from 65% last week to 69% this week as XRP fell. The Bitcoin Dominance Index is the share of Bitcoin’s market cap in the total cryptocurrency market cap.
Ethereum
As of 4 am today, the price of Ether (ETH) was $596 each, down 2.3% from the previous day.
According to DeFipulse, the total amount of Ether deposited in the current DeFi Protocol is about 7.3 million (about 4,900 billion won).
Other market trends
As of 4 a.m., among the cryptocurrencies included in CoinDesk 20, there are 8 assets that have made profits. Ten had negative returns. (The remaining two are stablecoins)
Key assets that made a profit
- Stellar (XLM) token increased by 9.8%
- Orchid (OXT) token increased by 4.0%
- Cardano (ADA) token increased by 4.4%
Key assets that did not generate revenue
- Omisego (OMG) token fell 6.7%
- Algorand (RAND) token fell 6.1%
- Chainlink (LINK) token fell 5.6%
Stock market
- Japan Nikkei 225 Index 26,668.35 (0.54% increase)
- UK FTSE Index 6,502.11 (0.10% increase)
- US S&P500 Index 3,703.06 (0.35% increase)
Commodity market
- 0.23% increase to $23 per barrel of Western Texas heavy oil
- Gold price rises slightly by 0.27% to reach $20 per ounce
Government bonds
- 10-Year Treasury Bond Yield Down 0.29% To Close This Week At 0.926% Increase
· Translated by NewsPeppermint.
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