Cryptocurrency

Market in green: ETH goes up 12% and bitcoin flirts with $ 9,600


Key facts:

Among the top 30 cryptocurrencies on the market only two have red numbers.

In contrast, the traditional markets are to the downside in the last 24 hours.

After days of calm during the last 24 hours the market cryptocurrencies again show a general increase. Stand out in this period, the approach of bitcoin (BTC) to $ 9,600, as well as the increase of the criptomoneda native of Ethereum, ether (ETH), which is around 12%.

In the case of bitcoin, a possible cause for the rise is the recent statement of the Office of the Comptroller of the Currency (OCC) of the united States, in which allow banking institutions to offer custody services of cryptocurrencies.

The increase between Wednesday 22 and Thursday 23 of July has been 2.5%, just hours after that announcement, reported in Breaking News. The current price of the main criptomoneda of the market is USD 9.572, on data from CoinMarketCap. From a month ago, BTC is not above the 9.600, as seen in the graph from the same source.

The 12% increase of the past 24 hours for ETH coincides with new advances in the way for the launch of the new version of Ethereum 2.0. The criptomoneda native of this network has a value of 273 dollars at the time of drafting of this note.

The founder of Ethereum, Vitalik Buterin, published just a few hours ago about these developments and now the criptomoneda ETH is at levels not seen since mid-February of this year, before the start of the quarantine by coronavirus in a large part of the world.

In addition to the two cryptocurrencies with the greatest market capitalization, among the top thirty the great majority has had a price increase in the last 24 hours. Only NEM and ontology (ONT) are in red currently.

From the 24th of June, bitcoin has not exceeded $ 9,600. Source: CoinMarketCap.

Between the cryptocurrencies winning, highlights the token MKR, of MakerDAO. The increase of this criptomoneda is the second-highest in percentage terms in this 24-hour period, with more than 10% to the upside.

Other cryptocurrencies outstanding are tezos (XTZ), with over 7% increase; chainlink (LINK), Monero (XMR) and bitcoin SV (BSV). The last three have increased more than 5% each.

24 hours ago, the market value of ETH was 244 dollars. Source: CoinMarketCap.

Traditional markets to the poor

In contrast with the market of the cryptocurrencies in the last 24 hours the traditional markets show figures in red. At the time of drafting this note, indexes such as the Standard & Poors (S&P500) and the Dow Jones have fallen by more than 1%, according to data from Investing.

Also are the low indexes oil such as Brent or WTI (main index for the crude oil the u.s.), as well as shares of large companies, such as Tesla, Apple, Google, or Amazon.

A few months ago, the correlation of bitcoin and the market cryptocurrencies in general with respect to traditional markets reached a high point. Especially, with respect to the S&P500, as reported Breaking News in march of last year.

The behavior of the market in the last few hours seems to indicate a gap in that correlation, as the market of cryptocurrencies and the traditional indexes have taken paths that are contrary for the moment.

About the author

Belinda Carey

Belinda Carey

A finance girl by education, Belinda has been drawn to cryptocurrencies ever since Bitcoin first emerged in the 2009. Nearly a decade later, Belinda is actively working to spread awareness about cryptocurrencies as well as their impact on the traditional currencies.

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