The most valuable cryptocurrency by market capitalization, Bitcoin (BTC) and Ether (ETH), had a roughly flat movement over the last 24 hours.
Bitcoin (BTC) has been hovering around $17,000 for the past 7 days and currently has a 38.70% dominance in the crypto market, trading for $16,972 at the time of writing.
Source: coinmarketcap.com, BTC/USD 7-Day Chart;12:45 (GMT+2)
Ether (ETH) has shown a slight price increase in the last 7 days and is currently trading at $1,254 at the time of writing. A month ago, Ether traded at the same price range, indicating that Ether has maintained its resistance level at $1,250.
Source: coinmarketcap.com, ETH/USD 7-Day Chart; 12:45 (GMT+2)
Macroeconomic Scenario
The performance of cryptocurrencies will be determined by macroeconomic conditions, the ongoing development of regulation, and the traditional asset market, as they are all interconnected and influence investor confidence.
NextAdviser published an article on December 9th, 2022, and the U.S. stock is heading for another interesting week as investors expect the latest economic data from the Federal Reserve meeting on December 13th and 14th.
According to the U.S. Bureau of Labor Statistics producer price index (PPI) report released last Friday, wholesale prices rose 0.3% month over month in November, exceeding the 0.2% expected. Dow Jones forecast and 7.4% year-on-year growth. This is a measure of price changes over time from the seller’s perspective and another indicator of persistent inflation.
The stock and crypto market reacted. As the stock markets close on Friday, the S&P 500 is down 3.4% for the week, the Nasdaq Composite lost 4%, and the Dow Jones Industrial Average shed 2.8% to notch its worst week since September. Today the global crypto market cap is $844.09B, a 1.41% decrease over the past 24 hours.
This week, investors expect a 0.5% (50 basis point) interest rate hike from the U.S. Fed. If the Fed acts as investors expect, it’ll be the first time since May that the Fed has hiked rates by less than 0.75%.
Summary
To summarize the previous 7 days’ coins performance, BTC lost a minor 0.66%, Ether (ETH) lost about 1.91%, and XRP lost about 3.16%. Other popular coins, such as LTC, ADA, and XLM, have also seen declining prices, and according to the data from coinmarketcap.com, the global crypto market cap is $844.09B.
However, when cryptocurrency markets are volatile, the optimal action is to be aware and only invest what you can afford to lose. It is impossible to predict how the markets will behave; therefore, staying up to date on the latest news, reading charts, and understanding the nature of the market will keep you trading confidently.
Source: Coin360.com, 7-Day Chart; 12:45 (GMT+2)
Disclaimer
Please note that this is not trading advice. We recommend you to carry out your own research before making any trading decisions. This article is for informational purposes only.
