During the Christmas holiday, the entire crypto market appears stable, with Bitcoin (BTC), Ether (ETH), and XRP experiencing relatively small price movements with a crypto market capitalization of around $811B.
Last week, the market fell slightly on December 19 and again on December 22 before rebounding and remaining stable in a horizontal pattern.
At the time of writing, Bitcoin (BTC), the largest digital currency, is trading at $16,861, and the market is watching if it can reach $17K by the end of this week. However, it is currently trending upward incrementally.
Ether (ETH) and XRP (XRP) are currently trading at $1,221 and $0.351, respectively, and moving on the positive side of the charts.
Price Movement of Cryptocurrency
The largest cryptocurrency by market capitalization has seen a slight price movement. On December 19, with $16,739, falling to $16,407 and then rose to $16,986 the next day but failed to reach the $17K level. Today’s chart shows BTC/USD is stable, and, at the time of writing, BTC/USD is trading at $16,862 with a market capitalization of $324B.
Source: Coinmarketcap.com, December 26, 2022.
In the previous 7 days, Ether (ETH), the second-largest cryptocurrency by market capitalization, traded between $1,184 and $1,219. On December 19, ETH/USD dipped slightly from $1,185 to $1,161 at its lowest weekly price. At the time of writing, Ether (ETH) had regained its $1.2K level, and the current price is $1,221, with a market capitalization of $149B.
Source: Coinmarketcap.com, December 26, 2022.
XRP also had patterns similar to major coins such as Bitcoin and Ether. Last week, the price of XRP fluctuated in a narrow range. The lowest price was $0.334 on December 19, then the trading volume and price began to rise to $0.352 the next day. XRP (XRP) is currently trading at $0.351, and its total crypto market capitalization is around $17B, ranking sixth in the crypto market.
Source: Coinmarketcap.com, December 26, 2022.
Macro Perspective
Traditional trading markets were closed during the Christmas holiday, while the crypto market saw little movement in trading volume.
However, the new year is approaching, and hopefully, soon, the world will see inflation begin to fall, as will interest rates, which will start to rise at a minor basis point and eventually stop increasing. And geopolitical tensions, such as the war in Ukraine, must show signs of resolution before the crypto market can recover. For the time being, investors should take caution before investing.
Crypto Market Summary
To summarize the previous 7 days of coin performance, the market has yet to gain significant trading volume but has remained on the positive side of the charts. At the time of writing, Bitcoin (BTC) had gained 0.67%, Ether (ETH) had gained 2.99%, and XRP had gained 0.44%. USDC and USDT stablecoins are currently trading at $1.0005 and $1.0001, respectively.
The lack of trading volume is the most significant contributor to the cryptocurrency market’s stability. However, this week is the last week of the year, and the market is looking for positive developments as we approach 2023.
Coin360.com, December 26, 2022,
Disclaimer: Please note that this is not trading advice, and we recommend you carry out your research before making any trading decisions. This article is for informational purposes only.
