The biggest and oldest cryptocurrency, Bitcoin, broke the USD7k price tag on November 25th, dragging the rest of the top currencies by market capitalization downwards amidst the new wave of uncertainty.
The number one cryptocurrency by market capitalization has been stuck in a downward trend ever since it failed to manage to achieve new heights back in August. We've seen Bitcoin struggle and fail at every support since, and in his latest downward movement it managed to fall under USD9000. It would appear that there simply isn't enough momentum for the currency to reach new heights, with the lack of adoption from Bakkt and other products aimed at institutional investors simply not providing enough fuel for greater speculative valuations, even though some commentators remain positive $BTC will manage to outperform its all time high by the end of 2019.
In another sharp downward movement, Bitcoin broke under USD7000 per Bitcoin price tag on November 25th, and continued to fall all the way down to USD6600. It manged to recover somewhat since and the biggest currency is currently trading at USD7380 per $BTC, holding an USD133bn market capitalization.
Over the past 24 hours $BTC records a 0,4% loss while its high market dominance fell to 66,5%, as the top currencies lose the battle and start to experience BTC volatility.
The worst performing coin over the last 24 hours was Bitcoin SV, $BSV, which records a 2,29% despite the majority of top currencies staying in the green. The best performing top ten currency over the same period was the utility coin of the biggest cryptocurrency exchange, Binance, which managed to record a 1,65% gain.
In the traditional markets, major stock indices have started the week in the red - the Dow Jones Industrial Average is down by 0,4% on December 2nd while the FTSE 100 Index lost 0,94%. The S&P 500 index is down by 0,4% while the SSE Composite Index records a 0,08 gain, breaking away from its downward trend as it has done several times before, but its highly likely this will be a short lived change as well.
News picks for the day:
Coinbase, the major U.S. based cryptocurrency exchange and crypto custordial service provider has denied recent rumors of it acquiring of the electronic brokerage Tagomi.
The tech giant Microsoft has announced it will collaborate with Eidos, a major game developer, and Fabled Lands, a gamebook company, to turn a best-selling series of gamebooks from the 1980s into a blockchain powered card game.
A disgruntled investor from Canada has decided to press charges against the Israeli crypto entrepreneur Moshe Hogeg and his blockchain company Stox.
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