On the 22nd (local time), the cryptocurrency market turned to an intraday uptrend for most of the major stocks. Eight of the top 10 stocks rose, and 72 of the top 100 increased in price.
# General progress makeover
According to CoinMarketCap, the price of bitcoin rose 0.06% from 24 hours ago to $16,790.62 as of 4:00 pm New York time.
Ethereum rose 0.68%, XRP 1.24%, Dogecoin 4.99%, Cardano 1.87%, Polygon rose 0.59%, and BNB fell 0.64%.
At this time, the market capitalization of the cryptocurrency market was $809.6 billion, and Bitcoin accounted for 39.9%.
Source: CoinMarketCap (as of December 22, 4:00 PM, New York time)
# Future market flat
Bitcoin futures on the Chicago Mercantile Exchange (CME) recorded $16,735 for December, the most actively traded, and $16,615 for January, up $25.Ethereum futures price traded at $1214.50 for the December contract, up $7.00, and $1204.00 for the January contract, up $5.50.
# Signs of increased volatility near Bitcoin’s bottom
According to a report by Blockware Weekly, Bitcoin’s realized volatility has receded to its lowest level since the third quarter of 2020.
“Bitcoin’s slumber doesn’t last long,” says Blockware. Therefore, we must be prepared for a sharp movement to appear sooner or later.”
According to data from on-chain analytical firm CryptoQuant, the Spent Output Profit Ratio (SOPR), an indicator of whether Bitcoin investors are currently generally selling at a profit or loss, has fallen to 0.53, the lowest level since February 2019. .
This is the lowest reading since February 2019, when the previous low cycle was recorded, which could indicate that the bottom of this bear market is near.
Dogecoin (DOGE) continued to rise during the day on the news that it was listed on Bitstamp, Europe’s largest cryptocurrency exchange.
Dogecoin continued its upward trend of about 5% even when the volatility of the cryptocurrency market was greatly reduced.
Historically, Bitcoin has been a leading indicator for the US stock market, and analysts say it needs to be watched to determine when the stock market will turn bullish, CoinDesk reported.
Bitcoin’s historical performance as a leading indicator for the S&P 500 index suggests that investors generally view Bitcoin and cryptocurrencies as riskier assets than equities, CoinDesk noted.
Coinbase shares closed up 1.59% to $34.59.
The New York Stock Exchange fell 1.04% on the Dow, 2.18% on the Nasdaq and 1.44% on the S&P 500.
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