CoinLoan Weekly: BTC Transfer Value Surge
Last week was uneasy for Bitcoin – the leading cryptocurrency lost 15% of its value, effectively reaching $57,060 by Friday, December 3, 2021. However, the fear of Evergrande collapse together with a sell-off on Wall Street led to a massive drop to $47,612 that wiped out 10k from the Bitcoin price within a couple of hours. At the moment, the coin is trying to recover.
On December 6, 2021, Bitcoin was trading at $48,580.
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ETH was too a subject of a downfall this week – the second cryptocurrency by market cap started with a value of $4,361 on Monday, reaching $4,604 by Friday, December 3, 2021, climbing close to the Ethereum max price. However, it experienced a dramatic drop to $3,828, liquidating all the gains made in the past month. ETH has later recovered, getting back to $4,238, a mark almost equal to Monday level. Yet, it dropped further.
As of December 6, 2021, Ethereum is trading at $4,076, experiencing -5.0% and -3.5% changes over the past 24 hours and seven days, respectively.
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Out of all three, XRP had the hardest week. Ripple’s coin went sideways, fluctuating between $1.02 and $0.97. However, closer to the weekend, the price dropped significantly, all the way to $0.72. The bounce-back move was not very strong – XRP only managed to gain $0.05.
As of December 6, 2021, XRP is trading at $0.77.
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The Surge in Value Transferred Through BTC Blockchain
The value transferred through Bitcoin's blockchain reached $8.89 trillion.
Since the creation of the first cryptocurrency, the volume of value transferred through its blockchain reached $8.89 trillion, according to ForkLog.
The growth of the indicator may indicate an increase in the number of BTC retail users and the overall on-chain activity.
Currently, Bitcoin supply on centralized exchanges has fallen to the mark of July 2018. Many market participants favor safer non-custodial wallets, focusing on long-term investment horizons.
Since the beginning of 2021, the bitcoin network has processed a larger volume of transactions than the payment system PayPal.