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.
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The information provided by CoinLoan ("we,” “us” or “our”) in this report is for general informational purposes only. All investment/financial opinions expressed by CoinLoan in this report are from the personal research and open information sources and are intended as educational material. All outlined information is provided in good faith, however we make no representation or warranty of any kind, express or implied, regarding the accuracy, adequacy, validity, reliability, availability or completeness of any information in this report.