Among the top 30 cryptocurrencies in the market, only two are in the red. In contrast, traditional markets have been on the decline in recent days.
After very calm days, the cryptocurrency market has once again shown a general increase. In this period, the proximity of Bitcoin (BTC) to USD 9,600 is prominent, the same as the rise in the price of Ethereum’s native cryptocurrency, Ether (ETH), which is around 12%.
In the case of Bitcoin, a possible cause for the rise is the recent statement by the US Office of the Comptroller of the Currency (OCC), in which they allow banks to offer cryptocurrency custody services.
Last July 22nd and 23rd, the price of the first cryptocurrency in the market had an increase of 2.5%. Its current price is USD 9,624, according to data from CoinMarketCap. BTC had not been above USD 9,600 since June, according to a chart from the same source.
The 12% increase that ETH had in recent days coincides with new advances on the path to launch the Ethereum 2.0 upgrade. The native cryptocurrency of this network is worth USD 286 at the time of writing this article.
Vitalik Buterin, Ethereum Founder, posted information on those advances in recent days. The price of the cryptocurrency ETH is now at levels that it had not been possible to see since mid-February this year, before the start of the COVID-19 quarantine in much of the world.
This is what has happened with the price of the two cryptocurrencies with the largest market capitalization in the market. Among the top thirty, the vast majority of them have had an increase in price in recent days. Only NEM and Ontology (ONT) currently have red numbers.
Among the winning cryptocurrencies, the most prominent is MakerDAO’s MKR token. The increase in the price of this cryptocurrency has been the second-highest in percentage terms in recent days, with more than 10% upwards.
Another prominent cryptocurrency is Tezos (XTZ), with an over 7% increase. On their part, Chainlink (LINK), Monero (XMR) and Bitcoin SV (BSV) prices have increased more than 5% each.
Traditional Markets on the Decline
In contrast to the cryptocurrency market, traditional markets recently show red figures. At the time of writing this article, indexes like the Standard & Poor’s 500 (S&P 500) and the Dow Jones have fallen by 1%.
Oil indexes such as Brent or West Texas Intermediate (the main index for US crude oil) are also on the decline, as are the shares of large companies such as Tesla, Apple, Google, and Amazon.
A few months ago, the correlation of Bitcoin and the overall cryptocurrency market with traditional markets reached a high point. This especially happened with the S&P500 last March.
The behavior of the market in recent days seems to indicate a gap in that correlation. At the moment, the cryptocurrency market and traditional indexes have taken opposite paths.
By Alexander Salazar