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Bitcoin, Ethereum, Binance Coin, Chainlink Daily Price Analysis – 7 December Roundup

Roundup V

TL;DR Breakdown

  • Global market cap in a seesaw mood recedes 0.05%.
  • Bitcoin, testing its speed of recession and revitalization, loses 0.27%.
  • Binance Coin depreciates 1.57%, as the lead coin depreciates its price.
  • Chainlink adds 10.83% to its value.

The volatility of the crypto market is a known phenomenon. If the crypto investors had not known it properly, the previous few weeks told them the tale. It has moved all of a sudden from the range $2.8T to $2.3T, and the recent development has brought it to $2.36T from yesterday’s regain. On Tuesday, the market recovered from the recession shocks and showed significant additions. However, it seems that the clouds of downtrend are not completely away.   

The recent change in the market’s mood could be due to Brexit concerns and doubts about the EU investments in the UK. The problem arose after the issue of ‘no-deal Brexit’ began to linger again. Though there are fears on one side, the other side is optimistic and has not let the market recede faster as it happened last time. The major investments from El Salvador and top US companies show that investors need to rest assured that the market will take care of their capital.

BTC testing the nerves of investors sheds 0.27%

In the previous roundup, we reported that Bitcoin was performing well and had added 4.04% to its value. This change led to its price ranging in $51K ranges.

After the short-lived resurgence, it is again bearish. As per the latest updates, it has depreciated by 0.27% in the last 24 hours. This change has brought its price to the $50.71K range. The 24-hour recession, if compared to the last seven days, which was 11.02%, is much less and can change to the addition soon.  

Bitcoin, Ethereum, Binance Coin, Chainlink Daily Price Analysis – 7 December Roundup 1
Source: TradingView

The new changes seem to result from possible legal changes in the US and India. But on the other side, news of many states regulating blockchain systems for common use has proved supportive, which kept the downtrend at a limit instead of the freefall that happened last time.

At the time of writing, the current market cap for Bitcoin is $957 billion. For the last 24 hours, its trading volume was $32 billion, which is equal to 648,223 BTC.

BNB trying to lead the troika in a downward trajectory

Binance Coin and Ethereum seem to be from the opposing side in the developments compared to Bitcoin. As seen in most of the major changes in the market, they seem to be opposing the Bitcoin developments.

In recent times when Bitcoin was receding, the two attracted investor trust and increased significantly. Later, when the bear market began, the two coins showed less depreciation than Bitcoin. This time, ETH and BNB are leading Bitcoin in this slowing down of the race.

Bitcoin, Ethereum, Binance Coin, Chainlink Daily Price Analysis – 7 December Roundup 2
Source: TradingView

Binance Coin is currently the leading recessive coin in the troika, shedding 1.57% in the last 24 hours. Its seven-day losses are more than Ethereum, which amounts to 8.29%. The current price for Binance Coin is in the $577 range, which was in the $589 range as per the last roundup.

Its current market cap is $96 billion, while its trading volume for the last 24 hours is $1.9 billion. The same volume in BNB is 3,436,419 BNB. The recent few days for it have shown a mixed trajectory as it witnessed fluctuations in price.

Ethereum has performed comparatively well during the last 24 hours. It has shed 0.07%, much less than Bitcoin and Binance Coin. As per the last roundup, its price was in the $4.34K range, showing no significant change. At the time of writing, its price was in the $4,334.71 range.

Bitcoin, Ethereum, Binance Coin, Chainlink Daily Price Analysis – 7 December Roundup 3
Source: TradingView

The current market cap for Ethereum is $514 billion, while its trading volume at the time of writing is $21 billion. The trading volume in Ethereum Coins is 5,054,941 ETH.

LINK gainsaying the top tokens, adds 10.83%

The coin ranking 21st in the list, Chainlink (LINK), has made 10.83% in the last 24 hours. These gains are seen in an apparent recession after the rebounded vitalization.

Its current price in the market is $21.96, which is the result of the recent addition to its value. In the last seven days, it lost about 14.28% following the recent crash in the market, and now the recent change shows that it has been able to attract new inflows.

Bitcoin, Ethereum, Binance Coin, Chainlink Daily Price Analysis – 7 December Roundup 4
Source: TradingView

The current market cap for this coin is $10 billion. Its trading volume for the last 24 hours is $1 billion. If we convert this volume to LINK, we get 59,770,880 LINK. Its circulating supply is recorded to be 467,009,554 LINK.

Before the recent downtrend in the market, there were talks about LINK crossing the $70 range in a year, but it is left to see how it will perform during the trying times.   

Final Thoughts

The volatility in the crypto market has acquainted the investors with a new situation. In the last 24 hours, it has seen fluctuation from 3.84% in addition to 0.05% recession. These changes tell of the on-ground changes in the different parts of the world, thus forcing investors to invest further or divest their capital.

As discussed above, the news of regulation in the US and India would impact the investors, thus changing their minds. On the other hand, if there is some good news on a state level or investment from a giant company, it attracts further investments.

Bitcoin has shown these impacts on its price after the ‘no-deal Brexit’ fiasco has gained background. There is no clear idea about how they will market react to this news, but there are hopes that it will show resilience.

Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.
Muhammad Ali

Muhammad Ali

Muhammad Ali is an expert on crypto investments. Loving to write about fintech, he joins the team to provide detailed analyses of the hottest crypto news.

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