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Crypto Outlook

  

The crypto market has increased since last week.

The global crypto market cap is $856.83B, a 0.74% increase over the last day. The total crypto market volume over the previous 24 hours is $49.32B, which makes a 9.51% increase.

The greed and fear Index remains at 27, indicating fear sentiment.

Bitcoin: BTC is currently trading at $17,086.00, a price increase of 1.48% over 24 hours. Moreover, the price also increased by 3.11% in the past seven days. Today BTC reached a low and high of $16,755.88 and $17,197.50, respectively.

A blog published by The European Central Bank on Wednesday said that the number one cryptocurrency was on the “road to irrelevance”.

Ulrich Bindseil and Jürgen Schaaf, Authors at the European Central Bank, used the above subtitle in their report that does not have any reference. There was no report, on-chain data or links attached to the text, and it was left to the reader to believe whether the claim was true or not.

According to Chainalysis, a blockchain analytics firm, illegal activity on the Bitcoin blockchain for 2021 was only 0.15% of the total transaction volume, which is the lowest it has ever been. Therefore, readers might consider usage of such a subtitle by ECB as misleading.

Ethereum: ETH is currently trading at $1,279.04. The price increased by 1.10% over 24hrs. The price in the past seven days increased significantly by 6.98%. The ETH price formed a low and high of $1,263.70 and $1,302.04, respectively.

According to Ethereum core developers, The Ropsten network, a clone of the main Ethereum network that was being used for testing and experimental purposes, will shut down by the end of the month.

On an official blog, the Ethereum core team said “The vast majority of remaining validator nodes will be shut down during the December 15-31, 2022 period. After this, Ropsten will no longer be supported by client, testing, or infrastructure teams”.

Furthermore, Rinkeby, a second test network will be implemented by the developers in 2023.

XRP: XRP is currently trading at $0.3984, a price decrease of 0.82% over 24 hours. However, the price increased by 4.69% over the last seven days. The XRP price formed a low and high of $0.3952 and $0.4108, respectively.

Crypto whales’ sentiments seem bullish towards the XRP token as Ripple’s developer team successfully enabled automated market maker (AMM) Devnet. Developers have been invited to test the AMM to build innovative applications.

The protocol native AMM will be integrated with the XRP ledger. This extension will give extra exchange utility and functionality to the XRPL holders. Moreover, developers will have access to link their apps directly with AMM, which will help them to interact with the trading interface, tokens and much more.

With this news around, the crypto whales have started accumulating more XRP tokens. Whale Alert data showed whales adding around 129 million XRP tokens, approximately worth $53.1 million.

Litecoin: LTC is currently trading at $78.42, a price increase of 0.50% in 24 hours. The price also increased by 1.99% over the past seven days. The LTC price formed a low and high of $76.67 and $79.95, respectively.

According to Whale Alert, a crypto transaction tracker service, two extensive LTC transfers have taken place on the chain during the past few days. One of these Litecoin transactions involved the movement of 73,794 LTC, currently worth approx $5.8 million at the current rate.

Gigantic transfers like these usually belong to a single whale or an organization of multiple investors, which may have evident impacts on the market.


Vantage does not represent or warrant that the material provided here is accurate, current, or complete, and therefore should not be relied upon as such. The information provided here, whether from a third party or not, is not to be considered as a recommendation; or an offer to buy or sell; or the solicitation of an offer to buy or sell any financial instruments; or to participate in any specific trading strategy. Any research provided does not have regard to the specific investment objectives, financial situation and needs of any specific person who may receive it. We advise any readers of this content to seek their own advice. Without the approval of Vantage, reproduction or redistribution of this information is not permitted.

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