The cryptocurrency market is showing signs of recovery after the sharp decline
Compared to yesterday, Bitcoin (BTC) is up nearly 5%, rebounding from its annual low at $ 3,195, hit past Saturday, December 15. At the moment of writing, BTC was being traded at $ 3.429, with a 24h trading volume of $ 4.258.828.550
Ethereum did increase by nearly 4% from yesterday. At the moment of writing, ETH was traded at $ 90,40, after dropping to only $ 83 on Saturday. The 24 hour trading volume was at $1.675.599.698.
Ripple (XRP) did follow the same path, being traded at $ 0,30 (+3,6%) after hitting only $ 0,28 on Saturday. The 24-hour trading volume, however, was at just $378.532.220. Nevertheless, Ripple’s market cap is still $ 3.01 Billion ahead of that of Ethereum.
USTD) briefly in the Top 4
Stellar temporarily lost the 4th place in the cryptocurrency ranking to Tether (USTD), dropping another 2%. This was a clear sign of investors playing it safe. However, just hours ago, Stellar did reclaim the 4th place in the ranking, with EOS getting in on number 5. Tether is currently ranked only at 6th place. The stablecoin lost $ 13 million in market cap in less than 2 hours.
The total value of the cryptocurrency market is currently slightly above $ 109 billion. At the end of Saturday, the market did fall to its lowest level in 2018, at just over $ 100 billion. BTC dominance continues steadily at 54,9%.
Cambridge study: Bitcoin anything but dead
According to a new study by Cambridge University, Bitcoin is far from being dead. The researchers found that “millions of new users have entered the ecosystem, but most remain passive”. The study claims that user accounts of “service providers” already exceed 139 million. However, they only consider only 38% “active users”.
Another key finding was the fact that most mining farms use some form of renewable energy for their operations. According to the study, the Top 6 proof of work cryptocurrencies
“Collectively consume between 52 and 111 TWh of electricity per year…. the equivalent of the total energy consumed by the entire country of Belgium, but also less than 0.01% of the world’s global energy production per year.”