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Cryptocurrencies Approach New Year in Positive Mood
Bitcoin advanced to its highest price in three days, though all of the biggest cryptocurrencies are negative for the week.
Updated May 11, 2023, 4:49 p.m. Published Dec 31, 2021, 10:40 a.m.
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Cryptocurrencies moved toward the year end in a positive mood, with bitcoin – the world’s largest crypto by market capitalization – adding about 3% over 24 hours and ether, the No. 2, also gaining more than 3%, CoinDesk data show.
- Bitcoin climbed above $48,000, the highest in three days, while ether topped $3,800, the highest price since Wednesday.
- All of the 10 largest cryptocurrencies by market cap were advancing as of 10:35 UTC, though all are lower than at the same time a week ago and all except Terra’s LUNA token and stablecoins tether and USDC are down more than 10% since the beginning of December, Messari data show.
- LUNA rallied after a November community proposal to “burn” tokens, or permanently remove them from circulation. It touched a record high of $103 earlier this week. In the past 24 hours, it has added 4% to almost $90.
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Gold in “extreme greed” sentiment as it adds the entire bitcoin market cap in one day
Bullion ripped past $5,500 and sentiment gauges hit “extreme greed,” while bitcoin stayed pinned below $90K — a split that’s getting harder to ignore.
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- Gold’s surge above $5,500 an ounce has taken on the feel of a crowded trade, with its notional value jumping about $1.6 trillion in a single day.
- Sentiment gauges such as JM Bullion’s Gold Fear & Greed Index are signaling extreme bullishness in precious metals, even as similar crypto indicators remain stuck in fear.
- Bitcoin is lagging despite the “hard assets” narrative, trading like a high-beta risk asset while investors seeking a store of value are favoring physical gold and silver over digital tokens.
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