Bitcoin briefly rose above USD 52,000 on Monday before tapering off. Altcoins such as Polkadot (DOT) and Cardano (ADA) were each up by more than 6% at one point on Monday morning.
At the time of writing, Bitcoin (BTC) is trading USD 49,379.40 (-2.99%) while Ethereum (ETH) is trading at USD 3,925.23 (-3.59%).
Trading volume remains relatively low across major centralised exchanges.
The total crypto market volume over the last 24 hours is $98.72B, which makes a 35.23% increase. The total volume in DeFi is currently $17.66B, 17.89% of the total crypto market 24-hour volume. The volume of all stable coins is now $76.86B, which is 77.86% of the total crypto market 24-hour volume.
According to Glassnode’s Dec. 27th newsletter, the sovereign supply of BTC (the total number of coins held outside of exchange reserves) has reached an all-time high. Long-term BTC holders saw their ownership stake increase to 74.8% of all sovereign supply, while short-term holders’ BTC ownership fell to 25.2% over the past year.
“Such on-chain behavior is more typically observed during bitcoin bear markets, which in hindsight are effectively lengthy periods of coin redistribution from weaker hands, to those with stronger, and longer-term conviction,” Glassnode wrote.
Fear and Greed Index
The Crypto Fear and Greed Index uses 5-6 measurements to assess the current sentiment of the market and then rates that level of emotion on a scale of 1 to 100 – 1 is extreme fear and 100 is extreme greed.
The current score is 41 (Fear), a significant increase from last week’s score of 25 (Extreme Fear). There might still be a buying opportunity for investors. Read the full assessment here.