Crypto Markets Recovering After Yesterday’s Dive, Palladium Hits New Record High
Monday, Feb. 25 — cryptocurrency markets are seeing mixed signals as of press time, with some of them reporting a bit of recovery from the nosedive they took on Feb. 24, while others continue to slip downward.
Market visualization by Coin360
The leading cryptocurrency Bitcoin (BTC) is up 1.4 percent over the last 24 hours, and is trading at around $3,884 at press time. Bitcoin has seen low volatility during the day, having dropped to as low as $3,807, while the intraday high reached $3,912.
In terms of a weekly view, Bitcoin his down less than one percent, with $4,209 as its highest price point on Feb. 23, after which the coin slumped to around $3,806.
Bitcoin 7-day price chart. Source: CoinMarketCap
Earlier today, Berkshire Hathaway CEO Warren Buffett defined Bitcoin as a “delusion” and said that it attracts “charlatans.” He said that “you can stare at it all day, and no little Bitcoins come out or anything like that. It’s a delusion, basically.”
Ethereum (ETH) is up almost 1 percent on the day, hovering around $140 at press time. The second largest coin has seen small volatility over the day, with $142 as its highest price point, and a low of $135. Yesterday, ETH saw a severe downturn from around $165 to $140.
Ethereum 7-day price chart. Source: CoinMarketCap
Ripple (XRP) is a big winner on the day, having gained 8 percent at press time and trading at $0.327. On its weekly chart, XRP is up 1.47 percent, while the altcoin’s monthly gains are around 3.28 percent.
As reported earlier today, Coinbase Pro, the professional offering of United States-based crypto trading platform and wallet service Coinbase, is adding support for Ripple’s XRP token. Full trading of XRP will be available to customers in the U.S., Canada, the European Union, the United Kingdom, Singapore and Australia.
Ripple 7-day price chart. Source: CoinMarketCap
Of the top 20 cryptocurrencies, Bitcoin SV (BSV) has gained the most over the day, up by 9.75 percent and trading at around $67.62 at press time, according to CoinMarketCap. The coin’s highest price point on the day was around $71.68, with a low of $65.10.
Bitcoin SV 1-day price chart. Source: CoinMarketCap
The total market capitalization of all 2,090 digital currencies listed on CoinMarketCap is currently around $131.6 billion, down from the intra-week high of around $143.7 on Feb. 23.
7-day chart of the total market capitalization of all cryptocurrencies from CoinMarketCap
Recently, an anonymous hacker managed to move 2.09 million EOS ($7.7 million) from a hacked account due to an alleged failed update by an EOS block producer (BP). The security team of major global crypto exchange Huobi — using blacklist data from EOS Core Arbitration Forum (ECAF) — detected assets pouring from EOS blacklisted accounts into Huobi accounts.
Blockchain development platform and BitTorrent owner Tron will debut a host of upgrades through a hard fork at the end of the month. The hard fork will purportedly deliver institution-handling capabilities, as well as other features such as multi-signature abilities and account management options.
In traditional markets, today marks the best start to a year for the Dow Jones Industrial Average (DJIA), and the S&P 500 since 1987, being up by 0.23 percent and 0.12 percent respectively. Over the period of 36 trading sessions, the Dow has purportedly jumped by 11.6 percent, and the S&P 500 has risen by 11.4 percent.
Palladium hit a new record high of $1,531 per ounce today following the threat of strikes in the South African mining sector that intensified supply deficit for the metal, according to CNBC. Since August, the commodity has hiked for over 80 percent due to a sustained supply shortage.