Bitcoin Approaches $3,900 as Crypto Markets Stabilize, Stock Market Slightly Down
Wednesday, Feb. 27 — most of the top 20 cryptocurrencies are reporting very slight gains and losses on the day by press time. Bitcoin (BTC) is approaching the $3,900 mark again, according to CoinMarketCap data.
Market visualization from Coin360
At press time, Bitcoin is up less than half a percent on the day, trading at around $3,859, according to CoinMarketCap. Looking at its weekly chart, the current price is over three percent lower than $3,971, the price of BTC one week ago, and nearly 9 percent lower than $4,209, the mid-week high reported on Feb. 24.
Bitcoin 7-day price chart. Source: CoinMarketCap
Ethereum (ETH) is holding its position as the largest altcoin by market cap, which by press time is over $14.6 billion. The second-largest altcoin, Ripple (XRP), has a market cap of about $13.1 billion.
ETH is also seeing stability on the day, growing by a little over half a percent during the last 24 hours, according to CoinMarketCap. At press time, ETH is trading around $138, after reporting a mid-day high of about $141.
On its weekly chart, Ethereum has seen its value decrease little over six percent from the price at which it started the week, $146, and over 16 percent from its mid-week high of $165 reported on Feb. 24.
Ethereum 7-day price chart. Source: CoinMarketCap
Ripple has lost a little over 1 percent in the 24 hours to press time and is currently trading at around $0.317, according to CoinMarketCap data. On its weekly chart, the coin lost over three percent from $0.328, the price at which XRP started the week.
Ripple 7-day price chart. Source: CoinMarketCap
Among the top 20 cryptocurrencies, the ones experiencing the most notable change on the day is Binance Coin (BNB), which is up nearly five percent, and Bitcoin SV (BSV), conversely down about five percent.
The total market capitalization of all cryptocurrencies is equivalent to over $130 billion — about three percent lower than $134 billion, the value it reported one week ago.
Total market cap of all cryptos 7-day chart. Source: CoinMarketCap
The stock market is seeing a minor downturn, with the S&P 500 down 0.22 percent, Nasdaq down 0.10 percent and the Cboe Volatility Index having gained 0.26 percent of its value on the day at press time.
Major oil futures and indexes are seeing mixed market movements, with WTI Crude up 3 percent, Brent Crude up 3 percent and Mars US down 0.61 percent. Opec Basket is down 1.8 percent and the Canadian Crude Index has seen solid growth of 4 percent, according to OilPrices.
As Cointelegraph reported today, Apple co-founder Steve Wozniak declared that he thinks “we’ve seen massive value creation” when asked about Bitcoin’s potential during an interview.
Also, news recently broke that Ripple is reportedly violating one of Coinbase's listing rules, after the cryptocurrency exchange announced it is adding support for the altcoin on the its Pro platform.
In blockchain investment news, Pangea Blockchain Fund debuted its blockchain tech-focused fund, securing $22 million with key investors including Bitcoin.com CEO Roger Ver.
Meanwhile, the London Stock Stock Exchange Group has led a $20 million investment round in fintech startup Nivaura. The blockchain startup is the developer of the world’s reportedly first crypto-denominated, blockchain-settled bond.