Ethereum Price Stable Despite Hard Fork, Altcoins See Small Gains

Sunday, Dec. 8 — most of the top 20 cryptocurrencies are reporting discreet gains on the day by press time, as Bitcoin (BTC) hovers around the $7,550 mark again.

Market visualization courtesy of Coin360

Bitcoin price is currently down by 0.2% on the day, trading at around $7,552 at press time, according to Coin360. Looking at its weekly chart, the coin is up by about 2.91%.

Bitcoin 7-day price chart. Source: Coin360

On Dec. 6, cryptocurrency market analyst Alex Thorn pointed out on Twitter that the total number of on-chain Bitcoin addresses holding any amount of Bitcoin hit a new record of 28.39 million.

Ether (ETH) is holding onto its position as the largest altcoin by market cap, which currently stands at $16.3 billion. 

Coin360 data shows that ETH has seen its value increase by about 0.11% over the last 24 hours. At press time, ETH is trading around $150. On the week, the coin has also gained about 1.35% of value. 

Overall, the price of the coin seems completely unaffected by the upgrade to its software introduced by the recent hard fork. Some members of the cryptocurrency community express confusion and surprise over the lack of reaction on the asset’s price part on Twitter:

“I really don't understand ethereum doesn't go up today.”

Ether 7-day price chart. Source: Coin360

XRP is up by about 0.69% over the last 24 hours and is currently trading at around $0.227. On the week, the coin is up about 3.18%. Ripple’s XRP is currently the second-largest altcoin, has a market cap of $9.9 billion at press time.

XRP 7-day price chart. Source: Coin360

Among the top 20 cryptocurrencies, the only one reporting double digit gains is Algorand (ALGO), which has seen its value increase by about 10.46% over the 24 hours to press time.

At press time, the total market capitalization of all cryptocurrencies is $204.8 billion, about 2.4% higher than the value it reported a week ago.