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Highlights
- While Ethereum is up 400 percent for the year, it’s on pace for its worst monthly price performance since March 2020
- Bitcoin is now valued at approximately US$46,400
- Oasis Network (ROSE) has gained traction recently in the face of declines throughout the wider market
Omicron blamed for crypto market fall
Investors and analysts have blamed the rising prevalence of Omicron in the US as a catalyst for falling cryptocurrency prices in December.
While Ethereum is up 400 percent for the year, it’s on pace for its worst monthly price performance since March 2020.
Bitcoin tells a similar story. Even though the number one crypto has outperformed the S&P 500 this year, bringing year-to-date returns of around 80 percent, December hasn’t been a good reflection of that growth.
Some experts have pointed towards concerns over energy as a reason for crypto’s recent poor performance.
In particular, fingers have pointed towards Bitcoin and Ethereum’s mining protocol, known as proof of work. In this form of mining, high powered computers are required to solve complex mathematical problems. Consequently, these computers use a high amount of energy, which many believe is bad for the environment.
Others believe that the energy used for crypto mining wouldn’t be used for anything else and that concerns about its high use of energy will be quelled next year.
Meanwhile, Bitcoin’s price continued to topple from yesterday, falling around 3 percent in the previous 24 hours. Bitcoin is now valued at approximately US$46,400.
Altcoin News
Layer one protocol Oasis Network (ROSE) has gained traction recently in the face of declines throughout the wider market.
ROSE is a privacy focussed L1 blockchain designed for open finance.
According to TradingView data, ROSE has surged an impressive 177 percent from October 28 to a record high on November 21. It gained another 70 percent from December 20.
Winners and Losers
Note: These figures are for the 24 hours from 12:30pm AEST.
Note: this is the past 24 hours from 12:30pm AEST
Source: Coinmarketcap.com, based on top 100 cryptos.
Image Source @ 2021 Kalkine Media®
