Coin price today December 28: Bitcoin, altcoins and US stocks continue to increase

Bitcoin (BTC), the largest digital asset by market capitalization, was up nearly 3% on the day and trading at $43,601.

US stocks

US stocks continued to increase on December 27, in which the S&P 500 nearly broke a record.

Closing the session on December 27, the S&P 500 increased 0.14% to 4,781 points, while the Nasdaq Composite increased 0.16% to 15,099 points. Dow Jones added 0.3% to 37,656 points.

Dow Jones hit a new high, while the S&P 500 was only about 0.5% away from a record. Along with Dow Jones and Nasdaq, the S&P 500 also enjoyed an eight-week winning streak, the longest streak since 2017.

This upward momentum further reinforces a great year for the US stock market. With just three sessions left before the end of 2023, the Dow Jones and S&P 500 are up more than 13% and 24%. Nasdaq Composite soared 44% thanks to the recovery of large-cap technology stocks and the artificial intelligence (AI) fever. The Nasdaq Composite is on track for its strongest year since 2003, a period when the index rose 50%.

Oil prices fell nearly 2% on December 27, taking away most of the previous session’s gain as investors continued to monitor developments in the Red Sea. Closing the session, US crude oil contracts decreased 1.93% to 74.11 USD/barrel, while Brent oil dropped 1.75% to 79.65 USD/barrel.

On the same day, world gold reached a 3-week peak, when traders bought gold because of expectations of lower interest rates in 2024 and the decline of the USD, bond yields also supported gold prices.

Spot gold price increased 0.5% to 2,077 USD/oz, the highest level since December 4, 2023 and increased nearly 14% compared to the beginning of the year. Gold futures contracts increased 1.1% to 2,093 USD/oz.

Bitcoin and altcoins

CryptoQuant analyst Joao Wedson has discovered in a new report that Bitcoin’s Puell Multiple indicator has increased to levels Resistance levels were recorded in 2012, 2016 and 2019, suggesting that the coin’s price may be about to correct. 

BTC’s Puell Multiple measures the ratio of the daily value of coin issuance in US dollars divided by its 365-day moving average.

This metric focuses on measuring miners’ profitability by comparing their daily earnings from newly mined coins with their average earnings over the past year.

At the time of writing, BTC’s Puell Multiple is 1.56. According to Wedson:

“We are seeing the Puell Multiple reach values ​​that were significant points of resistance in previous years, especially in 2012, 2016 and 2019. These periods are marked by notable reversals. about Bitcoin price.”

Wedson suggested that this historical performance could take place as BTC’s Puell Multiple increases.

On the altcoin side, among the 20 largest cryptocurrencies and tokens, Ethereum (ETH) is doing well – up more than 6.5% in 24 hours to its current price of $2,351.

But that profit is nothing compared to network expansion projects.

OP, the token behind layer 2 Optimism, has increased over 20% in the past day. It is currently trading for $4.04.

And another layer 2 token, Arbitrum (ARB), is up more than 25% in 24 hours, priced at $1.63.

Meanwhile, MATIC, the 13th largest digital currency by market capitalization for Polygon, is up 12% on the day. Its price is currently over a dollar at $1.03.

The price explosion of layer 2 projects comes at a time when Ethereum’s major competitor Solana (SOL) is operating very strongly.

Although SOL is down more than 5% today following recent spikes, over the past three months, the altcoin has seen a 440% return. It is currently trading above $105 and is by far the biggest gainer among the largest cryptocurrencies over the 90-day period.

Major Bitcoin forks are also doing well: Bitcoin SV (BSC) is up nearly 55% in the past day – priced at $76.51 – and Bitcoin Cash (BCH) is now priced at $262.20 after gaining more than 14% in day.

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