Crypto Markets in the Green Following Tough Losses

Friday, Dec. 28 - The top 20 cryptocurrencies are in the green after seeing some tough losses over the last couple of days.

The leading digital currency Bitcoin is up over 7 percent on the day, trading at around $3,946 at press time.

A Wall Street Journal article published today suggests that Bitcoin's correlation with traditional assets markets has been high in recent days.

The WSJ, with reference to research firm Excalibur Pro Inc., states that Bitcoin has traded at a 0.84 correlation to gold over the past five days, where -1 indicates complete inversion and +1 perfect correlation.

Bitcoin has traded at a 0.77 correlation to the Chicago Board of Options Exchange's Volatility index, a benchmark index for the United States equity market volatility.

The second largest coin by market capitalization Ripple has seen over 7 percent growth in the last 24 hours, and is trading at $0.375 at press time.

Ethereum has gained over 15 percent on the day, and is trading around $135 at press time.

Bitcoin Cash has shown over 13 percent growth on the day, trading at around $173 at press time, while its spin off Bitcoin SV is trading at $93.92 with a 9 percent increase over the 24-hour period, according to CoinMarketCap.

As Cointelegraph reported earlier today, daily traded volume of cryptocurrency contracts on the Huobi Derivatives Market has broken past $1 billion.

The platform allows traders to trade Bitcoin and Ethereum contracts that aim to allow for arbitrage, speculation, and hedging.