- The global crypto market is still in trouble, lost 2.56% in the last 24 hours.
- Bitcoin’s free fall continues; the depreciation in the last 24 hours amounted to 2.19%.
- Binance Coin, like bitcoin, is going in the reverse direction, losing 3.74%.
- Cardano and Shiba Inu are also part of the depreciating bandwagon.
The global crypto market is continuing losses, and experts believe that it is the result of continuity of correction. According to some experts, this loss is mainly the result of the speedy rise of cryptocurrencies like bitcoin. The ensuing situation of market recession is its correction, and this might take time.
The recent drop in the value of bitcoin and Ethereum shows the changes in the market due to internal and external changes. These can be divided into market correction, inflation, virus situation, and growing liquidation resulting from investor uncertainty. The situation in December brought the crypto market to new lows if we look at the situation. The overall feeling of uncertainty is mainly the result of changes in health and politics.
December has been of historical importance for the crypto market, especially bitcoin. December 2017 took it to highs of $20K, and this time it is experiencing new lows. December has brought volatile times for crypto since 2017, and this year, it proved the same. Though there are ten more days left in December, there are chances of improvement in the market condition. Investors hope that positive change will reverse the crypto market’s losses this month.
BTC leads the depreciators’ bandwagon
Bitcoin has been in a difficult situation since the end of November, and it has made attempts to reach a safe shore. The fluctuations in the situation are challenging its dominance and its giant position. It was expected to reach new highs in the starting days of December, but it took a turn and did the opposite.
Due to the changed situation, investors fear for their capital. They know that the market is in a free-fall and might sink their capital. Though the problem might not have been that severe, the fear was responsible for huge losses.
The additions to changing situation are legislations, changes in the situation of the virus, and the US economy, which affected the market’s growth. Analysts believe that bitcoin might not show signs of bullishness in coming times. It might resist the oncoming changes and stay in the $46-48K range but won’t rise higher.
The latest updates lost 2.19% in the last 24 hours compared to a 5.63% loss in the last seven days. Its current price is in the $46,076.20 range. The market cap for the same coin is recorded to be $871,107,964,184. Its trading volume for the last 24 hours is $29,449,232,513.
BNB is attempting to give bitcoin a tough time in leading losses
Binance Coin has given tough competition to bitcoin in the ongoing losses. If compared to Ethereum, Binance Coin has suffered more losses. As per the latest updates, it has lost 3.74% in the last 24 hours. The weekly losses for the Binance coin amounted to 6.54%. The latest recessive wave has brought down its prices from the previous highs.
Binance Coin’s price at the time of writing is $514.60, which was expected to set new records in December but couldn’t. As the result of ensuing changes, its trading volume has also been affected, which, for the last 24 hours, is estimated to be $1,265,682,260.
If we look at the market cap of the Binance coin, it is about $85,835,931,356.
ADA continuing a wavy journey
Cardano has seen a rise quickly, but the recent recession has reduced it in size. Currently ranking 7th on the list, this coin has a market cap of $41,628,172,716. The recent fluctuations have changed its price, and its current price is in the $1.22 range.
Cardano lost 4.11% in the last 24 hours, while its losses for the last seven days amount to 7.34%. The change in the market has also affected its trading volume, which has reached $1,214,279,596. For the past few weeks, Cardano’s chart has been wavy and is symbolic of the turmoil that the global crypto market is going through.
SHIB no longer in the ‘right’ direction
Shiba Inu, the meme coin, has remained in the news because of its fluctuations. It emerged as a coin without significant backing but developed itself as a giant. Currently, it ranks 13th in the last and is closely following Dogecoin. Both of them fell prey to the speeding coin of Avalanche, which ousted them from the top-10.
Shiba Inu has lost 5.92% in the last 24 hours, while its seven-day losses are about 15.46%. The price for Shiba Inu has also lowered due to changes in investments. The current price for it is $0.00002947. If we look at its market cap, it is $16,177,969,036. Shiba Inu’s trading volume for the last 24 hours remained $815,824,612.
The fluctuating situation in the market might last longer. The volatility trend for the crypto market in December has continued for the past few years. The difference between then and now is the losses that bitcoin and other coins have suffered. This time the affected ones have feared for their survival.
The market might revive soon, but the affected coins will take time and return to their previous positions. The changes have been critical, and they have lost significant amounts to the challenging volatility. Once the market revives, there will be a struggle for retaining the old prices.