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Bitcoin, Ethereum, Binance Coin, Dogecoin Daily Price Analysis – 12 December Roundup

Bitcoin

TL;DR Breakdown

  • A decrease of 0.68% was seen in the global market cap during the last 24 hours.
  • Bitcoin’s testing times continue, losing 0.99%.
  • Ethereum and Binance Coin are also among the affected ones.
  • Dogecoin’s price is in the $0.16.48 range after 1.82% depreciation.

The Chinese bitcoin ban was amongst the top factors that led to the hard times for the global crypto market. The recession continued due to the ongoing changes on the global level that included the Omicron variant of Covid-19, global legislations about cryptocurrency, inflation in the U.S., etc. But the hardest hitting of them was the Chinese ban of bitcoin, of which the market and Bitcoin have begun to recover.

Bitcoin was affected largely because of China’s role in its trading and the opportunities that it had provided as a market. There is uncertainty in the market because crypto executives have testified before the house committee, which has led to slight ups and downs in the market because of the unclear idea of what comes ahead. The ups and downs have continued for the last few weeks, and if the situation remains uncertain, the fluctuations might likely continue.

The market’s losses because of the Chinese crackdown can be recovered easily with the NFTs. They have the potential to give back the market capital that it crucially needs.

BTC is trying hard to stick to $48K

The previous drop in the market was the result of many factors. One of the significant importance was the Chinese ban. Sichuan province of China was of key importance for Bitcoin mining, and China thought of it as a fatal blow to Bitcoin if it hits this area with the ban of crypto. It led to the start of turbulent times not only for Bitcoin but also for other names in the crypto market.

It significantly lowered the prices of Bitcoin and other coins, and they struggled hard for recovery. Tesla also took a U-turn in accepting bitcoin, which it had previously announced. This announcement came in February 2021, and it has hardly been a year, but it has been reversed. It significantly affected the value of bitcoin, which was expected to cross the $60K barrier. The reason that Tesla announced the withdrawal of this option was the excessive use of fossil fuels in bitcoin’s mining process.  

 

Bitcoin, Ethereum, Binance Coin, Dogecoin Daily Price Analysis – 12 December Roundup 1
Source: TradingView

The current situation of bitcoin seems to be stable after the previous steep changes. It was on a free fall from $59K and had reached $48K. Since then, it has kept the prices stable and has made efforts for further stability.

As per the latest updates, the current bitcoin price is in the $48,689.44 range after suffering losses amounting to 0.69% in the last 24 hours. The seven-day losses amount to 0.36%, which shows it has been steady in the prices. The current market cap for bitcoin is estimated to be $923,227,291,843.

The trading volume for bitcoin is recorded to be $22,369,896,183. This amount equals 457,936 BTC.

BNB and ETH are struggling to resist the reverse momentum

The situation for Binance Coin and Ethereum has not improved either. It is most likely as the aftershocks of bitcoin’s suffering that other coins in the market are witnessing losses. Bitcoin’s role as the flag-bearer currency in the crypto market has made it responsible for stability.

The current price for Binance Coin is estimated to be $558.07. It suffered depreciation that equals 0.52% in the last 24 hours. The seven-day stats for it are encouraging, which show that it has made gains amounting to 1.79%. The current market cap for Binance Coin is estimated to be $93,093,907,725. Its trading volume during the last 24 hours is about $1,347,237,479.

Bitcoin, Ethereum, Binance Coin, Dogecoin Daily Price Analysis – 12 December Roundup 2
Source: TradingView

The recent changes show that Binance Coin is going in the right direction and is likely to recover soon from the recent losses.

Ethereum is likely to get affected if there is some major change taking place in the value of Bitcoin. The same happened to it during the recent recession, where it showed positive signs as well, but the overall trend was that of shedding price.

Bitcoin, Ethereum, Binance Coin, Dogecoin Daily Price Analysis – 12 December Roundup 3
Source: TradingView

As per the latest updates, the current price for Ethereum is in the $3,992.22 range, though it was expected to rise above $4.5K in recent days. It depreciated about 1.23% in the last 24 hours, which is less than the weekly losses of about 4.02%. Its current market cap is estimated to be $474,017,323,705. While its trading volume is about $14,599,885,780.

Dogecoin trying to stand the blows

Dogecoin currently ranks 11th in the list, preceded by Terra LUNA. It has been affected by the overall trend going on in the market. It is evident in the form of the seven-day losses amounting to 3.65% while the 24-hour losses amounting to 1.82%.

Bitcoin, Ethereum, Binance Coin, Dogecoin Daily Price Analysis – 12 December Roundup 4
Source: TradingView

The ongoing changes in the market have taken Dogecoin’s price to $0.1648. The current market cap for this coin is about $21,830,234,583. Its trading volume during the last 24 hours remained $21,830,234,583. It is amongst the worst affected coins in the recent recession, but there are hopes for recovery.

Final Thoughts

The recent changes in the crypto market have affected the overall market cap and performance. The losses have badly hit the investors, but the recuperation process shows the good days ahead. Even though the changes in the market shook it to its roots, its resilience is an undeniable fact.

There are supports like NFTs, the growing global acceptance, legislation for crypto, etc., that have encouraged the investors to invest their capital in this market. It is likely to continue because the leading coins have stabilized themselves, not affecting them beyond a certain line. If this continues, it will lead to further strengthening and resilience of the market.

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Muhammad Ali

Muhammad Ali

Muhammad Ali is an expert on crypto investments. Loving to write about fintech, he joins the team to provide detailed analyses of the hottest crypto news.

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