- Bitcoin left defeated before $49K after 0.34% price efflux.
- Ethereum knocks off nearly $100 in price after 2.93% depreciation.
- Cardano falls harder than ever from its former $2.25 price value.
- Celsius Coin (CEL) seems to be one of the few to make gains today by 11.02%.
The crypto market is getting more and more used to the recent price drop despite only ten days into the new month. A few days ago, before the bearish run, people had been happy that November had ended on good terms. Investors were excited that the crypto market would achieve even more in December.
The speculations were wrong, considering the bearish run that has taken over all our major coins, pulling them downwards in a spiral of depreciation. This has been a devastating blow to the entire global market cap, which had almost threatened to drop below $2T at one point. Luckily, the market cap and major coins have their heads above the water just enough to prevent drowning.
We still have 21 days to go in the month; with the holidays approaching, forecasters predict the resurgence of the top cryptocurrencies. This is a more positive note to the so-far downtrodden month we’ve had previously.
BTC and ETH, will they be able to recover?
So far, the month has been nothing short of disappointing for existing investors and lucky for new Bitcoin and Ether buyers. Bitcoin and Ethereum had displayed trading volume decrease over the last week following the decline in their respective price. This is a matter of worry for the existing investors who likely bought their BTC and ETH at a relatively higher price.
With only bearish runs defining the near future, it is reasonable to worry about the price returns of the major coins. After all, most people buy cryptocurrencies hoping that their investments will pay off. So what can we expect from Bitcoin and Ethereum? As of now, they seem to be making no more progress but rather losing the little ground they’ve regained.
Currently, Bitcoin trades at $48,970, and its market cap has fallen by 0.71%, down to $927 billion. Its trading volume has risen to $29 billion after a 3.31% increase. On the other hand, ETH is currently trading at $4,180. Its market cap has also fallen 3.32%, down to $496 billion.
Can Cardano keep up with the sixth top spot?
Recently, Cardano has suffered from price losses and red charts for the past month. Even though the global crypto market had risen at the end of November, Cardano had been unable to make significant strides towards its goal like other cryptocurrencies. Currencies like Bitcoin, ETH, and BNB had gotten very close to breaking their records before the recent bearish run, but Cardano has been lagging.
Forecasters speculate that if Cardano cannot lengthen the gap again, USDC might overtake Cardano for the sixth spot. Currently, Cardano trades at $1.32, with its market cap at $43 billion, while the USDC market cap sits around $41 billion.
Celsius among the few significant gainers
Celsius is a company that was launched in 2018, built with the idea of creating a platform for banking and financial services for cryptocurrency users. What sets Celsius apart from others is its rewards service for depositing cryptocurrency, loans, and crypto wallet payments.
After launching its crypto token CEL, it can provide various services like boosting user payouts if the user pays using CEL coins. It has risen to #94th rank thanks to its market cap of $944 million, which has seen an influx of 12.91%. It currently trades at $3.96, with its trading volume at $10.07M.
It seems as if this bearish run will keep on for a while. Without showing lasting resilience to fight the bearish run, the tops coins have all been rising and falling over and over in price values, such as Bitcoin, which keeps sliding down. They have not made much progress in bringing about a bullish run, but investors remain hopeful that the wind will whistle in the right direction soon enough.