- The global market cap drops 2.92% within twenty-four hours, losing billions.
- Bitcoin drops 4.82%, falls back to $46k after another bearish run.
- Ethereum records significant losses down to $3,700.
- Unus Sed Leo (LEO) and XDC Network (XDC) are among the few gainers today but steadily drop values.
Another uprising bearish run shakes the crypto market, creating uncertainty and loss through the crypto world. Prices plummet all around, each step the top cryptocurrencies took forward ends up moving backward tenfold and we seem to consistently go back to where we started. The bearish market has not let any of the top ten cryptocurrencies rest throughout December. Another bearish run has struck to drive the point home that the crypto market is always changing.
Two more days left until the new year, and the crypto market is suffering as hard as ever. If the prices keep on dropping like this, we might end the new year with the global crypto market cap back to its lowest point. As of now, the market cap rests at $2,244,984,603,836, affected by a 2.92% depreciation. Will it continue to fall or is there some hope for things to turn around on the last day of 2021? No one can tell, as the crypto market fluctuates left, right, and center. Investors wait impatiently to see how things will play out and whether we can pick up the fallen pieces. The crypto market has plummeted so deeply in the last month, that it might be impossible to pick itself back up now.
Bitcoin and Ethereum take a rollercoaster down the bearish lane
It surprises no one to see Bitcoin leading the charge towards the bearish run. Being the most expensive cryptocurrency on the market, every value drop for Bitcoin is worth hundreds of dollars in market value. Just a 4.83% loss has led Bitcoin to a value of $46,850. Bitcoin is slowly reaching its lowest market value after months of buildings itself up to $60k. However, the $60k dream has never been so far until now. It’s almost as if whenever Bitcoin tries to stand up, the bearish market kicks its feet out from underneath.
The value drops are sad to witness, considering the glory Bitcoin held just last month. In November, Bitcoin had recorded the highest value of about $68k. It had been an amazing bullish market at the start of November, but now, we only see Bitcoin suffering $20k below its highest recorded value. Currently, Bitcoin’s market cap is estimated to be $887,099,116,921 while its trading volume remains above $30B.
On the other hand, we have Ethereum. Ethereum has had a difficult month, it has not been far behind Bitcoin when it comes to harsh bearish runs but it seems to be trying its best. However, Ethereum’s best has been disappointing, to say the least. After the new bearish run, Ethereum has dropped to $3,730 after a 4.94% market drop. The bearish market is continuing strongly, and now Ethereum is reining in all the bad luck and may drop below $3,700 in a few short hours. If this keeps up, ETH might be too far gone to regain its strength.
LEO and XDC are today’s gainers, but for how long?
Seeing the red charts hanging all over the crypto market, it’s difficult to believe that some cryptocurrencies are still displaying green charts. However, even the top gainers for today are rapidly losing value and will eventually enter the losers’ list as well. Unus Sed Leo is one of the few gainers today, topping the charts with a 6.43% price increase up to $3.68. As the hours tick by, we can see this value dropping steadily, making us wonder how it’ll stay among the gainers.
XDC Network is second on the gainers’ list, it is an enterprise-ready blockchain company created for international trade and finance. It has gained 5.15% in the last twenty-four hours, raising its market value to $0.0845 and its market cap to $1,035,134,159.
We’re seeing a lot of negative numbers and red charts in the crypto market, and it gets worse as 2022 draws nearer. 2021 has been a great year for the crypto world, however, it has made the cryptocurrencies suffer almost as much as it has helped the market grow. No one knows what 2022 has in store for the crypto market, but isn’t the thrill of being surprised what leads the crypto market in today’s age?