- Bullish run left short-lived as the global market cap drops 4.08% in value.
- Bitcoin falls grandly from $49k again after a 4.22% value depreciation.
- Ethereum reverts to $3.8k after a 6.12% value drop.
- Yearn.Finance (YFI) and Bora (BORA) continue to display green charts and cross ranks.
As predicted, yesterday’s bullish run did not last even a day as the top coins were knocked out of the ballpark. Most investors didn’t expect the small-scale green charts to last long, and they were right. It wasn’t even up to 24 hours, and we began seeing red charts again as all the top cryptocurrencies fall from these pedestals harder than ever. For this reason, the global crypto market cap has also dropped a few significant notches again.
At the time of writing, the global crypto market cap rests at $2.1 trillion after a 4.08% drop in value. Unlike the past few days where the drop of the market cap lead to a rise in the trading volume, the trading volume has also fallen. Since yesterday, the global trading volume has been $91.49B, making a 20.33% decrease. The bearish run isn’t as exciting as at the beginning of December.
It seems that now, the fluctuations are doing nothing but testing the investors’ patience. The lack of excitement in the crypto market is renewed as it ever was before as the market grows boring, showing the same results every day and bringing the same mundane disappointment. The standard of the crypto market has changed in investors’ sights as the market continues a bearish trend.
BTC and ETH suffer in the bearish market
For as long as the crypto market has grown popular, we’ve seen the names of Bitcoin and Ethereum everywhere. Bitcoin has always been considered a volatile and high-risk investment, but it’s the risk that gets people interested in the market. Its popularity came from the idea of ‘digital gold’ and its finite supply of BTC. As for Ethereum, the universe of blockchain is vast as ever because of Ethereum’s creatinine 2015.
Blockchain enthusiasts worldwide regard Ethereum as the best of the best, and its coin, ETH, is treated as no less as it powers the Ethereum blockchain. This bearish run has been hard as ever on the top two cryptocurrencies as prices rapidly fall. Bitcoin once reigned at $68k per BTC, but now, it trades at almost $21,000 less than its all-time high, as the price currently trades at $47,105. Ethereum, on the other hand, used to trade at $4,800, but after losing a thousand dollars in value, it now trades at $3,830.
Bitcoin’s market cap rests at $895 billion after a 3.64% price drop. Similarly, its trading volume isn’t doing any better after seeing a 22.97% drop down to $27 billion. As for Ethereum, the altcoin suffers harder than ever as its market cap drops 5.37%, down to $457 billion. Its trading volume has also seen a loss of 29.69%, down to $19 billion. Investors anxiously anticipate a comeback from the top two currencies, seeing as nearly 62% of the market dominance belongs to these two coins.
YFI and BORA dominate the gainers’ list
Yearn.Finance is an aggregator service to introduce decentralized finance and make it easier for DeFi investors to produce maximum profits while yield farming. The main goal of Yearn.Finance is to make the lives of DeFi investors who are not technically savvy easier. After the constant rise and fall of Bitcoin, YFI has taken up the charts and dominated the trading volume by 217.83%, up to $680 million. It trades at $28,225, and its market cap is at $1.03 billion after a 33.33% markup.
On the other hand, BORA has already shown up on the gainers’ list before. BORA was on the 99th rank; however, it is at the #90th rank. Thanks to a 12.34% price influx in just a day, it has gone up nine ranks. It now trades at $1.10, and its market cap has risen to $944 million.
As always, the crypto market has proven its instability once again by showering the cryptocurrencies with red charts once again. Just when things were beginning to look up, they couldn’t help but fall once again. Investors can only hope that the market doesn’t drop any further but try to make another retort upwards, but the stakes are low as of now. We hope the market picks back up soon and rises again.