Bitcoin, Polkadot, Dogecoin, Chainlink Daily Price Analysis – 16 December Roundup


TL;DR Breakdown

  • Global market cap down by 2.19%, back to $2.21T.
  • Bitcoin’s progress reverses; it is back to $47,724.25.
  • Dogecoin loses 3.85% in 24 hours.
  • Chainlink, also affected by the recession, suffers losses amounting to 5.17%.

The effects of the Omicron variant on traditional and non-traditional markets have become apparent now. The change is evident in the case of the crypto market, which tries to gain heights, but ultimately the gravity of the situation pulls it back. The recent news about the U.S. stock market tells the same story, which has closed at a lower value compared to past days. The most losses in the market are those suffered by the tech sector.

The trend of bearishness is evident in the case of major coins like Bitcoin, Ethereum, Binance Coin and in the case of altcoins like Solana, Algorand, etc. There is no surety in saying how long this recessive trend will last. Mainly the factor that has affected the progress of these coins is the Covid-19 Omicron variant which has made these coins suffer.

The liquidation in the market is mainly due to the fear of loss, and it has created a chain of fear in the market, resultantly affecting the prices. Though there are fears in the market, there is some good news for the investors. One of these is Kraken’s announcement of joining the race for the NFT marketplace. It has announced that it will soon launch its NFT marketplace to bring users NFTs-related services.

BTC pulled back by the gravity of Omicron

The situation of the Omicron variant is worsening in the U.S. and Europe. The ongoing situation has affected the main markets for bitcoin. Bitcoin was already suffering from the setbacks in the market and was trying to revitalize, but again the changing market has struck it. It is yet to be seen how it will respond to this new crisis, but its perseverance shows that it will emerge victoriously.  

Bitcoin, Polkadot, Dogecoin, Chainlink Daily Price Analysis – 16 December Roundup 1
Source: TradingView

Experts believe that this choppy behavior will last till the first quarter of 2022. So, 2021 won’t close as the end of the miseries for bitcoin. Though we can hope for the best, the upcoming times will be nerve-testing for bitcoin.

The current price for bitcoin is in the $47,724.45 range, while it suffered losses amounting to 2.40% in the last 24 hours while that of 1.72% in the last seven days. Its market cap, at the time of writing, is $901 billion.

Its trading volume during the last 24 hours was $27 billion.

DOT helpless in regaining momentum

Polkadot has made its place as an innovator in the market, which brought it to 9th position in the list. Though it has made significant announcements for change in blockchain tech, it has also suffered setbacks in recent times due to the recessive market.

Bitcoin, Polkadot, Dogecoin, Chainlink Daily Price Analysis – 16 December Roundup 2
Source: TradingView

DOT coin lost 4.30% in the last 24 hours, bringing its price to the $25.87 range. Its losses for the last seven days are 5.88%, which is significant. The Omicron variant and its resultant situation have brought Polkadot to a difficult situation.

As per the recent updates, its market cap is $25 billion, while its trading volume during the last 24 hours was $2 billion. It has suffered fluctuations during recent times because of the bearish market.  

Musk couldn’t help DOGE regain the momentum

Elon Musk has recently announced the acceptance of Dogecoin for the Tesla merchandise sale. The announcement led to a tremendous rise in Doge’s value, but it couldn’t last for long. The market is bearish, and even major coins couldn’t resist it. For this reason, a loss of 3.85% was seen in the case of Dogecoin during the last 24 hours, compared to a 1.29% gain in the last seven days.

Bitcoin, Polkadot, Dogecoin, Chainlink Daily Price Analysis – 16 December Roundup 3
Source: TradingView

Dogecoin’s current market cap is estimated to be $23 billion, while its price is estimated to be $0.1741. The trading volume for the same coin during the last 24 hours was $998 million.  

There are hopes that it will rise soon if the bearish market changes its mood.

LINK striving hard to link with good days

Chainlink has suffered hard blows during the recent recession. Its current price is estimated to be $18.88, while it has made losses amounting to 5.17% in the last 24 hours. The market wasn’t friendly for it in the last seven days, and it depreciated 7.55%. There is clear evidence of the losses that it went through during the recent recession.

Bitcoin, Polkadot, Dogecoin, Chainlink Daily Price Analysis – 16 December Roundup 4
Source: TradingView

Chainlink’s current market cap is estimated to be $8 billion. The trading volume for the same coin in the last 24 hours was recorded to be $715 million, which equals 37,909,235 LINK.

The fluctuations for these coins are evident of the losses, but it is hoped to regain momentum soon.

Final Thoughts

A continuous bearishness is seen in the market, and the recent blows made Bitcoin suffer even further. The ongoing changes have brought it to the $47K range, a significant loss. The impacts of changes in the traditional market and global health have made it, and other coins suffer. The investor uncertainty needs to be stopped; otherwise, it will result in further losses for the crypto market.

The recent fluctuations in the market have shown a steadiness. These changes are affecting the market by recurrent blows, which, if continued for long, might make the market further recessive. There are hopes for the early recovery for the market because the depreciation is not in favor of investor and global market growth. 

Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.
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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