Picture this: Bitcoin, the unruly pioneer of the crypto realm, performing a daring high-wire act, only to find itself plummeting faster than a snowball at the start of January 2024. Is the crypto winter upon us, or are we merely witnessing a brief blizzard before the next bull run?
The recent descent of Bitcoin’s value has triggered a symphony of concern among crypto connoisseurs and market analysts, akin to the suspenseful buildup before a storm. Winter is coming – or is it?
Bitcoin markets mark red – Here’s why
Bitcoin has struggled to recover from a dramatic plunge that saw the largest crypto drop as much as 9.22% earlier in the week. Bitcoin (BTC) is currently trading at $43,416.00, with a 24-hour trading volume of $29,837,336,974.37. This is a 2.97% increase in the last 24 hours and a 1.20% increase in the last 7 days.
The global crypto market valuation is now $1.73 trillion, a 1.85% increase over the last 24 hours and a 103.07% increase over a year ago. As of today, BTC has a market cap of $851 billion, signifying a 49.09% crypto market dominance. Meanwhile, the market cap of stablecoins is $133 billion, accounting for 7.66% of the total crypto market worth.
Bitcoin reached a 21-month high on Jan. 2 ahead of a Jan. 10 deadline that may see the US Securities and Exchange Commission (SEC) approve the first exchange-traded fund (ETF) linked directly to the asset’s current price.
The most recent dip coincided with industry speculation that US regulators will reject the newest round of spot ETF applications, prolonging a years-long effort to launch them.
However, no concrete evidence was presented, and analysts swiftly dismissed the notion that the decision had already been made public.
Subsequent filings by potential ETF providers heightened interest. These included Fidelity Investments’ securities registration, which quickly generated assertions that approval had come in early.
In response, James Seyffart, an analyst at Bloomberg Intelligence, disregarded the documents as confirmation of an ETF approval.
The token and broader crypto market collapsed unexpectedly on Wednesday, as several feared after Matrixport analyst Markus Thielen wrote in a note that the SEC will reject all Bitcoin ETF proposals this month.
According to Coinglass statistics, the market drop resulted in the liquidation of more than $600 million in assets across all cryptocurrencies on key exchanges. This is the most liquidation since December 11.
Crypto market performance
According to historical evidence, a decline in the BTC market follows a decline in the overall market. Ethereum, the second-largest crypto by market capitalization, is currently trading at $2,237.12 with a 24-hour trading volume of $21,111,585,868.16. This signifies a price surge of 1.50% over the last 24 hours and a decrease of -7.00% over the last seven days.
As of today, Solana (SOL) is trading at $100.60, exhibiting a 24-hour trading volume of $3,565,879,310.07. This signifies a price surge of 3.70% over the last twenty-four hours and a decrease of -0.50% over the previous seven days.
At present, XRP (XRP) is trading at $0.581503 per 24-hour period with a 24-hour volume of $1,790,919,893.48. This signifies a -9.00% price decrease over the last seven days and a 2.80% price increase over the last twenty-four hours.
Presently, Shiba Inu (SHIB) is trading at $0.00000993 per unit, with a 24-hour volume of $199,735,924.28. This signifies a price surge of 6.80% over the last twenty-four hours and a decrease of -7.20% over the last seven days.
Dogecoin (DOGE) is currently trading at $0.083829, with a 24-hour volume of trades totaling $738,156,382.95. This signifies a price surge of 2.63% over the last twenty-four hours and a decrease of -9.90% over the last seven days.
At present, Cardano (ADA) is trading at a price of $0.565078, accompanied by a 24-hour trading volume of $806,816,216.04. This signifies a twenty-four-hour price surge of 2.80% and a seven-day price decline of -11.30%.
