All the cryptocurrencies that were trading in profits 24 hours ago, are currently reflecting losses, drenching the price chart in reds. Bitcoin saw a price reduction of 0.66 percent on Wednesday, December 20. At the time of writing, the crypto asset was trading at the price point of $42,064 (roughly Rs. 34.9 lakh). The value of Bitcoin remained almost unchanged over the last day. Despite market oscillations, indicators suggest a state of ‘extreme greed’ hovering over the crypto market as of now.
“Despite momentary price shifts, Bitcoin’s robust year-to-date surge of approximately 150 percent has maintained positive market sentiments. Michael Saylor’s endorsement of the spot BTC ETF as Wall Street’s most significant event since the S&P Index has added to the enthusiasm surrounding Bitcoin. Anticipation of institutional investors entering the scene is considered a crucial factor expected to drive Bitcoin prices higher in the upcoming year,” Rajagopal Menon, Vice President, WazirX told Gadgets360.
Ether price dropped by 1.23 percent on Wednesday. The cryptocurrency was trading at $2,209 (roughly Rs. 1.83 lakh) on Wednesday.
“ETH appears comparatively weaker than BTC. It is following a downtrend sideways channel, characterized by lower lows and lower highs. Additionally, ETH is below the 20 EMA D for the first time in the last two months, potentially signaling a short-term bearish trend if a recovery doesn’t occur,” the CoinDCX research team told Gadgets360.
Most cryptocurrencies recorded losses on Wednesday in the backdrop of market volatility picking pace. Ripple, Solana, Cardano, Avalanche, Dogecoin, Polkadot, Polygon, Chainlink, and Shiba Inu — all are reeling under losses.
“SOL (-0.7 percent) saw a 400 percent growth in user activity in Q4, outpacing Ethereum (ETH, -2.2 percent). A report by Messari explains the reason to be the recent surge in new demand for Solana is due to the series of token airdrops completed by some protocols housed within the SOL network,” the CoinSwitch Markets Desk told Gadgets360.
Price drops also struck Litecoin, Bitcoin Cash, Uniswap, and Stellar.
The overall crypto market cap dunked by 0.62 percent in the last 24 hours. The valuation of the sector currently stands at $1.6 trillion (roughly Rs. 1,33,04,560 crore), as per CoinMarketCap.
Meanwhile Tron, Binance USD, Decentraland, and Iota emerged among a handful of gainers on Wednesday.
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