The cryptocurrency market experiences a dip in prices
The cryptocurrency market appears to have lost its Christmas cheer. Major tokens — including Bitcoin, Ethereum, and XRP — ended lower than their previous close on Friday. The slump in prices comes amid increasing volatility in the market.
Potential optimism for a spot Bitcoin ETF
However, this could change as optimism grows that the US Securities and Exchange Commission (SEC) would give its blessing to a spot Bitcoin exchange-traded fund (ETF) before Jan 10, 2024. The dip in the crypto market can be partially attributed to the inactivity of whales and investors, who might have taken a week off for the holidays.
Bitcoin and Ethereum experience losses
All major cryptocurrencies were swimming in the red on Saturday, with the OG token Bitcoin (BTC) sliding by 1.6% to $42,030 per bitcoin. Interestingly, the 24-hour trading volume was up by 0.7% at $23.7 billion. Notably, Bitcoin has appreciated 10% in the last 30 days and is up 153% year-to-date.
Meanwhile, Ethereum — the second largest cryptocurrency in terms of market capitalization — fell more than 2% to $2,300 levels. Its trading volume over the last 24 hours plummeted by more than 25% to $10.94 billion.
Losses across other major tokens
Other major tokens also recorded losses in the last 24 hours. While Tether (USDT) fell 0.04% to $1, BNB price stood at $317.22 as of writing, down 1.31% in the last 24 hours. Solana (SOL), XRP, and Cardano (ADA) slipped by 0.84%, 1.46%, and 1.29% respectively.
Overall crypto market cap and trading volume decline
The dip in the prices of major tokens was reflected in the overall crypto market cap, which tumbled 1.37% in the last 24 hours to $1.65 trillion, with the 24-hour trading volume crashing more than 17% to $64.36 billion.
Here Are The Top Cryptos For Today
Litecoin (LTC) Plunges Over 5%
Litecoin (LTC) last changed hands at $73.22, down 5.2% in the last 24 hours. Its trading volume over the last 24 hours fell by nearly 24% to $460 million. Despite the recent market volatility, the altcoin has appreciated more than 4% in the last 30 days.
ORDI Rallies Nearly 7%
Defying the recent market pullback, ORDI Price was up nearly 6% in the last 24 hours, with the token trading at %78.12 at press time. The 24-hour trading volume surged by a whopping 79% to $955.83 million. In the last seven days alone, the ORDI token has appreciated to the tune of 58%, potentially due to the recent Bitcoin bull run.
Hot Take: Cryptocurrency Market Sees Dip in Prices Amidst Volatility
The cryptocurrency market experienced a dip in prices as major tokens such as Bitcoin and Ethereum ended lower than their previous close. This decline can be attributed to increasing volatility and the inactivity of whales and investors during the holiday season. However, there is potential for optimism as the US Securities and Exchange Commission may approve a spot Bitcoin ETF. Despite the losses, Bitcoin has shown overall appreciation in the last 30 days and throughout the year. Other major tokens also recorded losses, leading to a decline in the overall crypto market cap and trading volume. Nevertheless, there are still opportunities for growth, with certain cryptocurrencies like Litecoin and ORDI showing resilience and positive performance.
By
By
By
By
By
By