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Crypto Market Again Sees Bearish Tendencies, Records Double Digit Losses

Though the world is in Yuletide spirits, the crypto market seems far from its influence as many crypto assets most of them major ones were hit with double-digit losses. As per data from Coin360, almost all top 100 coins by market cap were in the red.

Bitcoin:

The largest cryptocurrency, Bitcoin (BTC) has fallen by over 9 percent, and is currently trading at $3,736.00 as of press time, according to Cointelegraph’s Bitcoin Price Index. After bullish growth yesterdaybwhich saw the bank trading at over $4,236, this fall serves as yet another reminder of how high it’s volatility has been over these past seven days. Though the coin is testing at 17.2 percent higher than its value at the start of the week, on the month, Bitcoin is down by around 12 percent.

Ripple:

The second-largest crypto by market cap Ripple (XRP) has fared even worse, shedding a stark 15 percent over the 24 hours before press time. The asset is currently trading at $0.38 — following an intraweek peak at $0.45 yesterday. However, Ripple is nonetheless a strong 31.5 percent in the green, with monthly losses at a mild 7 percent.

Ethereum:

Ethereum (ETH), which ranks third by market cap has lost over 18 percent on the day and is trading at $127 to press time. During yesterday’s mini-rally, Ethereum had broken above $150 which had been its highest price point in around five weeks.

Bitcoin Cash:

The fourth-largest cryptocurrency by market cap, Bitcoin Cash (BCH) has fallen by around 20.7 percent and is trading at $164 as of press time. BCH experienced astonishing volatility as of late ans the coin is now around 113 percent up on its weekly chart — and down by around 27 percent on the month.

Other than these, major coins, newly-forked Bitcoin SV (BSV), which currently stands in the ninth position, is down around 15 percent at $93, according to CoinMarketCap data.

All in all, sixteen of the top twenty coins on CoinMarketCap are down by between 10 and 19 percent on the day. Litecoin (LTC) is down almost 12 percent at $31.09, IOTA (MIOTA) is down 14 percent at $0.33, and Cardano (ADA) is down 16 percent at $0.04. Other than these, Dash (DASH) is down by around 16 percent at $82; Ethereum Classic (ETC) is down around 13 percent at $4.72 while privacy-focused altcoins Monero (XMR) and ZCash (ZEC) are down 10.8 and 12 percent, at $50.5 and $61.57 respectively, at press time.

Total market capitalization of all cryptocurrencies which hit over $147.8 billion yesterday, is down at $128.8 billion as of press time.

Rishma Banerjee

Rishma is currently pursuing a bachelor's degree in International Relations and has a special place in her life for sifting through all sorts of random trivia, thank you very much.

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