The global cryptocurrency market cap fell below the $800 billion region for the first time in 691 days or since December 30, 2020. Bitcoin fell below the $16k region, down 5.12% in the past 24 hours, and the second leading crypto asset is ethereum It fell 7.61% on Monday, dropping below the $1,100 range.
Cryptocurrency Economy Loses Over 4% Over the Last Day, Bitcoin Drops Below $16k, Ethereum Slides Below $1,100
Cryptocurrencies had a rough Monday as the entire digital asset market cap saw a 4.37% drop over the past day. Moreover, the US dollar valuation of all crypto assets in existence dropped below the $800 billion region, which is the lowest value seen since December 30, 2020.
While cryptocurrency trading volumes skyrocketed from $150 to $225 billion during the FTX market chaos, global trade volume dropped dramatically to $66.66 billion in 24-hour trading volume on November 21, 2022.BTC) fell to a low of $15,588 per unit on Monday under the $16K range and is currently heading to $15,721 per unit as of 3:30PM (ET).
ethereum (ETH) for $1,091.14 per unit after losing 7.61% in the value of the US dollar over the past 24 hours. Some of Monday’s biggest losers include Near Protocol (NEAR) down 12.6%, Terra Luna Classic (LUNC) losing 11.1%, and Solana (SOL) down 10.7% in 24 hours.
Coins such as huobi (HT), ethereumpow (ETHW) and apecoin (APE) saw gains today between 1.7% to 7.3% with HT leading the pack. Currently, BTCThe dominance of digital assets for the entire cryptocurrency economy is 38.7% on Monday, while ETHa dominance of 17.1%.
Regarding the world trade volume on Monday, link (USDT) dominates the books with $53.73 billion of the $66.66 billion in global trade volume. Moreover, as valuations of the cryptocurrency economy shrank on Monday, USDTDominance increased to 8.102%.
The USDC market valuation is equal to 5.485% of the crypto economy’s value of $786.27 billion on November 21, 2022. In addition to crypto assets, US stock markets trembled as all four major indices (NYSE, NASDAQ, Dow., S&P 500) for most of Monday’s trading sessions.
Precious metals fell on Monday, as did gold by 0.69% and silver by 0.48%. Platinum is up 0.41% against the dollar, but palladium is down 3.74% on the day New York spot prices note. by 4:15 p.m. (ET) on Monday, BTCIts price managed to climb to $15,900, while ETHThe value managed to jump back above the $1,100 area.
What do you think of the cryptocurrency economy dropping below the $800 billion range? Tell us what you think about it in the comments section below.
Jamie Redman is the Chief News Officer at Bitcoin.com News and a financial and technology journalist based in Florida. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for Bitcoin, open source code, and decentralized applications. Since September 2015, Redman has written more than 6,000 articles for Bitcoin.com News about disruptive protocols emerging today.
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Ethereum has shown upward momentum in the past seven days. ETH has been gaining momentum over the past 24 hours, while other coins are still dropping. This rise supports some theories that the asset will rise above the resistance level in the coming days.
After weeks of massive fallout, the second largest cryptocurrency is on the verge of making a comeback. The FTX crisis, along with other macro factors, affected the entire crypto market, with many assets crashing. Despite the many uncertainties in the crypto market, hope seems to be returning to the Ethereum community.
Ethereum co-founder Vitalik Buterin made a statement urging people to focus on the technology rather than the current price. The co-founder was confident that Ethereum-based applications for cash transactions would raise the bar for the blockchain in the long term.
Ethereum whales are buying the dip
In Buterin’s remarks, he expresses an optimistic stance that decentralized stablecoins and other applications built on top of Ethereum can have long-term benefits.
Meanwhile, bullish Ethereum holders are taking advantage of the decline to accumulate more Ether trades. According to data from EmotionEthereum whales are taking advantage of the lower prices to buy more ETH.
The blockchain analysis firm tweeted that the shark and whale addresses, with 100 to 1 million ETH, added 2.1% more coins to their wallets. It may be a sign of an upward trend of higher prices in the coming weeks.
Ethereum is currently trading at $1,280. A couple of months ago, before Ethereum moved to Proof of Stake, many investors were bullish about the price increase the upgrade could bring. However, two months after the merger, their hopes are dashed as the asset price continues to drop.
Although the upgrade sought to improve the blockchain infrastructure, the co-founder said it could take months to think about the price of ETH.
Bitcoin remains lower while XRP is higher amid whale accumulations
While Ethereum appears to be showing some bullishness, Bitcoin is falling with the 24-hour price down by 0.02%. Other coins are not doing better, including FTX, except for XRP. The report shows that the price of XRP has increased in the past 24 hours after whale accounts moved more than 160 million coins.
According to a report, The whales piled up Over $19 million in XRP tokens from the Bitso crypto exchange. In addition, the report revealed that the tracker recorded another whale addition of 40 million XRP, roughly $15.3 million.
The tracker also reported that an account in the name of Ripple, moved more than 50 million XRP worth around $19.2 million to an anonymous wallet.
These accumulations have led the price of XRP to increase by 2% in the last 24 hours and it is currently trading at $0.3918. The news comes as the XRP lawsuit is tipped for summary judgment.
Featured image from Pixabay, chart from TradingView.com
This is an op-ed by Alex, a bitcoin miner with KapoMax.
It is important for individuals looking into bitcoin mining for the first time to understand the importance of adjusting the bitcoin difficulty as well as the impact this has on mining profitability. Many newcomers to bitcoin mining will consult an ASIC profitability on a mining calculator, and expect this profitability to remain relatively the same in the future. This is a misunderstanding as the profitability of any given machine tends to be downward over time. Difficulty increases must be understood before purchasing an ASIC.
“Maybe another push to 16.4-16.5k, then expect a back-up reversal and continuation of the 18-19k targets.”
Meanwhile, fellow merchant Shades, eye Potential volatility continues, with BTC/USD marking the upper Bollinger band on the 4-hour timeframe.
At the time of writing, the four hour candles remain near the upper band, with both candles continuing to stretch in a classic lead to increase volatility.
“Expect bitcoin to continue as long as we stay above $17,000,” Michael Van de Poppe, founder and CEO of trading firm Eight, said. addedlikening the nocturnal movement to the breakout from the end of November.
Liquidations are fueling Bitcoin’s price hike
Further analysis of BTC’s price movements overnight highlighted increased liquidation of short positions.
In a sign of how far market participants assumed further declines would enter, shorts on BTC totaled $7 million in one hour on Dec. 8, according to data from Coinglass. Altcoin short liquidations added another $11 million to the tally.
“Liquidations have been relatively small since the crash in early November, but short liquidations have helped support that latest move,” Analytics Source On-Chain College has been confirmed.