cryptocurrency update: The global cryptocurrency market cap was headed for a bloodbath on Friday, December 21, as all major crypto coins including bitcoin and ethereum fell sharply after already being in a downtrend for days. According to data from CoinMarketCap, the global crypto market cap stood at 1.82 billion at 1710 IST. It was 8.16 percent lower in the last 24 hours. This was further boosted as traders sold their assets as crypto coin prices began to fall, causing the volume of trading coins to increase by 111.11 percent compared to the previous day. According to statistics, the crypto market volume in the last 24 hours has been $105.35 billion.
At the time of writing this article, bitcoin was trading at $38,828.93, down 7.78 percent over the past 24 hours, while ether dropped below $3,000. Ethereum was valued at $2,843.48 at 1710 IST, down 9.61 percent. Major crypto coins including Tether, Cardano, Solana, Dogecoin, BNB, USD coin and Shiba Inu also suffered severe losses during the day.
“There can be a number of factors that can affect the crypto market and its prices. The uncertainty surrounding the crypto bill across the world has increased the risk of cryptocurrency,” said Vikas Ahuja, Member of the Blockchain and Crypto Assets Council (BACC) and CEO of Crosstower India. Price fluctuations could be one of the factors.”
“China has stopped bitcoin mining in Sichuan province, causing crypto market prices to drop in market cap. In addition, the new version of the coronavirus, Omnikron, is hitting global markets, with effects including those trading cryptocurrencies. is being felt in different markets,” he said.
“For quite some time now, the crypto market has been resting on an important support level. Risk assets are being sold off as a result of the macroeconomic slowdown. Additionally, the downtrend is influenced by the minutes issued by the Fed,” said BACC member and Shivam Thakral, CEO of BuyUcoin, said.
Mudrex CEO Edul Patel had earlier warned of the consequences of breaking the support level. “As the momentum improves on the intraday charts, the support price of BTC crosses the USD 40,000 level. The resistance area for BTC is in the range of US$43,000 to US$45,000. If the support level is broken, it will be indirectly supported. will put pressure on the crypto market,” he had said.
Covid Slice became the top loser in the crypto pack on Friday. The price of one coin Kovid slice has increased by 99.51 percent in the last 24 hours. According to the data, the price of one token was $0.0002095. ENHANCE and Revolution were the other two losers who took the next top spots that day. However, the Crypto Coin Project X nodes gave the highest return of 674.19%.
Top 6 Cryptocurrency Gainers in the Last 24 Hours (According to Data from CoinMarketCap)
Project X nodes: $23.14 – up to 674.19 percent
Pappas: $0.000002405 – up to 251.72 percent
Influencer Finance: $0.00000000004774 – up to 240.83 percent
Metacraft: $0.4624 – up to 210.78 percent
Tudabirds: $0.01387 – up 190.76 percent
Polarnodes: $2.81 – up to 162.53 percent
Top 6 Crypto Losers in the Last 24 Hours (According to CoinMarketCap Data)
Covid Slice: $0.0002095 – 99.51 percent drop
Enhance: $0.00000000002015 – 99.01 percent less
Revolution: $7.24 – 97.49 percent less
Secured Cash: $0.00000000001519 – 91.53 percent less
Wall Street Capital: $0.0001111 – 84.00 percent down
Society of Galactic Exploration: $0.0000000002825 – 81.76 percent less
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