Cryptocurrency Update: The global cryptocurrency market continued its downward trajectory on Tuesday, December 6, extending losses over the weekend as traders looked away from the industry for fear of the Omicron version of COVID-19. Amidst the new type of threat, investors are looking to invest in safer assets like gold instead of going for riskier ones like cryptocurrency. The price of bitcoin rose early in the morning but fell again during the day. Other major crypto coins, such as Ethereum, Solana and Cardano also lost their value during the day. The ripple effect also caught the Memecoin Shiba Inu and Dogecoin, both of which saw their prices fall sharply.
YesLocal cryptocurrency market capitalization Data from crypto tracking website CoinMarketCap shows it was worth $2.17 trillion at the time of writing this article. This was a sharp decline of up to 6.73 per cent in the last 24 hours. The overall crypto market volume also declined significantly on the day the Monday blues turned the sector into an unfavorable position. At the time this article was being written, the total crypto market volume in the last 24 hours was $123.99 billion. It was lower by 7.61 per cent during the previous day.
According to Reuters, crypto data platform Coinglass showed open interest – the total number of futures contracts held by market participants at the end of the trading day – at $16.5 billion and as high as $27, compared to $23.5 billion on Thursday across all exchanges. Arab on November 10
At the time of writing this article the price of bitcoin was $47,621.34. It was down by 3.94 percent in the past 24 hours and down by 16.94 percent over the past seven days, data from CoinMarketCap showed.
“Bitcoin rose more than 60 percent in the September-November period and reached an all-time high (ATH) of $69,000 in the middle. Naturally, a correction was bound to happen as investors take some of the gains out of the crypto market like this one. K corrections are frequent and this will always lead to more growth and new ATH. Bitcoin is expected to reclaim the $60,000 level by the end of the year,” said Vikram Subburaj, CEO and Founder of Geotas Technologies.
Ethereum also lost a lot of its value. At the time of writing this article, the world’s largest altcoin was priced at $3,970.16, down 5.53 percent over the past 24 hours. The Memecoin Shiba Inu and Dogecoin are down 11.98 per cent and 9.13 per cent, respectively, in the past 24 hours.
Meanwhile, the Meta Rewards token became the top gainer in the crypto pack on Monday. The price of a coin has increased by 5605.90 percent in the last 24 hours. According to data from CoinMarketCap, the price of one token was $0.0000000007251. Elontech and Christmas Floki X were the other two gainers who grabbed the top spot next in the day. On the other hand, GMR Finance, which is valued at $0.000000003921, was the top loser in the global crypto pack. The coin fell 97.71 per cent during the day. According to the data, the second and third place is occupied by HeroFi (ROFI) and Arata.
Top 6 Cryptocurrency Gainers in the Last 24 Hours (According to Data from CoinMarketCap)
Meta Rewards Tokens: $0.0000000007251 – up to 5,605.90 percent
Elontech: $0.00001251 – up to 668.50 percent
Christmas Floki X: $0.0000003342 – up to 332.12 percent
Pie Inu: $0.00000282 – up to 281.52 percent
Prince Floki V2: $0.0000003403 – up to 267.43 percent
PrimeCoin: $0.2258 – up 231.48 percent
top 6 cryptocurrency Losers in the last 24 hours (according to CoinMarketCap data)
GMR Finance: $0.0000000003921 – 97.71 percent down
HeroFi (ROFI): $0.4543 – down 89.46 percent
Arata: $0.1425 – 87.72 percent drop
NFMonsters: $0.05053 – 83.20 percent drop
Animal Token: $0.00005742 – a drop of 78.29 percent
Digital Bank of Africa: $3.64 – 71.62 percent lower
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