Cryptocurrency Price Today: Losses Hit Bitcoin, Ether Among Majority of Altcoins as Crypto Volatility Peaks

All cryptocurrencies that were trading at a profit 24 hours ago are currently reflecting losses, drenching the price chart in red. Bitcoin recorded a price reduction of 0.66% on Wednesday, December 20th. At the time of writing, the cryptoasset was trading at a price of $42,064 (approximately Rs. 34.9 lakh). The value of Bitcoin has remained almost unchanged over the last day. Despite market swings, indicators suggest that a state of “extreme greed” is currently hovering over the cryptocurrency market.

“Despite momentary price changes, Bitcoin’s robust year-to-date surge of around 150% has maintained positive market sentiment. Michael Saylor’s endorsement of the BTC spot ETF as the most significant event of Wall Street has increased the excitement surrounding Bitcoin since the S&P Index. The anticipation of institutional investors entering the scene is seen as a crucial factor that should drive Bitcoin prices higher in the coming year,” he told Gadgets360. Rajagopal Menon, Vice President of WazirX.

Ether the price fell 1.23% on Wednesday. The cryptocurrency was trading at $2,209 (around Rs. 1.83 lakh) on Wednesday.

“ETH appears relatively weaker than BTC. It is following a downtrend sideways channel, characterized by lower lows and lower highs. Furthermore, ETH is below the 20 EMA D for the first time in the last two months, potentially signaling a short-term bearish trend if a recovery does not occur,” the CoinDCX research team told Gadgets360.

Most cryptocurrencies posted losses on Wednesday amid rising market volatility. Ripple, Solana, Cardano, Avalanche, Dogemoneta, Polka dot, Polygon, Chain shirtAND Shiba Inu – everyone is reeling under the losses.

“SOL (-0.7%) reported 400% growth in user activity in the fourth quarter, outpacing Ethereum (ETH, -2.2%). A report from Messari explains that the reason for the recent increase in new demand for Solana is due to the series of token launches completed by some protocols hosted within the SOL network,” CoinSwitch Markets Desk told Gadgets360.

The drop in prices has also been affected Litecoin, Bitcoin Cash, UniswapAND Stellar.

The overall cryptocurrency market capitalization decreased by 0.62% in the last 24 hours. The industry’s valuation currently stands at $1.6 trillion (around Rs. 1,33,04,560 crore), according to CoinMarketCap.

In the meantime Tron, BinanceUSD, DecentralizedAND Iota emerged among a handful of winners Wednesday.

Cryptocurrency is an unregulated digital currency, it is not legal tender and is subject to market risks. The information provided in the article is not intended to be and does not constitute financial advice, trading advice or any other advice or recommendation of any kind offered or endorsed by NDTV. NDTV will not be liable for any losses resulting from investments based on recommendations, forecasts or any other information contained in the article.

Affiliate links may be automatically generated – see our Ethics statement for details.

Fuente