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The cryptocurrency market has started the new critical week on a downward trend. The last week of the year will be very important as many cryptocurrency enthusiasts are expecting a Santa Claus rally in the market. Moreover, the anticipated arrival of a spot Bitcoin ETF is igniting expectations of a market-wide rally.
Current Status of Bitcoin and Altcoins
The largest cryptocurrency Bitcoin (BTC) has seen a 1.64% decrease over the last 24 hours, trading at $43,147 at the time of writing. Data shows that BTC’s trading volume has increased by 48.88%, reaching $19.71 billion.
The altcoin king, the largest smart contract platform Ethereum (ETH), is also among the assets affected by the Bitcoin decline. ETH’s price has fallen by 1.26% in the last 24 hours to $2,281. Its trading volume has increased by 5.84%, reaching $8.58 billion.
One of the trendiest altcoins of recent times, Solana (SOL), is trading at $112.10 after a 1.86% drop over the last 24 hours, following its surge past the $110 level. SOL’s trading volume in the same time frame has increased by 3.27%, rising to $5.35 billion. XRP and BNB have respectively seen a 0.78% drop to $0.6171 and a 1.31% drop to $265.82 in the last 24 hours.
Furthermore, the memecoin segment is also being hit by the decline. The largest memecoin Dogecoin (DOGE) has fallen by 1.67% in the last 24 hours to $0.09259. The popular altcoin’s trading volume has seen a 56% increase, rising to $548.55 million. The price of the second-largest memecoin Shiba Inu (SHIB) has fallen by 2% in the same time frame to $0.00001076. SHIB’s trading volume has increased by 17.4%, reaching $208.6 million.
As expected, the decline in Bitcoin and leading altcoins has pulled down the total market value of the cryptocurrency market. The total market value has fallen by 1.19% in the last 24 hours to $1.66 trillion, while the total trading volume has increased by 24.76%, rising to $62.51 billion. An important metric for the cryptocurrency market, the Crypto Fear and Greed Index, is signaling “greed” at the 72 level.
Quant (QNT) Rises While Bitcoin and Altcoins Fall
On the other hand, despite the general downturn in the Bitcoin and altcoin markets, the rise of Quant‘s QNT is noticeable. QNT has risen over 17% in the last 24 hours, despite the downturn in major altcoins, reaching up to $141.84 and trading at $132.64 at the time of writing.
The altcoin’s trading volume has increased by 450% in the last 24 hours to $101.59 million. Data indicates that QNT’s price has risen by 23.84% in the last 7 days and by 32.02% in the last 30 days.
