Cryptocurrency markets experienced a severe decline on Wednesday. Bitcoin (BTC) 
$103,604 dropped sharply, falling from $102,000 to below $97,000. This plunge has been attributed to a significant increase in U.S. Treasury yields over the last decade. Additionally, the Institute for Supply Management’s (ISM) Private Sector Purchasing Managers’ Index (PMI) report for December contributed to market volatility, rising from 52.1 in November to 54.1.
Increased Market Volatility
The global crypto market saw a decline of approximately 6%, dipping below the $3.38 trillion mark. However, trading volumes surged by 27% in response to market downturns, reaching $162 billion. This increase indicates heightened liquidity in the market and shows that investors are actively repositioning their investments.
Performance of Notable Altcoins
In addition to Bitcoin, major altcoins like Ethereum (ETH) 
$2,645, XRP, and Solana 
$180 (SOL) also faced significant drops. Ethereum’s price fell by 8% to $3,383. Solana experienced a similar 8% decline, dropping to $199. XRP’s market capitalization fell by 3%, reaching $134 billion.
Meme Coins Follow Market Trends
Meme coins also mirrored the overall market trend, experiencing losses. Dogecoin 
$0.237764 (DOGE) lost 10%, while Shiba Inu (SHIB) fell by 9%. Other meme coins, such as PENGU, BONK, and PEPE, saw declines of between 10-12% in the last 24 hours.
Top Gainers and Losers in Cryptocurrency
Among the top 100 cryptocurrencies, only Bitget Token (BGB) stood out with a 6% increase. On the other hand, Hyperliquid (HYPE) experienced a 15% drop, while dYdX saw a decline of 13%, marking them as the worst performers.
Despite recent volatility, it is crucial for investors in the crypto market to remain cautious and closely monitor market trends. High liquidity and increasing trading volumes can create opportunities but also heighten risks.
