Bitcoin (BTC) and altcoins started the new week seemingly taking a break ahead of the Christmas holiday season, continuing the downtrend from the past week and turning red. The cryptocurrency market as a whole is now in negative territory after presenting a positive outlook over the past few weeks, which is causing anxiety among investors.
The Latest in the Crypto Market
Many investors are expecting a Christmas rally for Bitcoin and altcoins, which is speculated to propel major cryptocurrencies to new highs. However, some suggest that there could be a downturn in the market as some participants and whales may go on vacation during this period. Currently, the largest cryptocurrency, BTC, is trading at $41,089, down 2.11% in the last 24 hours, while its trading volume has risen by 35.71% to $18.65 billion. Despite recent losses, Bitcoin’s market value has increased by about 13% in the last 30 days.
The largest altcoin, Ethereum (ETH), has fallen by 1.96% in the last 24 hours, trading at $2,176. ETH‘s trading volume has risen by 25.32% to $8.10 billion in the same time frame. The price of XRP (XRP) has decreased by 2.20% to $0.6065, and its trading volume has increased by 29.93% to $953.19 million.
Solana‘s (SOL) price also reflects a similar downward trend in the market, with a 5.23% decrease to $70 at the time of writing. Additionally, Cardano‘s (ADA) price has fallen by 6.1% to $0.5751, while its trading volume has increased by 9.39% to $611.62 million.
The memecoins are also experiencing a downturn. Dogecoin‘s (DOGE) price has dropped by 3.53% to $0.09219, and its trading volume in the last 24 hours has decreased by 1.25% to $499.07 million. Another top memecoin, Shiba Inu‘s (SHIB) price has fallen by 7.6% to $0.00001007, with its trading volume decreasing by 46.09% to $411 million.
The overall decline in major cryptocurrencies has wiped out 2.32% of the cryptocurrency market‘s total value, bringing the total market cap down to $1.55 trillion. However, in the same time period, the trading volume increased by 11.13%, reaching $50.95 billion. The crypto market’s fear and greed index is at 70, indicating “greed.”
Today’s Notable Altcoin Gainers and Losers
One of the leading memecoins, Pepe (PEPE), started the week in the negative territory. PEPE’s price has decreased by 5.81% in the last 24 hours, trading at $0.000001323, while its trading volume has declined by 35.23% to $80.93 million.
Helium‘s HNT is challenging the general market trend by being among the top percentage gainers of the week. HNT’s price has risen by 8.16% in the last 24 hours, trading at $7.7. The altcoin’s trading volume has increased by 13.85% to $51.47 million in the last 24 hours. HNT’s price has risen by over 50% in the last 7 days.
The token of the bankrupt cryptocurrency exchange FTX, FTX Token (FTT), also started the new week with a rise. FTT has increased by 5.91% in the last 24 hours, trading at $3.80, and its trading volume has decreased by 17.33% to $90.18 million. Furthermore, data shows that the altcoin’s price has gained 27% in value over the last 30 days.
