Cryptocurrency Update: The global cryptocurrency market on December 6, Tuesday, continued its downward trajectory, carrying forward losses incurred during the weekend as traders looked away from the industry over fears of the Omicron variant of Covid-19. Amid the new variant threat, investors looked to invest in safer assets such as gold rather than going for the riskier ones like cryptocurrency. Bitcoin price rose early in the morning but fell again during the day. Other major crypto coins, such as Ethereum, Solana and Cardano also lost their values during the day. The ripple effect grabbed the memecoins Shiba Inu and Dogecoin too, with the prices of both dipping sharply.
The global cryptocurrency market capitalisation was standing at $2.17 trillion at the time of writing this article, data from crypto tracking website CoinMarketCap showed. This was a sharp decline of as much as 6.73 per cent over the last 24 hours. The total crypto market volume also declined significantly on the day as Monday blues put the sector in a unfavourable position. The total crypto market volume over the last 24 hours stood at $123.99 billion when the article was being written. This was down by 7.61 per cent over the course of the last 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 — across all exchanges was last at $16.5 billion compared with $23.5 billion on Thursday, and as much as $27 billion on November 10.
Bitcoin price was standing at $47,621.34 at the time of writing this article. This was a 3.94 per cent decrease over the past 24 hours and a 16.94 per cent fall over the past seven days, CoinMarketCap data showed.
“Bitcoin gained more than 60 per cent in the period from Sep-Nov and hit an all-time-high(ATH) of $69,000 in between. Naturally, a correction was bound to happen as investors take some profits out. Such corrections happen frequently in the crypto market and it has always led to more growth and newer ATH. Bitcoin is expected to reclaim $60,000 levels by year end,” said Vikram Subburaj, CEO and founder of Giottus Technologies.
Ethereum also lost its value significantly. At the time of writing this article, the price of the world’s largest altcoin stood at $3,970.16, a 5.53 per cent decrease over the past 24 hours. Memecoins Shiba Inu and Dogecoin lost 11.98 per cent and 9.13 per cent respectively over the last 24 hours.
Meanwhile, Meta Rewards Token became the top gainer in the crypto pack on Monday. Over the last 24 hours, the value of one coin increased by 5605.90 per cent. One token was priced at $0.0000000007251, as per data from CoinMarketCap. ElonTech and Christmas Floki X were the other two gainers who occupied the next top spots on the day. On the other hand, GMR Finance , valued at $0.000000003921 was the top loser in the global crypto pack. The coin declined 97.71 per cent over the day. HeroFi (ROFI) and Arata occupied the second and third position according to data.
Top 6 Cryptocurrency Gainers in the Last 24 Hours (According to Data from CoinMarketCap)
Meta Rewards Token: $0.0000000007251 – up by 5,605.90 per cent
ElonTech: $0.00001251 – up by 668.50 per cent
Christmas Floki X: $0.0000003342 – up by 332.12 per cent
Pi Inu: $0.00000282 – up by 281.52 per cent
Prince Floki V2: $0.0000003403 – up by 267.43 per cent
Primecoin: $0.2258 – up by 231.48 per cent
Top 6 Cryptocurrency Losers in the Last 24 Hours (According to Data from CoinMarketCap)
GMR Finance: $0.000000003921 – down by 97.71 per cent
HeroFi (ROFI): $0.4543 – down by 89.46 per cent
Arata: $0.1425 – down by 87.72 per cent
NFMonsters: $0.05053 – down by 83.20 per cent
Animal Token: $0.00005742 – down by 78.29 per cent
Digital Bank of Africa: $3.64 – down by 71.62 per cent