Highlights:
First, after the Federal Reserve cut interest rates by 25 basis points, Bitcoin (BTC) fell below $100,000, resulting in a wave of sell-offs.
Ethereum (ETH) and XRP were not spared either, falling by 5% and 10% respectively.
However, USUAL performed exceptionally well, rising 23% to become the biggest winner. In contrast, meme coins like DOGE and SHIB saw significant declines, with overall market sentiment leaning negative.
After Bitcoin fell below $100,000, the entire crypto market experienced a sharp decline. Although interest rate cuts usually bring positive news, this time it triggered massive sell-offs. Ethereum dropped by 6%, and XRP fell by 10%. However, USUAL was an exception, soaring 23% in the past 24 hours.
The overall market cap dropped by 5% to $3.44 trillion, but trading volume increased by 40% to $251 billion, indicating that market participation remains high.
Despite the market downturn, the Fear and Greed Index remains at 69, indicating that greed still dominates.
Here are some top cryptocurrencies by market cap and their prices today (December 19).
Today's cryptocurrency market: BTC, ETH, XRP, and SOL all fell.
After the Federal Reserve announced a 25 basis point rate cut, the cryptocurrency market faced a significant downturn today. Bitcoin (BTC) fell below the $99,000 mark, while Ethereum (ETH) and XRP dropped by 6% and 10%, respectively. Solana (SOL) also declined by 5%, with overall market sentiment being low.
Bitcoin's price today
Bitcoin (BTC) fell approximately 4% today, currently trading at $100,880. The lowest price in the past 24 hours was $98,874, and the highest was $105,389. The market cap is about $2 trillion, with a 24-hour trading volume of $100 billion and a market share of 57.12%.
According to SoSo Value's data, the outflow of funds from Bitcoin ETFs reached $84 million on Wednesday, with Grayscale seeing outflows of $35 million and Invesco $25 million. Data on outflows from BlackRock have not yet been made public.
Additionally, BOB (Build on Bitcoin) announced an integration with the Bitcoin staking protocol Babylon to advance the development of Bitcoin in the decentralized finance (DeFi) space.
Ethereum's price today
The trading price of Ethereum (ETH) is $3,652, down 6% in the past 24 hours. The lowest and highest prices in the last 24 hours were $3,543 and $3,902, reflecting significant market volatility.
Ethereum's market cap is $440 billion, with a 24-hour trading volume of $5.2 billion, still the second-largest cryptocurrency by market cap. Today, the outflow of funds from Ethereum ETFs reached $79 million, with Grayscale accounting for $65 million and Bitwise seeing outflows of $14.62 million.
Notably, Bitwise's Chief Information Officer, Matt Hougan, predicts that Ethereum is expected to surpass Solana (SOL) by 2025, a prediction that has garnered widespread attention in the market regarding the future developments of both.
XRP's price today
XRP is currently trading at $2.32, down 10% in the past 24 hours. The lowest price in the last 24 hours was $2.184, and the highest was $2.585, reflecting high market volatility.
XRP has a market cap of $132 billion and a 24-hour trading volume of $2.2 billion, still one of the highest market cap cryptocurrencies. Ripple has also launched its native stablecoin RLUSD, further expanding its influence in the stablecoin market.
Solana's price today
Solana (SOL) is currently trading at $209, down 5% in the past 24 hours. The lowest and highest prices in the last 24 hours were $200 and $218, indicating significant price fluctuations.
Solana has a market cap of $99 billion and a 24-hour trading volume of $700 million, still ranking sixth among the top 10 cryptocurrencies by market cap. Despite the price drop, Solana remains strong, with its network growth hitting an all-time high, showcasing rapid development and widespread adoption of its ecosystem.
Performance of the meme coin market today
Meme coins also suffered significant declines today, with Dogecoin (DOGE) dropping 7%, currently trading at $0.36. Shiba Inu (SHIB) fell by 6%, currently priced at $0.00002425.
Other well-known meme coins, such as PEPE, BONK, and WIF, experienced even larger declines, with drops ranging from 12% to 15% in the past 24 hours. These trends reflect the generally negative sentiment in the current meme coin market.
Today's largest increase in cryptocurrency:
Usual (USUAL)
The price of Usual surged 23% in the past 24 hours, currently trading at $1.02. The lowest price was $0.67 and the highest was $1.16. Its market cap reached $456 million, making it the cryptocurrency with the largest increase today, outperforming many other coins in the market.
Movement (MOVE)
The price of Movement increased by 14%, currently at $0.70. The lowest price in the past 24 hours was $0.611, and the highest was $0.72, showing a strong upward trend.
Pudgy Penguins (PENGU)
The price of Pudgy Penguins increased by 8%, currently trading at $0.033. Following its announcement of listing on Binance, the price surged by 500%.
Today's biggest drop in cryptocurrency:
dogwifhat (WIF)
dogwifhat has become the worst-performing cryptocurrency, dropping 14% in the past 24 hours, currently trading at $2.26. The lowest price in the past 24 hours was $2.162, and the highest was $2.698, indicating significant price fluctuations.
Floki (FLOKI)
Floki dropped 13%, currently priced at $0.00019. With Bitcoin falling below the $100,000 mark, the overall decline in meme coins has affected Floki's price and market sentiment.
Theta Network (THETA)
Theta Network dropped 12% in the past 24 hours, currently priced at $2.32. The lowest price in the past 24 hours was $2.18, and the highest was $2.61, reflecting the overall market's low sentiment.
Other market dynamics: In the past hour, Bitcoin (BTC) has risen by 0.5%. Major altcoins like Ethereum (ETH), XRP, and BNB have increased by about 1%. Despite recent market volatility, short-term sentiment is shifting towards optimism.