On December 19th and 20th, 2024, the cryptocurrency market faced a significant correction, with memecoins standing out, recording sharper losses compared to other digital assets.
Bitcoin Performance:
On December 19, Bitcoin (BTC) suffered a drop of approximately 5%, trading at $101,000. The following day, on December 20, the leading cryptocurrency continued its downward trajectory, registering a further 7.3% devaluation and reaching $94,523.
Memecoins Performance:
Memecoins, known for their high volatility and popularity driven by internet trends, saw sharper declines during this period.
FLOKI: Led losses among memecoins, with a devaluation of 12.6%, being quoted at US$ 0.00019 on December 19.
Dogecoin (DOGE): Recorded a 26.79% drop in the last 24 hours, with the current price at $0.268227.
Shiba Inu (SHIB): Depreciated by 23.332% in the same period, trading at US$ 0.00001873.
PEPE: It fell by 25.136%, with the current price of US$ 0.000000002484.
Baby Doge Coin (BABYDOGE): Recorded a devaluation of 20.65%, being quoted at US$ 0.000000002955.
Contributing Factors:
The recent decision by the US Federal Reserve (Fed) to implement interest rate cuts below market expectations negatively influenced investor sentiment, resulting in a 4.6% drop in the total cryptocurrency market cap to $3.43 trillion.
Future Perspectives:
Despite the inherent volatility of memecoins, some analysts remain optimistic about their growth potential. Projects such as Crypto All Stars, Wall Street Pepe, and Catslap are highlighted as promising investment opportunities in December 2024.
In short, December 19th and 20th, 2024 were marked by a significant correction in the cryptocurrency market, with memecoins suffering sharper losses compared to more consolidated assets like Bitcoin.
