The crypto market is in a cooling period due to the holiday season as we approach 2024. Bitcoin (BTC) and Ethereum (ETH) are losing value, with BTC falling below $95,000 and ETH falling to $3,300. Bitcoin has been trading at $94,000 for over a month, maintaining a range between $94,000 and $108,000. The largest altcoins are also trending lower, with most losing between 1% and 5% in the past 24 hours. The overall market cap is down by about 2%, falling to $3.28 trillion.$ETH
As many investors get into the holiday spirit and enjoy the last days of 2024, there was a major drop in trading volume by 34%. However, trading volume is expected to return to normal levels in the first week of January, when market activity is likely to pick up again. The Fear and Greed Index is currently at 51, indicating a neutral sentiment in the market. Major cryptocurrencies such as Bitcoin (BTC), Ethereum (ETH), XRP, and Solana (SOL) have suffered significant losses, following the market-wide decline. The slowdown during the holiday period continues to negatively affect trading volumes and prices.
The Bitcoin (BTC) price is trading at $94,327, down about 2% in the last 24 hours. The lowest price in 24 hours was recorded at $93,440, while the highest price was recorded at $97,429. According to SoSo Value data, Bitcoin ETFs saw an outflow of $367 million on Friday. Fidelity accounted for $208 million of this outflow, while Ark & 21Shares reported an outflow of $112 million. Data from BlackRock is still awaited.
Ethereum (ETH) is currently trading at $3,329, down 1%. The 24-hour low was $3,307, and the high was $3,441. The ETH ETF saw a $27 million inflow as Fidelity purchased $27 million worth of Ethereum. XRP is trading at $2,144, down 2%, with a 24-hour low of $2,126 and a high of $2,234. XRP advocate John Deaton criticized the new crypto tax reporting rule announced by the Biden administration. Solana (SOL) is trading at $184, down 2%. The 24-hour low was $183, and the high was $194.
Meme coins are following today’s downtrend. Dogecoin (DOGE) is trading at $0.3142, down 1%, while Shiba Inu (SHIB) is down 0.5%, while BONK is up 4% thanks to the “BURNmas” event, which burned more than 1 trillion coins.
Virtual Protocol (VIRTUAL) gained 15% in the last 24 hours and became one of the top altcoins with this increase. Its lowest price in 24 hours was $3.05 and its highest price was $3.58. Bitget Token (BGB) traded at $8.36, up 9%. This rise is due to Bitget announcing plans for a future $800 million token burn. This development is creating positive momentum in the market for Bitget Token. Finally, Stepn’s native token recorded a significant increase of 55% on December 27, 2024 GMT, outperforming major assets such as Bitcoin (BTC), Ethereum (ETH), and XRP.
