Jingle Bells, Where’s the Cheer?
This Christmas, the crypto markets are curiously reminiscent of last year’s coal in the stocking. With the vast majority of major cryptocurrencies landing in the red, it seems the only thing gaining traction is the gloom. According to the latest data, every single one of the top 100 coins by market cap is suffering from an unfortunate dose of the holiday blues.
Bitcoin’s Rollercoaster Ride
Leading the charge, Bitcoin (BTC) has taken a nosedive of over 9% in just 24 hours, leaving it gasping for air at around $3,812. Remember just yesterday? The price was frolicking above $4,236—what a difference a day makes! With fluctuations that could rival a sugar-high toddler, BTC has tumbled as low as $3,755 in trading hours prior to the press, showcasing yet again that Santa’s not the only one who can slide down the chimney.
Bitcoin’s Week in Review
The volatility in Bitcoin’s trading this past week could only be described as a wild dance, shimmying between the $4,000 mark and slipping back into the $3,700 to $3,800 range. Luckily, BTC is still enjoying a sweet 17.2% increase from the start of the week—but it’s a different story when looking at its monthly performance, which reveals a decline of about 12%.
Ripple and Ethereum: The Grinch Stole the Gains
Ripple (XRP) is also feeling the pinch, shedding a whopping 15% in the last 24 hours, now hovering at $0.38 after a nice peak of $0.45. While XRP maintains a decent 31.5% increase over the week, it’s still nursing a 7% loss for the month. Not the holiday cheer Ripple had in mind, that’s for sure!
Adding to the merry misery, Ethereum (ETH) finds itself reeling with an 18% drop, settling at $127. Just yesterday, ETH happily danced across the $150 mark but now—sigh—it’s fallen back to nearly the price at which it started out this month, managing only a slight bump of around 5% in overall monthly performance.
Bitcoin Cash and the Gang: Not So Merry
Meanwhile, Bitcoin Cash (BCH) is doing a faceplant with a 20.7% plummet, trading at $164. Despite this freefall, BCH is still boasting a remarkable 113% rise over the week, proving that last-minute rallies can sometimes happen—though don’t count on it for next year!
Riding the Downward Spiral
Adding to the chaos, Bitcoin SV and other major coins join the party, with many seeing declines between 10% and 19% on the day. Litecoin (LTC) and IOTA (MIOTA) are doing their best impression of holiday ornaments—down and out. Even privacy favorites like Monero (XMR) and ZCash (ZEC) aren’t immune, with drops hovering around 10%.
The Bigger Picture: A Market Down on Its Luck
The total market cap for cryptocurrencies currently sits at around $128.8 billion—a slight recovery from a low of $114.2 billion at the start of last week but notably down from over $147.8 billion just yesterday. It’s a market in desperate need of a booster shot—or a strong cup of coffee!
Bear Market Blues and Bright Spots
In the midst of all the turmoil, the news that GMO Internet Group is exiting the Bitcoin mining hardware sector—as they report hefty Q4 losses—might not add much to anyone’s holiday spirit. But fear not, TRON (TRX) is here to sprinkle some hope, surpassing one million user accounts this week—even while navigating the murky waters of today’s crypto junkyard. Who says you can’t spread cheer, even in a bear market?
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