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Crypto Markets Face Mild Decline: Bitcoin Struggles to Hold Ground

Current Market Overview

As the clock ticks into Thursday, December 13, the crypto market is feeling the heat of a mild decline once again. After a slight rebound yesterday, it appears a majority of digital currencies are painting their candles red with 19 out of the top 20 cryptos stumbling down the charts.

Bitcoin’s Daily Struggles

Bitcoin, the king of cryptocurrencies, is wrestling to stay above the support level of $3,500. Earlier today, it drifted as low as $3,406 but has seen a slight recovery, currently trading at approximately $3,417—a drop of about 2% in the past 24 hours. On a weekly scale, Bitcoin is looking even worse with a decline of roughly 6.5%.

Altcoins Feeling the Pinch

Not to be outdone, Ripple (XRP) is also down 1.4%, limping along around the $0.30 mark. Meanwhile, Ethereum (ETH), which just celebrated hitting $92, decided to change its mind and fell back under the $90 barrier, now pricing in at $90.30. This rollercoaster ride isn’t just for kicks; the Ethereum community is buzzing about the latest code update regarding the Constantinople upgrade, expected to roll out around January 14, 2019.

Losers and Surprises in the Market

In the battle of the altcoins, Bitcoin SV (BSV) is claiming the crown for losses with an 8% drop, trading at $82.96. Bitcoin Cash isn’t far behind with a nearly 8% decline to $95.1. In contrast, there’s a surprising twist as Maker (MKR) shoots up by a jaw-dropping 33.8% today, shoving ZCash (ZEC) out of the top 20 to secure 19th place. Talk about a comeback!

Market Capitalization and User Growth

Total market capitalization has taken another dip, falling below the $110 billion mark—now resting at approximately $108.6 billion. Trading volumes for cryptos hover around $10.7 billion. On a bright note, a recent study from the Cambridge Centre for Alternative Finance reveals a stun refutational surge of 17 million new verified crypto users joining the scene this year. This increase from 18 million to 35 million marks a substantial growth of almost 50%!

Partnerships and Predictions

In an exciting development, Berlin-based SolarisBank has joined forces with The Stuttgart Exchange to lay the groundwork for a new cryptocurrency exchange. The Stuttgart Exchange is a noteworthy player, being the second-largest trading platform in Germany. Furthermore, Mike Novogratz from Galaxy Digital is optimistic, tossing around the idea that Bitcoin isn’t headed to zero, comparing today’s landscape to a “methadone clinic” that signifies a more subdued crypto community compared to the wild speculative days of yore.

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