A few weeks of green candles anticipated the start of the bull market but a week of red in crypto has reduced the enthusiasm of the investors. But a good amount of profits were made by the investors when Bitcoin crossed the $44,000 mark and $ETH crossed $2300. The altcoins and meme coins did well in the green crypto market.
Table of Contents
A Week of Red in Crypto and the Current Crypto Market
Many investors had anticipated a Christmas rally for both Bitcoin and altcoins, with hopes of driving major cryptocurrencies to new peaks. However, there are speculations that market activity might decline during this period as some participants and large investors take time off for the holiday season.
1. Bitcoin
Presently, Bitcoin (BTC), the largest cryptocurrency, is valued at $41,089, marking a 2.11% decrease in the last 24 hours. Despite recent losses, Bitcoin’s market value has seen a roughly 13% increase over the past 30 days, with a trading volume surge of 35.71% to $18.65 billion.
2. Ethereum
Ethereum (ETH), has experienced a 1.96% drop in the last 24 hours, trading at $2,176, accompanied by a 25.32% increase in trading volume to $8.10 billion during the same period.
3. XRP
XRP has seen a 2.20% decline, reaching $0.6065, while its trading volume has risen by 29.93% to $953.19 million.
4. Solana and Cardano
Solana (SOL) and Cardano (ADA) also exhibit a downward trend, with SOL decreasing by 5.23% to $70 and ADA falling by 6.1% to $0.5751, coupled with a 9.39% increase in trading volume to $611.62 million.
5. Meme coins
Even meme coins are not safe from the downturn;
- Dogecoin (DOGE) has witnessed a 3.53% drop to $0.09219, with a 1.25% decrease in trading volume to $499.07 million in the last 24 hours.
- Shiba Inu (SHIB), has faced a 7.6% decline to $0.00001007, accompanied by a substantial 46.09% drop in trading volume to $411 million.
Decrease in MC and Increase in TVL
The collective decrease in major cryptocurrencies has resulted in a 2.32% reduction in the total value of the cryptocurrency market, bringing the overall market cap down to $1.55 trillion.
Conversely, trading volume has increased by 11.13% to $50.95 billion during the same timeframe. The cryptocurrency market’s fear and greed index currently stands at 70, indicating a sentiment of “greed.”
Notable Altcoin Performances
- Pepe (PEPE), a leading meme coin, has initiated the week with a negative trend, experiencing a 5.81% decrease in the last 24 hours and trading at $0.000001323. Its trading volume has also declined by 35.23% to $80.93 million.
- Helium’s HNT stands out as one of the top percentage gainers of the week contrary to the general market trend. HNT has witnessed an 8.16% increase in the last 24 hours, trading at $7.7, with a 13.85% rise in trading volume to $51.47 million during the same period. Over the last 7 days, HNT’s price has surged by over 50%.
- FTX Token (FTT), the token associated with the bankrupt cryptocurrency exchange FTX, has seen a positive start to the week with a 5.91% increase in the last 24 hours, trading at $3.80. Despite a 17.33% decrease in trading volume to $90.18 million, FTT has gained 27% in value over the last 30 days, according to available data.
Conclusion
To conclude, even though the week of red has lowered the optimism and enthusiasm of investors, the bitcoin, altcoins, and meme coins have shown an amazing rally during the past few green weeks in the market. Some altcoins surged tremendously giving large gains to the investors. But the market is still hopeful that when the holiday season is over, the bull run will start with incoming events like ETF and halving. The market still has a bullish trend even after the red week.
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