Bitcoin plummeted to trade under the $50,000 level, while Ethereum hovers with a 2.96% 24Hr loss. Dogecoin and Shiba Inu traded in red as Binance Coins noted gains.
To cryptos took a hit before New Year. Most assets in the cryptocurrency industry traded in the red as the global crypto market capitalization lost 2.33% to stand at $2.39 trillion. Meanwhile, market players took some profits, and the 24-hour trading volume reflected the narrative with a 17.39% to $87.56 billion as prices remained submissive.
In another positive update for the leading crypto exchange by volume, Binance has launched a new firm in Canada. Binance CEO Changpeng Zhao tweeted that the new arm registered with Canada’s AML regulator and FINTRAC.
Bears succeeded in dragging Bitcoin again as the crypto trades under the $50K area at $49,691, showing a 2.34% price decrease. Coinmarketcap stat indicated that Ether also suffered broad market sell-offs. Ethereum stood with a 2.96% loss at $3,955. However, the alt had its trading volume surging by 23.7% to $12,648,958,618.
Bitbns co-founder and CEO Gaurav Dahake said that BTC currencies outside exchange reserves attained a new ATH, indicating a bearish market. The CEO stated that it hinted at asset distribution to strong hand from weak one.
Cardano stood around $1.48 after a 1.24% gain. Algorand, the ETH killer, lost 2.73% to $156, with its market capitalization standing around $9,889,372,524. Meanwhile, Binance Coin saw a marginal 0.44% gain to $549.7 regardless of multiple lucrative developments about its exchange operation. Solana traded near #188.59 after losing 5% of its value.
DeFi and Meme Coins
Dogecoin wavered at $0.1801 after a 5.58% loss. Meanwhile, the trading volume saw a 29.21% 24hr increase, standing at $798,660,862. Rival SHIB crashed to $0.00003686 after dropping 4.54%. Indeed, bears dominate the meme coin market. ELON traded with a 0.02% loss at $0.00000162. Also, Floki Inu dumped 9% to $0.0001192 as Samoyed Coin’s 2.3% loss had it at $0.04264.
In the DeFi sector, Yearn Finance lost 2.57% to hovers around $30,379.2 early on Tuesday. Meanwhile, YFI’s trading volume surged 91.43% to $306,496,286.
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