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BTC Drops Below $100K, LINK Gains 6%

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2 weeks ago

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The crypto prices today exhibited bearish momentum, with Bitcoin (BTC) and major altcoins declining. XRP recorded a 5% drop, making it the worst performer among the top 10 cryptocurrencies. In contrast, Chainlink (LINK) emerged as the top gainer, with a 6% rise in the last 24 hours.

Overall market capitalization decreased by approximately 2% to $3.65 trillion. Trading volume increased by 2% to $155 billion. These trends reflect the fluctuating nature of crypto prices today.

Here’s a brief overview of some leading cryptocurrencies by market cap and their prices today, December 9.

Crypto Prices Today: BTC at $99K, ETH, XRP, SOL Drop

Bitcoin (BTC) price suddenly fell by $2,000, dropping from $101,000 to $99,000. Major altcoins followed Bitcoin’s downward trend, declining by 2% to 5%. Meme coins also faced a bearish momentum, with prominent coins like Dogecoin (DOGE) and Shiba Inu (SHIB) showing losses of 2% to 4%. Crypto prices today indicate a market-wide pullback, reflecting cautious investor sentiment.

Bitcoin Price Today

Bitcoin (BTC) price was trading at $99,245 at the time of writing, marking a 1% decline over the past 24 hours. Its 24-hour low and high were $98,698 and $101,324, respectively. Bitcoin’s market capitalization stood at $1.96 trillion, with a trading volume of $50 billion and a market dominance of 54.03%.

In related developments, Bitcoin entered a boom phase following Donald Trump’s victory in the U.S. presidential elections. The Trump administration is reportedly considering creating a strategic Bitcoin reserve for the country. Additionally, MicroStrategy‘s Founder and Chairman, Michael Saylor has entered the discussion surrounding the proposed Bitcoin reserve, drawing significant attention from the crypto community.

Ethereum Price Today

Ethereum (ETH) price was trading at $3,951, with a 24-hour low of $3,925 and a high of $4,015. Its market capitalization stood at $475 billion, with a 24-hour trading volume of $24 billion. Ethereum holds a market dominance of 13% and remains the second-largest cryptocurrency by market cap. As crypto prices today show strong momentum, Ethereum continues to be a major player in the market.

XRP Price Today

XRP price was trading at $2.489, with a 24-hour low of $2.469 and a high of $2.639. Its market capitalization stood at $142 billion, with a 24-hour trading volume of $11 billion. XRP had a market dominance of 3.91%, reflecting its position within the top cryptocurrencies by market cap.

Solana Price Today

SOL price was trading at $232, with a 24-hour low of $231 and a high of $241. Its market capitalization stood at $110 billion, with a 24-hour trading volume of $3 billion. Solana is now ranked 5th by market cap, with a market dominance of 3%. Crypto prices today showed moderate fluctuations for Solana, reflecting its ongoing market performance.

Crypto analysts are predicting that Solana could reach $420 during the upcoming festive season. This projection is based on expected increased demand and positive market sentiment surrounding the token.

Meme Crypto Prices Today

Top meme coins have also followed the broader market trend, showing a decline. DOGE was down by 2%, trading at $0.45, while SHIB fell by 4%, now trading at $0.00003131. Other popular meme coins like BONK and WIF saw losses between 4% and 6%. However, PEPE was an exception, recording a 4% increase, trading at $0.00002684.

In a positive development for Shiba Inu, its Layer-2 scaling solution Shibarium reached a significant milestone, crossing the 2 million wallet mark 16 months after its launch. Crypto prices today reflected a mixed performance in the meme coin market, with some coins experiencing minor gains while others continued to decline.

Top Crypto Gainer Prices Today

Chainlink (LINK) price was the top gainer in the last 24 hours, seeing an 8% increase. It was trading at $26.82, with a 24-hour low of $24.71 and a high of $27.22. With a market capitalization of $17 billion, LINK remains among the top 20 cryptocurrencies by market cap reflecting its strong performance in the market.

Mantle

Mantle (MAN) price was trading at $1.20, up by 5% in the last 24 hours. Its 24-hour low and high were $1.16 and $1.34, respectively. The market cap stands at $4 billion.

Pepe

Pepe (PEPE) price was up by 4%, trading at $0.0000266, with a 24-hour high of $0.00002746. Its market cap stands at $11 billion.

Top Crypto Loser Prices Today

Peanut the Squirrel

Peanut the Squirrel (PNUT) price was down by 12% in the last 24 hours, trading at $1.39. Its market cap stands at $1.38 billion. Crypto prices today show this as the worst performer among top coins.

EOS

EOS (EOS) price was trading at $1.26, down by 7% in the past 24 hours. Its 24-hour low and high were $1.25 and $1.34, respectively. Its market cap stands at $1.9 billion.

Jupiter

Jupiter (JUP) price was trading at $1.29, down by 6% from the last 24 hours. Its 24-hour high was $1.38, with a market cap of $1.75 billion. It was the third-worst performer among crypto prices today.

The hourly chart looks bearish for the crypto market, with major altcoins down in the last hour. Bitcoin (BTC) was down by approximately 1%, and macro altcoins saw declines ranging from 0.5% to 2%. Crypto prices today reflect the downward momentum in the market, indicating short-term pressure on the leading cryptocurrencies.

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Coingape Staff

CoinGape comprises an experienced team of native content writers and editors working round the clock to cover news globally and present news as a fact rather than an opinion. CoinGape writers and reporters contributed to this article.

Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.





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Robert Kiyosaki Hints At Economic Depression Ahead, What It Means For BTC?

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5 hours ago

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December 23, 2024

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Rich Dad Poor Dad author Robert Kiyosaki has issued a stark warning while hinting towards an economic depression ahead. In a recent X post, the renowned author said that the global market crash has already started, as he predicted earlier, which indicates that the financial market might enter a “depression” phase. Notably, this comes as the crypto market records immense volatility, sparking concerns over what’s next for Bitcoin (BTC).

Robert Kiyosaki Hints At Economic Depression Ahead

Robert Kiyosaki, in a recent X post, has revealed a stark warning of a looming economic depression. The Rich Dad Poor Dad author warned that a global market crash has already begun, citing Europe, China, and the U.S. as regions facing significant downturns.

In his post, Kiyosaki urged caution, advising individuals to safeguard their finances and maintain their jobs. “Global crash has started. Europe, China, USA going down. Depression ahead?” he asked while emphasizing the enduring value of assets like gold, silver, and Bitcoin. He added, “For many people, crashes are the best times to get rich.”

This warning aligns with Kiyosaki’s earlier prediction of what he called the “biggest crash in history.” Earlier this month, he encouraged his followers to prepare for financial turmoil, stating, “Please be proactive and get rich… before the BOOMER’s go BUST.”

However, this recent comment from Robert Kiyosaki indicates his sustained confidence in BTC. As the crypto market faces heightened volatility, Bitcoin could emerge as a hedge against traditional market instability, he noted. Besides, it also indicates that the flagship crypto, alongside gold and silver, might continue to gain traction amid this economic turmoil.

What’s Next For BTC?

Bitcoin price today has continued its volatile trading, losing nearly 1.5% over the last 24 hours to $95,323. The crypto touched a high and low of $97,260 and $93,690 in the last 24 hours, showcasing the highly volatile scenario in the market.

In addition, the US Spot Bitcoin ETF also recorded significant outflow, with BlackRock Bitcoin ETF witnessing its largest outflux since its launch. This has weighed on the investors’ sentiment, sparking concerns over a waning institutional interest.

However, despite that, many experts remained confident on the asset’s future trajectory. For context, in a recent X post, Peter Brandt shared a new BTC price target, indicating his confidence in the digital asset.

On the other hand, institutions like Metaplanet have also continued to boost their BTC holdings. These moves indicates that the institutions, as well as many investors, are bullish towards the long-term potential of the crypto. Besides, as Robert Kiyosaki said, the recent dip also provides a buying opportunity to investors, which might further boost Bitcoin to its new ATH ahead.

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Rupam Roy

Rupam is a seasoned professional with three years of experience in the financial market, where he has developed a reputation as a meticulous research analyst and insightful journalist. He thrives on exploring the dynamic nuances of the financial landscape. Currently serving as a sub-editor at Coingape, Rupam’s expertise extends beyond conventional boundaries. His role involves breaking stories, analyzing AI-related developments, providing real-time updates on the crypto market, and presenting insightful economic news.
Rupam’s career is characterized by a deep passion for unraveling the complexities of finance and delivering impactful stories that resonate with a diverse audience.

Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.





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Tron’s Justin Sun Offloads 50% ETH Holdings, Ethereum Price Crash Imminent?

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8 hours ago

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December 23, 2024

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Tron founder Justin Sun has been heavily offloading his ETH holdings with Ethereum price crashing 17% following the rejection at $4,000. Over the past 7 days, Sun has offloaded another 50% of his holdings worth $143 million. Market analysts predict that ETH price could further take a dip below $3,000 once again before resuming upside momentum.

Tron’s Justin Sun on ETH Selling Spree

Justin Sun is on a massive Ethereum selling spree since the coin resumed its upward journey after Donald Trump’s election win. This continued even until last week, when Tron founder offloaded $143 million worth of ETH causing Ethereum price to tank over 15% amid the crypto market crash.

Blockchain analytics firm Spot On Chain reported that Justin Sun redeemed 39,999 ETH (valued at $143 million) from liquid staking platforms Lido Finance and EtherFi. He subsequently deposited the entire amount into HTX.

Since November 10, as Ethereum price has trended upward, Sun has deposited a total of 108,919 ETH (worth $400 million) to HTX at an average price of $3,674. Notably, many of these deposits occurred near local price peaks.

Courtesy: Spot On Chain

Spot On Chain also revealed that Justin Sun currently has 42,904 ETH (valued at $139 million) in the process of unstaking from Lido Finance. The Tron founder might potentially send this funds to HTX later.

Ethereum Price Drop Below $3,000 Coming?

With Ethereum price losing its crucial support of $3,500, the market sentiment for the world’s largest altcoin has turned bearish. Last week, crypto market analysts turned bearish on Ethereum expecting the ETH price to drop $2,800 on selloff by whales.

Popular market analyst IncomeSharks stated that it was a “low-volume weekend,” for Ethereum following a volatile week for stocks. The analysts added that it won’t be the right time to sell.

The On-Balance Volume (OBV) indicator, a tool used to gauge buying and selling pressure, remains steady, oscillating within a channel. Recent Ethereum buyers are still in profit, providing some support for the market. However, the below chart shows that there’s still scope for Ethereum to take a dip to $3,000.

Source: IncomeSharks

Prominent crypto analyst “I am Crypto Wolf” also highlighted a bullish outlook with a potential inverse head-and-shoulders (iHS) pattern. According to the analyst, Ethereum price chart is currently forming the “right shoulder” of the iHS continuation pattern.

Source: I Am Crypto Wolf

This setup could provide the momentum needed to surpass the $4,000 resistance and aim for a $10,000 target by May. A breakout is anticipated by the end of January, though a retest of the $3,000 level remains a possibility before the rally takes off, he noted.

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Bhushan Akolkar

Bhushan is a FinTech enthusiast with a keen understanding of financial markets. His interest in economics and finance has led him to focus on emerging Blockchain technology and cryptocurrency markets. He is committed to continuous learning and stays motivated by sharing the knowledge he acquires. In his free time, Bhushan enjoys reading thriller fiction novels and occasionally explores his culinary skills.

Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.





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CryptoQuant Hails Binance Reserve Amid High Leverage Trading

Published

14 hours ago

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December 23, 2024

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Crypto analytics platform CryptoQuant has conducted a deep dive research into Binance and other centralized exchanges to uncover how susceptible they are to liquidity risks. With the crypto ecosystem trading at a very high premium, exchanges require high liquidity to meet growing demands. Of its findings, CryptoQuant singles out Binance and OKX as platforms to watch out for.

What Makes Binance Stand Out from Centralized Exchanges?

According to CryptoQuant, it analyzed the leverage levels of top centralized exchanges. It conducted this exercise to evaluate their liquidity, default risk and how crypto reserves backs trading activity. The analysis also employs leverage ratio calculation to estimate trader’s exposures.

Based on this, the analytics firm singled out Binance as an exchange with robust reserves. The trading platform maintains this reserve despite the significant growth in open interest this year. This is signficant, considering how Binance Futures list new tokens to fuel this expansion including Solana’s Fartcoin.

“Its reserves in Bitcoin, Ethereum, and USDT comfortably exceed its open interest. Binance also reported the lowest and most stable leverage ratio among major exchanges, with a ratio of 12.8 in December 2023, rising slightly to 13.5 in December 2024,” the CryptoQaunt report reads.

As pointed out, this stability and the 2.6x expansion in Bitcoin open interest on the platform from $4.45 billion to $11.64 billion implies that the exchange can handle unexpected liquidations.

As the report hinted, smaller exchanges like OKX also maintain low leverage ratios.

Centralized Exchanges and Avoiding the FTX Saga

In addition to the Binance spotlight, CryptoQuant also mentioned Gate io, Bybit, and Deribit. However, the report noted that these trading platforms have the highest leverage ratios in the market pegged at 106, 86, and 32, respectively. Notably, this figures show open interests for Bitcoin and Ethereum is higher than the existing reserves available on these centralized exchanges.

The analysis concluded by flagging the impact of high leverage trading, one of the major causes of the FTX Derivatives Exchange collapse. This report serves as an eye opener that can help traders manage risk per platforms they trade on.

Meanwhile, FTX is at the tail end of its bankruptcy proceedings. As Coingape reported earlier, FTX has set January 3 as the date to commence creditor repayment.

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Godfrey Benjamin

Benjamin Godfrey is a blockchain enthusiast and journalists who relish writing about the real life applications of blockchain technology and innovations to drive general acceptance and worldwide integration of the emerging technology. His desires to educate people about cryptocurrencies inspires his contributions to renowned blockchain based media and sites. Benjamin Godfrey is a lover of sports and agriculture.

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Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.





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