The festive aura of Christmas hasn’t translated into positive movements for the cryptocurrency realm, with many altcoins witnessing a downturn on Monday, December 25, reflecting losses across the price charts. Bitcoin itself registered a marginal loss of 0.09 percent, trading at $42,906 (roughly Rs. 35 lakh). This dip follows a trend seen over the weekend, where Bitcoin experienced a slight downturn amid market volatility compounded by the ongoing holiday season. Notably, between December 22 and Monday, BTC’s value saw a reduction by $1,306 (roughly Rs. 1.98 lakh).
Echoing Bitcoin’s trend, Ether also incurred price drops on Monday, currently trading at $2,264 (roughly Rs. 1.88 lakh) after experiencing a 0.39 percent loss. Over the weekend, the value of ETH declined by $11 (roughly Rs. 915).
Joining the roster of declining cryptocurrencies on Monday are Ripple, Cardano, Dogecoin, Shiba Inu, Litecoin, and Bitcoin Cash, all of which observed price reductions.
Leo, Stellar, and Cronos also registered value slashes in addition to Binance USD and Bitcoin SV
The overall crypto market cap of the crypto sector dipped by 1.30 percent in the last 24 hours. At the time of writing, the crypto sector valuation stood at $1.66 trillion (roughly Rs. 138,06,635 crore), as per CoinMarketCap.
Meanwhile, some cryptocurrencies trading in profits today include Uniswap, Near Protocol, Zcash, Iota, and Augur.
In retrospect, the members of the Indian crypto players have appreciated the overall growth of the crypto sector.
“In 2023, the performance of the crypto market has been truly remarkable, exhibiting a substantial surge in the total market capitalization, soaring by approximately 60 percent year-to-date. This notable growth trajectory owes itself to various catalysts, including the expanding institutional adoption, the meteoric rise of DeFi (Decentralized Finance), and the burgeoning popularity of NFTs (Non-Fungible Tokens). At present, Bitcoin, the leading digital asset globally in terms of market cap, has surged by a staggering 155 percent, establishing itself as one of the top-performing asset classes of 2023,” remarked Shivam Thakral, CEO of BuyUcoin.
Thakral further expressed his anticipation of an upcoming crypto ‘super cycle’ in 2024. He highlighted the pivotal roles that major events like Bitcoin Halving and the anticipated approval of ETFs (Exchange-Traded Funds) would play in propelling the momentum of crypto assets. Additionally, Thakral emphasized the significance of the US monetary policy and its subsequent decisions on interest rates by the US Federal Reserve, foreseeing their substantial impact on the crypto landscape in the upcoming year.”