2021-12-10 09:52:40

No Signs Of Bulls Taking Charge, Altcoins Fall By Double Digits

KEY POINTS

  • Bitcoin dropped below the $48,000 level as market remains bearish
  • The sentiment in the market remains in fear
  • The global crypto market dropped by 4.96%

The cryptocurrency market cap fell about 5% in the last 24 hours $2.24 trillion, continuing the bearish streak since the market breached $3 trillion on Nov. 9.

Bitcoin lost nearly 4% market cap in 24 hours up to 3:08 a.m., data from CoinMarketCap showed. The world’s biggest cryptocurrency is now trading at $47,745. Bitcoin had slumped to $42,000 after falling below the important support of $53,000. 

The coin touched a daily low of $47,439 Friday before recovering some of those losses. The dominance of the token keeps falling and is currently at 40.61%, hinting that altcoins are outperforming the world’s biggest cryptocurrency. Bitcoin is unable to take over the lost support levels as the market remains in extreme fear, according to previous reports. 

The second-biggest cryptocurrency, Ethereum, dropped by nearly 6.42% in the last 24 hours, with a 7.18% drop in market cap. The prices for the currency opened at $4105, reaching a daily high of $4199 and dropping to a daily low of $4021.  

Ethereum challengers Cardano and Solana have also turned bearish. ADA traded at $1.281, down 7.01% in the last 24 hours. The daily candle opened at $1.288, reaching a daily high of $1.3. 

Solana prices fell by 6.99% in the past 24 hours to $176.52. The market cap of the token also by 6.73%.

Meme tokens, Dogecoin and Shiba Inu, have also been bearish. Shiba Inu is down 5.46% in the last 24 hours. The current price of the token is $0.00003464, dropping by 5.92% in the last 24 hours.  

On the other hand, Dogecoin’s price action wasn’t any different. The current DOGE price rests at $0.17 per coin, dropping by nearly 5.36% in the last 24 hours. The market cap of the token also fell by nearly 4.91%. 

China’s central bank has warned companies against assisting cryptocurrency-related businesses Photo: AFP / INA FASSBENDER

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