Cryptocurrency Update: Bitcoin reclaimed its dominant position at the cryptocurrency market on December 7, Wednesday after suffering a bloodbath over the past few days. Bitcoin, had a day back, fallen to as low as $47,000, only to jump above the $50,000 mark on Tuesday. The world’s largest cryptocurrency then gained more value throughout the day. At $51,386.30, according to data from global crypto tracking website CoinMarketCap. This was up by 8 per cent over the last 24 hours, but down by as much as 10.24 per cent over the last seven days. Bitcoin had last month made a record of touching the $69,000 mark for the first time. Thereafter, its prices did not fall below $50,000 until last weekend amid fears of the newly detected Covid-19 variant — Omicron.
Ether, which also suffered similar fate as Bitcoin, also saw a sharp rise in its prices. The world’s largest altcoin bounced back to jump much above the $4,000 mark on Tuesday. One coin of Ethereum of Ether was priced at $4,398.56 at the time of writing this article. This was up by 10.84 per cent over the last 24 hours, but down by 2.89 per cent over the last seven days.
Other major altcoins like Tether, Binance, Solana and Polkadot also posted gains during the day. Memecoins Shiba Inu and Dogecoin recorded 12.86 per cent and 11.74 per cent rise over the last 24 hours. These coins, too, had posted major losses over the weekend as investors looked to invest in safer assets.
“The coming couple of days would likely remain volatile. We might see a lot more institutional involvement in this spectrum over the coming few days. Institutional interest would be beneficial for the long-term investors,” said Edul Patel, CEO and co-founder of Mudrex.
The combined gains of majority of the cryptocurrencies on Tuesday had a consolidated effect on the global market as well. The global cryptocurrency market on Tuesday also saw a sharp rise, valued at $2.41 trillion. This was up by as much as 10.41 per cent over the past 24 hours. The total crypto market volume over the last 24 hours stood at $128.95 billion when the article was being written, also seeing a decent rise. This was up by 4 per cent over the course of the last day, as fears regarding the Omicron variant eased and traders felt safer to invest in riskier assests.
Synex Coin became the top gainer in the crypto pack on Monday. Over the last 24 hours, the value of one coin increased by 4,867.46 per cent. One token was priced at $0.109, as per data from CoinMarketCap. ElonFlokiInu and HeroFi (ROFI) were the other two gainers who occupied the next top spots on the day. On the other hand, Frosty Floki, valued at $0.06314 was the top loser in the global crypto pack. The coin declined 89.36 per cent over the day. TToken and 8ight Finance occupied the second and third position according to data.
Top 6 Cryptocurrency Gainers in the Last 24 Hours (According to Data from CoinMarketCap)
Synex Coin: $0.109 – up by 4,867.46 per cent
ElonFlokiInu: $0.0000008767 – up by 988.17 per cent
HeroFi (ROFI): $3.70 – up by 728.14 per cent
Ethereum Meta: $0.000003327 – up by 538.81 per cent
Unvaxxed Sperm: $0.000004091 – up by 495.34 per cent
Christmas Floki X: $0.000001905 – up by 472.83 per cent
Top 6 Cryptocurrency Losers in the Last 24 Hours (According to Data from CoinMarketCap)
Frosty Floki: $0.06314 – down by 89.36 per cent
TToken: $0.0000002958 – down by 89.35 per cent
8ight Finance: $6.45 – down by 81.07 per cent
BabyLoserCoin: $0.000000001063 – down by 66.22 per cent
Doges Among Us: $0.00005618 – down by 62.55 per cent
Wolf Game Wool: $0.02629 – down by 60.33 per cent