Cryptocurrencies experienced significant losses before New Year’s Eve. The majority of them were trading in the red, and the overall crypto market cap was $2.39 trillion, which was down 2.33 percent.
The selling pressure on Thursday was mild enough that investors were seen taking money off the table, as trading volume increased by 17.39 percent to $87.55 billion and prices remained stable in the following day’s session.
Another good news for the world’s largest cryptocurrency exchange by volume, Binance has now established a new firm called “Binance Canada Capital Markets Inc.” and registered with Canada’s Financial Transactions and Reports Analysis Centre (FINTRAC) as well as AML, which is Canada’s Anti Money Laundering and Anti-terrorism financing regulator, tweeted CEO of Binance, Changpeng Zhao.
The bears have succeeded in bringing Bitcoin’s price down to $49,692.17, the cryptocurrency’s first close below $50,000. It happened at 8.39 a.m., according to CoinDesk.
The second chart, from CoinMarketCap, showed that Ethereum wasn’t immune to this broader market-based selling either.
It was trading with a loss of 2.96 percent at $3,956.18. Ethereum’s trading volume, however, surged by 23.70 percent at $12,648,959,617 at 8.47 am.
At 8.47 a.m., the price was $3,956.18 and had lost 2.96 percent of its value in 24 hours. Ethereum’s trading volume increased by 23.70% at $12,648,959,617 at 8:47 a.m.
According to Gaurav Dahake, CEO and co-founder of Bitbns, “the overall quantity of Bitcoin in existence reached an all-time high during a Bitcoin bear market, but it indicates coin redistribution from the weaker to the more powerful long term.”
The price of Cardano (ADA) has increased by 1.24 percent, to $1.48. Algorand, the Ethereum killer, was down 2.73 percent at $1.56; its market cap is now $9,889,372,525.
Binance Coin (BNB) is up by 0.44 percent at $549.73, against the backdrop of several positive changes in its cryptocurrency exchange operations, while Solana (SOL) has tumbled by 5.01 percent to trade at $188.59.
The price of Dogecoin (DOGE) fell to $0.1801, with a loss of 5.58 percent from the previous day’s close.
However, its trading volume increased by 29.21% to $798,660,863 in the last 24 hours. The price of the rival Shiba Inu cryptocurrency (SHIB) has dropped by 4.54 percent to $0.00003686.
ELON is down by 0.02 percent to $0.000001642. Floki Inu, on the other hand, is now down by 9.01 percent at $0.0001192. Samoyed Coin (SAMO) is down 2.30 percent at $0.04264.
In the DeFi sector, YFI (yearn.finance) enjoyed a 91.43 percent increase in trading volume to $306,496,286. YFI was trading at $30,379.18 by 8:47 a.m., with a loss of 2.57 percent.