Bitcoin’s price dropped to $92k in December 2024, the lowest it has been since November.
The flagship cryptocurrency is back to $97k as of the writing.
Horizen led the top gainers, while Ethereum and XRP turned positive following their crashes to support levels.
According to CoinGecko’s market data, global cryptocurrency market capitalization stood at $3.35 billion, down 3.5% over the last 24 hours.
The global market is also showing a 33% increase in trading volume, while Bitcoin’s dominance has remained at 57.6%.
Ethereum dominates the market with 12.2%.
CoinMarketCap’s cryptocurrency fear & greed Index had the metric at 62% – still in the greed category despite BTC’s crash.
The Bitcoin Fear & Greed Index was 75 on December 19 as BTC was hovering above $102.
Bitcoin Fear and Greed Index is 75 — Greed Current price: $102,367 Follow on Telegram: t.me/BitcoinFearAnd…
Why did the crypto market crash?
Bitcoins sharp drop from $100k down to $92.5k happened when the crypto-market joined other risky assets to react negatively to Federal Reserve’s comments on December 19th.
Fed Chairman Jerome Powell, who announced a 25-bps rate reduction in December 2017, took a more hawkish position by stating that the Fed sees less rate cuts for 2025.
BTC’s price dropped to around $92,100 as stocks fell in the premarket. It is now further away from its previous all-time record high of $108,000.
This sell-off spread to other crypto markets as Bitcoin ETFs recorded outflows, ending a streak of 15 days of positive inflows.
Analysts are optimistic and say that the current dip in BTC is a good opportunity to buy.
The drivers of a bull market tend to be long-term, fundamental drivers. While the drivers for a pullback tend to be short-term, tactical.
Matt Hougan is chief investment officer of asset manager Bitwise.
Price of ETH and the XRP
ETH and XRP have benefited from the outlook, as they both rose from their lows of $1.97 and $3.098 respectively.
Ethereum and XRP were trading at $3,424 each and $2.25 respectively, while their weekly performances stood at -12% and -8%.
Horizen (ZEN) price spikes 60%
Horizon (ZEN), which has risen by more than 60%, is the biggest gainer amongst the 500 biggest cryptocurrencies in terms of market capital.
Gains were fueled by the recent ZEN token halving, and Grayscale’s launch of ZEN Trust. ZEN reached a high of $26.
Top Gainers
Other than Hyperliquid, Movement (MOVE), and Sui (SUI), the top 100 cryptocurrencies in terms of market capitalization were Hyperliquid (HYPE), Movement(MOVE), and Sui(SUI).
The gains of HYPE MOVE SUI for 24 hours were respectively 18%, 11 % and 3%.
Top losers
In the 24 hour timeframe, most altcoins appeared in red.
According to CoinMarketCap, the top losers were Pudgy Penguins – 16%, Curve DAO – 15%; Pepe – -14%; and Aptos – -14%. Aptos’ decline was a result of news that its CEO had resigned.
The post Crypto Wrap: Horizen (ZEN), Horizen (ETH), BTC, and XRP Bouncing as Horizen spikes 60% could be updated as new information becomes available.
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