Bitcoin (BTC) and cryptocurrencies are operating stably as traditional financial markets registered a slight decrease in value. The Dow Jones Industrial Average (DIJA) registered 0.16% gains while the NASDAQ, the S&P 500 and the GDOW fell by 0.35%, 0.07% and 1.06%, respectively.
Meanwhile, Bitcoin registered a loss of 0.9% in the last 24 hours with a relatively stable day. Other digital currencies such as Ethereum (ETH), Binance Coin (BNB), XRP (XRP), and Dogecoin (DOGE), registered similar losses.
Crypto Market Update December 7th
The cryptocurrency market had a stable day as traditional financial markets operate very stable. Among the top 10 cryptocurrencies, the largest loss was registered by Dogecoin falling 3.3% in the last 24 hours. Meanwhile, the best-performing crypto among the top 10 was Bitcoin, with losses of 0.8%.
Let’s not forget that these are the largest cryptocurrencies in the market and those with the most liquidity (generally speaking). Therefore, there could be much more volatility among the top 100 rather than among the top 10.
The best-performing assets among the top 100 were 5 digital currencies with a market capitalization below $485 million. These virtual currencies were Radix (XRD) with a price increase of 16.8%, Celsius Network (CEL) (12.6%), Frax Share (FXS) (10.3%), Synthetic Network (SNX) (5.4%) and GMX (GMX) (5.1%).
The worst-performing assets among the top 100 included Tokenize Xchange (TKX) with a price decrease of 7.3% in the last 24 hours, followed by ImmutableX (IMX) with a loss of 6.5%, Arweave (AR) (-6.4%), Aptos (APT) (-3.2%), and The Sandbox (SAND) (-4.8%).
The end of the year is getting closer and Bitcoin is closing one of the worst years on record when it comes to price. The largest virtual currency moved from $50,000 to below $16,000 a few weeks ago. Therefore, we see that this has been a relatively difficult year for the largest cryptocurrency in the world, which entered a new bear trend in 2021.
Now, the future could be different. Virtual currencies work within bull and bear cycles that take years to be formed. That means that we could see positive years in the future, especially if a new halving event takes place in 2024. Bitcoin is expected to reduce its new issuance of tokens from 6.25 BTC to 3.125 BTC.
We can also see that other digital assets such as Litecoin (LTC) have shown some bullish action in recent months. LTC is also going to be halving from 12.5 LTC per block to 6.25 LTC per block in mid-2023. If we extrapolate what happened 4 years ago, Litecoin moved higher the months before the halving and, when the halving took place, LTC entered a new bear trend.
It will be very interesting to see what could happen with other virtual currencies in the coming months. Other cryptocurrencies could surge and start counter-trend moves in the market such as Litecoin.