Dingdong Effect Continues In Crypto Market As Economy Reduced By 3% More

Another value decline made its way into the global crypto economy on 20^th December, 2021 which reduced the economy by approximately 2.9%. But for the individual economies of top-10 digital currencies of the world, which include Bitcoin and Ethereum, they saw value decrease by 3 to 7%. Bitcoin goes below US$ 46,000 while Ethereum goes below US$ 3,787, which further strengthens the argument that the market will continue to remain “bullish” at least for the rest of the days of 2021.

At least 3.7% of the Bitcoin’s value slipped away when the change appeared in the global digital currency market on 20^th December, 2021. However, the sliding of value wasn’t just for Bitcoin only. In fact, the slide impacted upon the entire crypto-economy which resulted in the reduction of the global crypto economy by 2.9% approximately.

Bitcoin was trading above US$ 26,000 threshold when the decline took place. Resultantly, Bitcoin’s value instantaneously went down from 26k level to US$ 45,738. Still Bitcoin is retaining 90% of value increase since 1^st January, 2021 to date. The declines are however apparent in Bitcoin’s weekly and monthly performances. For instance, since 10^th November, 2021, Bitcoin’s value has reduced roughly by 22%. On the other hand, after crossing US$ 1 Trillion, the existing Bitcoin market cap is reduced to US$ 864 Billion.

But being the major player within the entire crypto economy, Bitcoin’s reductions impacted upon other digital currencies as well. For the time being, Bitcoin is dominating global crypto economy with its share of 38.6%.

The recent crypto market change heavily impacted especially upon the top 20 digital currencies of the world. Such was the situation being faced by Ethereum as well, which is world’s second largest digital currency by value and market cap. Ethereum has had to witness its value sliding down at least by 8.7% in the past 24 hours. After the slide, Ehtereum started to trade at the price of US$ 3,787. Similarly, Ethereum’s market cap too was reduced by 4.4%.

As of today, however, the market is showing some positive aspects. In the past 4 hours, Bitcoin has been gaining price surges and is nearing US$ 50k threshold. However, at the present moment it is swapping hands at the price of US$ 48,973. Similarly, Ethereum too has been gaining upward momentum and has already gone past US$ 4k and currently trading at US$ 4,030.

It seems that an instant surge has taken over the crypto economy, which is a thing prior to entering into 2022. But there are only 10 days left and people have too much expectations attached with Bitcoin and the entire crypto economy. They want the crypto market to welcome 2022 with Bullish rather than ending the year on the bearish side.

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