By: Swastika Das Sharma
Last Updated: December 08, 2021, 17:17 IST
Bitcoin plunged below the $50,000 mark on Wednesday amid profit booking
Cryptocurrency Update: The global cryptocurrency market on Wednesday, December 8, saw a plunge again among profit bookings from investors after a market comeback the day before. The crypto market a day back had regained its momentum after falling constantly over the weekend, with all major coins suffering losses amid Omicron variant scare. The Omicron variant of Covid-19 has created a panic from investors across markets — from stock to crypto — and the result was visible in their plunging numbers. Bitcoin on Wednesday fell back below the $50,000 mark, prompted by profit booking from investors, according to data from global crypto tracking website CoinMarketCap.
The combined losses of majority of the cryptocurrencies on Wednesday had an effect on the global market. The global cryptocurrency market on the day saw a sharp fall. The crypto market lost its value on the day and stood at 2.32 at trillion. This was down by as much as 3.65 per cent over the past 24 hours. The total crypto market volume over the last 24 hours stood at $104.09 billion when the article was being written, also seeing a steep plunge. This was down by 19.68 per cent over the course of the last day, as fears regarding the Omicron variant again created a panic among traders.
Bitcoin, Ether, Solana and other major crypto coins lost their value. The price of one Bitcoin, the world’s largest cryptocurrency by market value, was standing at $49,258.95 at the time of writing this article. This was down by 4.23 per cent over the last 24 hours and by 13.56 per cent over the last seven days, data from CoinMarketCap showed.
The value of Ether, the world’s largest altcoin also decreased on the day. One unit of Ether was priced at $4,279.32 at the time of writing this article, as per data from the same website. This was down by 3.20 per cent over the last 24 hours and by 9.52 per cent over the last seven days.
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“We saw a good recovery across the cryptocurrency spectrum over the past 24 hours. All of the top 30 cryptos ended the day in greens. The largest cryptocurrency by market capitalisation, Bitcoin, regained the $51,000 mark. The largest altcoin, ETH went past the $4,300 mark. The rally across the altcoins was pretty high after Polkadot, LUNA and CRO tokens struck double digit gains. Bitcoin dominance is down to just above 40 per cent, signalling a greater scope to the altcoins. The total market cap gained approximately 4 per cent. Over the coming 24 hours, we could likely witness a range bound momentum across the cryptocurrency spectrum," said Edul Patel, CEO and co founder of Mudrex, regarding the market gain on Tuesday.
GreenTrust became the top gainer in the crypto pack on Monday. Over the last 24 hours, the value of one coin increased by 2,603.06 per cent. One token was priced at $0.0000002965, as per data from CoinMarketCap. LinkArt and ElonFlokiInu were the other two gainers who occupied the next top spots on the day. On the other hand, Synex Coin, valued at $0.01782 was the top loser in the global crypto pack. The coin declined 83.04 per cent over the day. LimoCoin Swap and CryptoMines occupied the second and third position according to data from the same website.
Top 6 Cryptocurrency Gainers in the Last 24 Hours (According to Data from CoinMarketCap)
GreenTrust: $0.0000002965 – up by 2,603.06 per cent
LinkArt: $0.007057 – up by 2,255.18 per cent
ElonFlokiInu: $0.000008613 – up by 876.50 per cent
ALL BEST ICO: $0.03043 – up by 864.07 per cent
Chrismas Floki X: $0.00001042 – up by 450.95 per cent
Life DAO: $135.03 – up by 402.61 per cent
Top 6 Cryptocurrency Losers in the Last 24 Hours (According to Data from CoinMarketCap)
Synex Coin: $0.01782 – down by 83.04 per cent
LimoCoin Swap: $3.79 – down by 76.14 per cent
CryptoMines: $4.14 – down by 75.67 per cent
EverDot: $0.00000008612 – down by 70.93 per cent
InfinityCash: $0.03254 – down by 67.32 per cent
FUTUREXCRYPTO: $1.05 – down by 62.15 per cent
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About the Author
Swastika Das Sharma, Subeditor at News18.com, has been part of digital media since 2020. She has completed her post-graduation from Asian College of J…Read More
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By: Swastika Das Sharma