The cryptocurrency market has been highly volatile in the last 24 hours, with large coins displaying mixed price trends. Some assets showed minor recoveries, but bearish trends continued throughout the market. Despite this, trading volumes remain high, indicating active trading despite the uncertainty.
Bitcoin (BTC), the largest cryptocurrency, is trading at $93,177.5 as of 10.53 am on Dec 30, 2024. The asset fell by approximately 2.01% in the last 24 hours, indicating that the sentiment among traders is cautious. Still, the trading volume of Bitcoin reached $33.99 billion, proving that the cryptocurrency is maintaining its stronghold in the crypto market.
Bitcoin is one of the most crucial digital assets to the market's overall stability, with a market capitalization of $1.85 trillion. Analysts say the critical support level is at the $93,000 mark, while resistance could be near $95,000.
A tokenized version of Bitcoin, known as Wrapped Bitcoin (WBTC), saw price action similar to that of BTC. WBTC traded at $93,015, having declined by 2%. Currently, WBTC has a trading volume of $222.44 million, while its market capitalization stands at $15.16 billion.
Ethereum is holding up well. It is trading at $3,385.33, with only a 0.11% decline over the last 24 hours. This meager decline is in contrast with the bearish sentiment around the broader market, showing just how strong Ethereum is as the leading asset in dApps and NFTs.
Ethereum's trading volume is $16.37 billion, with a market capitalization of $407.87 billion. Analysts maintain that the strong Ethereum fundamentals continue to attract investor confidence into DeFi and the NFT sectors despite general volatility in the market.
XRP recorded a steep slump, dropping by 5.27% in price to a mere $2.06. Its drop places XRP amongst the worst-performing cryptocurrencies for the day as it represents negative sentiment.
Despite its recent slump, XRP boasts a trading volume of $3.76 billion, pointing to its market's significant influence. At a market capitalization of $118.01 billion, XRP will still rank in the top few cryptocurrencies but does not currently look well-suited to recovering from its trend.
Binance Coin (BNB) continued to lose its grip on making any gains, trading at $695 with a decline of 2.59%. Its trading volume stood at $1.67 billion, with a market capitalization of $100.99 billion. This reflects the cautious attitude in the market, as BNB remains under pressure to recover lost gains.
Solana, or SOL, traded at $189.66, and it declined by 2.67%. This is a minor correction after gaining some value lately. The asset has experienced characteristic volatility lately. As for trading volume, Solana accounts for $2.31 billion, and its market capitalization is $90.99 billion. Its price volatility does not deter investors.
Dogecoin (DOGE) went down 3.23% in a trade value of $0.315. This has seen a trading volume worth $1.92 billion, as recorded during the trade period. At a market capitalization of $46.46 billion, it stands out to be a great mover in the market. Nevertheless, the absence of upward traction makes its survival and maintenance of growth unachievable.
Cardano (ADA) is down 2.98% to $0.8603, with low trading volume at $768.34 million. Its market capitalization stands at $30.22 billion, and the price action shows that it faces the same issues as the rest of the market assets and is unable to break past resistance levels and regain upward motion.
The cryptocurrency market on December 30, 2024, reflects cautious participation. Bitcoin and Ethereum are anchoring the market. Major altcoins like Solana and Dogecoin are moving in response to the overall sentiment. However, other altcoins, such as TRON, are stable, while XRP and Avalanche, experience a more drastic decline.
Trading volumes and market caps reveal that digital assets remain highly attractive, even in turbulent times. Market participants take a final glance at 2024 as they await the dawn of 2025 with high hopes for stability and resurgent bullish momentum.