Bitcoin, Binance Coin, Dogecoin, Chainlink Daily Price Analysis – 23 December Morning Price Prediction
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TL;DR Breakdown
- An addition was seen in the value of the global market cap, as it gained 0.44% in the last 24 hours.
- Bitcoin gains 0.29%, regaining the losses that it had made recently.
- Binance Coin going through fluctuations, sees growth of 0.09% in the last 24 hours.
- Dogecoin and Chainlink also enjoy a bullish rally, adding 2.52% and 6.55%, respectively.
The market is doing new experiments in the closing days of 2021. The recent fluctuations in the market are evidence of it. Several factors have led to a contraction in the crypto market.
Though the changes were shocking, experts have predicted them. The rally towards bitcoin was one of the main reasons for the unbridled growth of the global crypto market cap. As the market corrects bitcoin prices, the whole market fluctuates. These are the result of a change in the value of the giant that holds the more significant part of the capital in the market.
2021 might end on a good note for the crypto market because there is news of the delay of the Indian crypto law. Sources say that it will be postponed till the next Indian budget, which means the market can enjoy freedom till then. Elon Musk is promoting Dogecoin, calling bitcoin the rich people’s currency. The mentioned statement can also impact the market, which we will see in the coming days.
The improvement in the market shows the impacts of the Santa rally as the market is growing. There are hopes that it will add value, making it profitable.
BTC swings, weighing the situation
The change in the situation for bitcoin is not a new phenomenon. The only thing that disturbs the investors is a sudden big dip in its value. Since December, Bitcoin has been going through a difficult journey. The most unfortunate fact about these fluctuations is its fall from $59K to $48K range.
There have been many efforts to revive and reach the same position, but it couldn’t succeed. The recent changes have kept it swinging in the $45-49K range. The hopes of crossing the $100K barrier are no more under discussion. The main question that bitcoin faces are a steady price because these fluctuations are not suitable for its market value. Many investors’ trust in the market mainly depends on bitcoin, and if it doesn’t perform well, they prefer divestment.
For this reason, the improvement in the value of bitcoin will have significant impacts on the market. As per the latest updates, the current price is about $48.759K and the rise for the last 24 hours is 0.29% compared to a 0.07% weekly loss.
A peek at the market cap shows that its value is estimated to be $922,255,573,752. The trading volume for bitcoin during the last 24 hours was $23,435,993,481, which equals 480,501 BTC.
BNB tries to recover from the recent trauma
Binance coin has also begun to improve its value since the last recession. The recent rise has added 0.09% to its bulk in the previous 24 hours, compared to a 1.60% loss in the last seven days. The primary reason for losses was liquidation resulting in price recession. The mentioned coin has recovered to $530.38 as per the latest updates.
The recent MOU with the Dubai government has also helped it regain its value. The new developments are expected to add further to its value. Its current market cap is estimated to be $88,399,529,863. The trading volume for the same coin during the last 24 hours is about $1,764,888,267. We can convert the mentioned amount to 3,330,169 BNB.
The chart for it remained bullish during the recent times. If the progress continues, it will soon recover the losses that it has made.
DOGE continues its journey ahead
The reason for the rise of Dogecoin is its Dogefather, Elon Musk, who constantly pushes for it. The recent update is about his statement that Doge is better suited for all sorts of investors. In contrast, he blamed bitcoin for being rich people’s coins.
It is yet to unseen how it will perform after Musk’s statement, but the current price is about $0.1777. Dogecoin has gained 3.05% in the last 24 hours, while its losses for the previous seven days were 1.66%. The recent growth shows that it has chances to improve further.
The current market cap for Dogecoin is about $23,492,197,449. While the trading volume for this coin remained $1,033,457,159 during the last 24 hours.
LINK is enjoying super-fast growth
Chainlink is amongst the top growing coins and is currently ranked 20th. The growth for this coin during the last 24 hours is estimated to be 6.55% compared to 5.60% in the previous 24 hours. The bullish trend has helped improve its market cap to $9,879,532,590.
The improvement has also impacted the trading volume, estimated to be $999,901,880 for the last 24 hours. According to the latest updates, the bullish trend has added to its price in the $21.13 range.
Final Thoughts
The recent bearish trend in the market seems to be reversing. The last 24 hours remained encouraging for leading and small coins, improving the global market cap. If the market remains bullish, the result will regain the losses that different coins suffered during the recent liquidation.
The improvement in the market has mainly been the result of the Santa rally, which has kept the market bullish. Though the market is still experiencing fluctuations, it is going in the right direction, as seen during the last 24 hours. The investor trust will significantly improve if the market remains steady.
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