Bitcoin drops below $46,000 as cryptocurrencies continue to consolidate.
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The world’s top cryptocurrencies are struggling to find positive momentum these days. Bitcoin and Ethereum are well below their all-time highs of November 2021. Bitcoin dropped below $46,000 for the first time in several weeks today. Ethereum is also facing a similar situation as its market cap dropped below $450 billion. The second-largest cryptocurrency is down by nearly 5% in the last 24 hours.
The market cap of cryptocurrencies dropped by nearly $900 billion in the last five weeks.
Overall, The market cap of cryptocurrencies has dropped by nearly $900 billion in the last five weeks or so. After reaching an all-time high market cap of $3 trillion, the total value of crypto assets declined gradually throughout the last month. Currently, the market cap of all cryptocurrencies stands at around $2.14 trillion. “Bitcoin and ether continued their pre-Christmas slump last week with both crypto trading down from their recent ATHs. Bitcoin faced a volatile week of trading but stayed firmly below the $50,000 level. After a brief rally to over $49,000 on Wednesday, the crypto asset has continued a downward march and is now trading around $46,000, “Simon Peters, Market Analyst at eToro, noted.
December has been the most volatile month for Bitcoin historically.
Historically, December has been the most volatile month for Bitcoin and other cryptocurrencies. In December 2017, BTC reached an all-time high of nearly $20,000. The crypto asset crossed its previous all-time high in December 2020 and touched almost $30,000. While the volatility in December 2021 has remained quite low compared to the previous months, BTC fundamentals have improved significantly. Bitcoin mining hash rate has also climbed sharply in December 2021.
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