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Highlights
- Bitcoin and Ethereum again experienced a slight dip in their prices after zooming past the US$49,000 and US$4,000 marks.
- Experts have attributed this decline to the year-end holiday season.
- However, altcoins like Polygon, Cardano, Solana, and others observed a price boost.
After witnessing significant gains in past few days, the numero uno digital currency, Bitcoin, again saw a red flag. Having crossed the US$49,000 mark, the crypto fell by 0.76% and is currently trading at US$48,542.35 (at the time of writing on 23 December). Its trade volume stood over US$25 billion, with a market cap of around US$914 billion, in the past day.
Must Read: Would Bitcoin make a comeback from lean patch?
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Even its closest rival, Ethereum, the second most popular crypto, after surpassing the US$4000 mark, once again dipped by 2.19% in the last 24 hours and is trading at US$3,964.92 at the time of writing.
A look into prices of other cryptos
However, such was not the case with other cryptocurrencies.
Prices of other altcoins such as Tether, Solana, Cardano, Polkadot, etc., were the main attractions as all of them are experiencing a price rally.
A Quick Read: Are cryptocurrency prices showing signs of green shoots?
Among these, Polygon’s price has climbed by 4.57% and is currently valued at US$2.67, after Uniswap, the popular decentralised exchange, disclosed Wednesday that its version 3 contracts were being deployed on the Polygon mainnet, thereby attracting more retail traders.
Cardano, with its in-house token being ADA, gained by 3.33% in the last 24 hours and is valued at US$1.35, at the time of writing.
Other popular cryptos like Solana, XRP, Polkadot rose by 0.74%, 3.72%, and 7.31%, respectively, from previous day’s prices.
Meme-based tokens like SHIB and DOGE, also saw a jump in their prices in the last 24 hours and recorded a growth of 6.78% and 1.32%, respectively.
Must Read: Shiba Inu continues its astronomical surge despite the snub by Musk
Why are major cryptos witnessing a decline?
Experts and market analysts are attributing the drop in prices of Bitcoin, Ethereum, and other popular digital currencies to the year-end holiday season.
Related Read: Why did the global crypto market slump again during the weekend?
The US market is currently in a slumbering state as Christmas is just around the corner.
Interesting Read: How about gifting cryptos for Christmas?
Bottom Line
While this current decline in prices of the world’s most famous cryptos seems a temporary phase, trade analysts are of the opinion that Bitcoin is likely to bounce back along with Ethereum, as the latter’s major project upgrade is expected to continue next year.
