Crypto Catch: Bitcoin Falls Sharply

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Crypto Catch: Bitcoin Falls Sharply

Bitcoin Price decline
Image source: © Designer491 | Megapixl.com

Highlights

  • Bitcoin has had a rough 24 hours, dropping just over five percent to sink below US$44,000.
  • The price of Ethereum fell from US$3,800 to as low as US$3,400 before recovering slightly to its current price of around US$3,500
  • Cosmos’ ATOM rose from US$21.51 on December 20 to as high as US$44 on January 4 – a rise of over 70 percent

Bitcoin and Ethereum

Bitcoin has had a rough 24 hours, dropping just over five percent to sink below US$44,000. This follows a period where the world’s largest crypto languished at round US$47,000 and comes only two months after Bitcoin reached a new record high in November.

Looking at the analytics show’s a clear picture of why Bitcoin has performed so poorly recently with waning enthusiasm reflected in the low trading activity. According to data compiled by Kaiko, exchange volumes clocked in at a mere US$4.8 billion, which is down from the year average of US$9.2 billion and considerably down from this time last year’s trading volume of US$13.1 billion.

Figures also reveal Bitcoin futures trading is down considerably from figures seen in October last year. Bitcoin futures seen on the Chicago Mercantile Exchange show a 39 percent drop from figures seen in October.

Ethereum, the world’s second-largest crypto, also saw a drop off this morning after moving sideways for the last seven days. The price of Ethereum fell from US$3,800 to as low as US$3,400 before recovering slightly to its current price of around US$3,500.

Altcoin News

Cosmos’ ATOM token is approaching an all-time high, despite dropping seven percent overnight. The price of ATOM currently sits at a tad below US$39 - just five dollars short of its all-time high of US$45 on September 19th last year.

Cosmos touts itself as “the internet of blockchains” whose goal is to create and facilitate an interconnected decentralised economy.

The past few weeks have been fruitful for the 25 ranked crypto, rising from US$21.51 on December 20 to as high as US$44 on January 4 – a rise of over 70 percent.

Cosmos’ value has been boosted by the development of its EVM-compatible protocol, called Evmos. The development allows assets on the Ethereum platform to migrate over to the Cosmos ecosystem.

Winners and Losers

 winners and losers in cryptocurrency trading

Note: Growth from the 24 hours prior to 12:30pm AEST

Source: Coinmarketcap.com, based on top 100 cryptos.

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