As a researcher studying the cryptocurrency market, I observed a tumultuous day on Wednesday as the crypto market took a nosedive. Specifically, Bitcoin (BTC) dipped below $97K, marking a steep descent from its previous level of $102K. This precipitous drop in crypto prices can be linked to an escalating rise in U.S. Treasury yields over the past decade.
Furthermore, the Institute for Supply Management (ISM) released their report detailing the December Purchasing Managers’ Index (PMI) for the private sector, which registered a robust 54.1. This increase from November’s 52.1 has added to the market’s volatility, contributing to the overall tumult in the cryptocurrency market on Wednesday.
In the last day, many alternative cryptocurrencies experienced significant decreases, typically ranging from 5% to 10%. Even meme coins like Dogecoin (DOGE) and Shiba Inu (SHIB) saw drops of around 8% to 10%.
Worldwide cryptocurrency markets dropped around 6% and are currently valued at about $3.38 trillion. Yet, the trading activity significantly increased by 27%, hitting a record of $162 billion, as investors responded to the market’s decline.
Crypto Prices Today: BTC, ETH, XRP, SOL Down Major
During the recent market plunge, digital currencies such as Bitcoin (BTC), Ethereum (ETH), XRP, and Solana (SOL) experienced steep drops in value. This decline had a considerable effect on their current prices. On a brighter side, Ripple‘s CEO, Brad Garlinghouse, recently met with former U.S. President Donald Trump at Mar-a-Lago, hinting towards potential future conversations regarding regulatory clarity for these digital assets.
Bitcoin Prices Today
The current Bitcoin price stands at around $96,633, marking a roughly 5% drop over the past day. Within this period, its lowest and highest points were $96,121 and $102,017 respectively. According to SoSo Value data, Bitcoin ETFs have experienced an outflow of about $543 million in the last 24 hours. Notably, Ark and 21Shares sold approximately $212 million each, while Grayscale and Bitwise offloaded $125 million and $113 million respectively.
Ethereum Price Today
Today’s Ethereum (ETH) price stood at approximately $3,383, marking a 8% decrease in the past 24 hours. The price range over this period was between $3,357 (low) and $3,687 (high). The Ethereum exchange-traded fund (ETF) witnessed a withdrawal of around $86 million, with Fidelity accounting for $67 million of these sales. As yet, we don’t have data on BlackRock’s involvement in the ETF.
Solana Price Today
Today, the price of Solana (SOL) stood at $199, experiencing an 8% decrease over the past 24 hours. The lowest and highest prices during this period were $198 and $217 respectively. Toronto-based Sol Strategies has declared a CAD $25 million investment towards the expansion of Solana’s blockchain ecosystem.
XRP Price Today
Today’s cryptocurrency prices indicate that XRP experienced a decrease of approximately 3% over the past 24 hours. Its lowest point within this period was $2.27, while its highest was $2.46. Currently, XRP’s market capitalization stands at around $134 billion.
Top Crypto Gainers Prices Today
Bitget Token
Among the top 100 cryptocurrencies, only Bitget Token (BGB) experienced growth in the past 24 hours. The BGB price was at around $6.52, marking a roughly 6% rise. Its lowest and highest prices during this period were $6.21 and $6.64, respectively.
Top Crypto Losers Prices Today
Hyperliquid
Today, HYPE experienced the most significant setback, dropping by 15% over the past 24 hours. Its price range during this period was between $21.95 (low) and $26.29 (high). The overall crypto market mirrored this downturn, with HYPE’s current market capitalization standing at approximately $7.31 billion and its trading volume reaching $1.92 billion.
dYdX
The price of DYDX dropped approximately 13%, currently standing at around $1.40. During the past 24 hours, it reached a low of $1.397 and peaked at $1.635.
Moreover, Fantom (FTM), Gala, and Beam were each down by 12% in the last 24 hours.
Meme Coin Prices Today
As an analyst, I’ve observed a steep drop in the prices of meme coins today, mirroring Bitcoin’s trend over the past 24 hours. Notably, Dogecoin (DOGE) dipped by approximately 10%, currently trading at $0.35. Similarly, Shiba Inu saw a decline of 9%, with its price standing at $0.00002173. Other significant meme coins such as PENGU, BONK, and PEPE experienced similar drops, ranging from 10% to 12%.
Additionally, according to data from Coinglass, the total liquidation over the past 24 hours reached $606 million, with a significant portion, approximately $547 million, coming from long positions and the remaining $59 million from short positions. In the last 4 hours alone, there was an additional liquidation of $85 million, with $77 million attributable to long positions. Over the past day, a total of 192,418 traders have been liquidated. Furthermore, the largest single liquidation order took place on Binance for ETHUSDT, amounting to $17.74 million.
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2025-01-08 07:20