Crypto Market Today Dec 28: Bitcoin and ETH Tumbles, Altcoins Mixed

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As a seasoned researcher with years of experience navigating the ever-evolving crypto market, I find myself both intrigued and cautious by the current state of affairs. The holiday season lull seems to have taken its toll on the prices, with Bitcoin, Ethereum, XRP, Solana, and other top altcoins all experiencing a downturn. Yet, this isn’t an unusual sight for me; I remember when the crypto market was just emerging from its infancy, and such fluctuations were commonplace.

Currently, the cryptocurrency market is going through a period of relaxation, coinciding with the peak holiday season. Notably, Bitcoin (BTC) and Ethereum (ETH) have taken a dive; BTC has dipped below $95,000, while ETH now hovers around the 3300 mark. It’s been over a month since Bitcoin reached $94,000, and it remains stuck in a trading range between $94,000 and $108,000. Additionally, top alternative coins are displaying downward trends, with the majority of them experiencing losses ranging from 1% to 5% within the past 24 hours.

The total market value has decreased by roughly 2%, now sitting at $3.28 trillion. The trading volume has significantly dropped by 34% due to many investors being in a festive spirit and making the most of their final days in 2024. Activity is expected to increase after the first week of January when normal trading volumes should resume. At present, the Fear and Greed Index reads 51, suggesting a neutral outlook for the market.

Crypto Market Today: BTC, ETH, XRP, and SOL Prices Drop

These digital currencies – Bitcoin, Ethereum, Ripple (XRP), and Solana – are experiencing substantial drops, reflecting the broader market’s downtrend. Moreover, the sluggishness during the festive period is still affecting trading volumes and values.

Bitcoin Market Today

The cost of a single Bitcoin (BTC) was currently at around $94,327, representing a drop of about 2% in the last day. Over that same period, its lowest and highest prices were $93,440 and $97,429 respectively. Financial expert Robert Kiyosaki has dared to predict that Bitcoin could surge to $350,000 by 2025, encouraging investors to focus on self-custody rather than investing in institutional Exchange Traded Funds (ETFs).

As per SoSo Value’s report, there was a withdrawal of approximately $367 million in Bitcoin ETFs on Friday. Out of this amount, Fidelity contributed around $208 million to the outflow. Additionally, Ark and 21Shares collectively withdrew around $112 million. Data from BlackRock regarding their involvement is yet to be disclosed.

Ethereum Market Today

Today, the price of Ethereum (ETH) has dropped by approximately 1%, now sitting at $3,329. Its lowest point over the past 24 hours was $3,307, while it peaked at $3,441. Yesterday, an influx of $27 million was noticed in the Ethereum ETF, with Fidelity being a significant buyer, purchasing $27 million worth of Ethereum. This movement within the cryptocurrency market today underlines the increasing institutional attention towards Ethereum.

XRP Market Today

At the moment of this writing, XRP was being transacted at around $2.144, representing a decrease of about 2%. Throughout the past day, its lowest and highest points were $2.126 and $2.234 respectively. Lawyer John Deaton, who is supportive of XRP, has voiced criticism towards a freshly implemented cryptocurrency tax reporting regulation by the Biden administration.

Solana Market Today

The current price of Solana (SOL) has decreased by 2% to $184. Today, it reached a low of $183 and a high of $194. According to experts at Coingape, they have identified the cause for the recent decline in Solana’s price.

Meme Cryptocurrency Market Today

Today’s meme cryptocurrency market is mirroring the trends of top altcoins. Specifically, Dogecoin (DOGE) dipped by 1%, currently trading at $0.3142, while Shiba Inu (SHIB) experienced a slight decrease of 0.5% over the past 24 hours. Conversely, BONK witnessed a 4% growth, with the “BURNmas” event playing a significant role in burning over 1 trillion coins from its supply.

Crypto Market Gainers Today

Virtual Protocol

Today, Virtual Protocol (VIRTUAL) led the pack, experiencing a substantial 15% increase in its price over the past day. Its price range during this period was between $3.05 (24-hour low) and $3.58 (24-hour high). Furthermore, analysts from Coingape have shared their recommendations on top cryptocurrencies to consider investing in for the year 2025.

Bitget Token

In the past 24 hours, the cost of Bitget Token (BGB) has increased by approximately 9%, currently standing at $8.36. The surge in price can primarily be attributed to Bitget’s announcement regarding a future token burn worth $800 million. This move is causing ripples across the crypto market, fostering a favorable trend for Bitget Token.

Crypto Market Losers Today

FTX Token

The price of the FTX Token (FTT) dropped by 16% over the past 24 hours, making it the poorest performing cryptocurrency during this period. Its lowest and highest prices within that timeframe were $3.27 and $3.93 respectively. This fall in value suggests the difficulties FTX is currently experiencing in the crypto market.

Zcash

Zcash, represented by ZEC, experienced a 10% decrease, currently trading at approximately $61.72. Over the past 24 hours, its lowest and highest points were $61.61 and $68.92 respectively. This decline is indicative of the market volatility that crypto investors are witnessing today.

Additionally, there’s been no progress on the one-hour graph, and no substantial shifts in the prices of leading cryptocurrencies or Bitcoin during the past hour. It seems plausible that we might witness considerable price fluctuations in the crypto market by the end of next week, once the holiday season has passed.

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2024-12-28 06:42