The cryptocurrency price today on December 19, 2024, witnessed a sharp decline, mainly because of the fall of Bitcoin (BTC) below the $100,000 mark due to the Federal Reserve’s decision to cut interest rates by 25 basis points. Contrary to what was expected, this move triggered widespread selling in most altcoins, which saw heavy price falls.
Market Reaction to Federal Reserve Announcement
The Federal Reserve’s decision to cut interest rates was supposed to boost the cryptocurrency market. However, it witnessed a sharp sell-off as Bitcoin fell below $100,000.
The top altcoins took considerable knocks. Ethereum (ETH) plummeted 6%, with XRP falling a very impressive 10%. On an aggregate, the cryptocurrency market cap suffered 5% loss, touching $3.44 trillion; however, the trading volume surged a very substantial 40% to reach $251 billion, therefore giving out a hint of active participation even in such a pullback.
The Fear and Greed Index is still at 69. The investor’s sentiment remaining greedy.
Cryptocurrency Price Today on December 19, 2024
Bitcoin (BTC):
- Current Price: $100,880 (decreased by about 4%)
- 24-hour Low/High: $98,874 / $105,389
- Market Cap: $2 trillion
- Trading Volume: $100 billion
- Market Dominance: 12%
- ETF Outflows: On Wednesday, BTC ETFs witnessed an outflow of 84 million, led by Grayscale and Invesco.
Also read: Is Etfswap a Game Changer in ETF Trading?
Ethereum (ETH):
- Current Price: $3,652 (decreased by 6%)
- 24-hour Low/High: $3,543 / $3,902
- Market Cap: $440 billion
- Trading Volume: $52 billion
- ETF Outflows: Ethereum ETF outflows totaled 79 million.
Also read: Ethereum Price Prediction
XRP:
- Current Price: $2.32 (decreased by 10%)
- 24-hour Low/High: $2.184 / $2.585
- Market Cap: $132 billion
- Trade Volume: $22 billion
- Ripple also released its natively-issued stablecoin token named RLUSD.
Solana (SOL):
- Current Price: $209, down 5%
- 24-hour Low/High: $200 / $218
- Market Cap: $99 billion
- Trade Volume: $7 billion
Also read: How to Buy Solana Meme Coins in 2024-25?
Price of Meme Coins
Some of the meme coins witnessed considerable dips:
- Dogecoin (DOGE): Down by 7% at $0.36.
- Shiba Inu (SHIB): Down by 6% at $0.00002425
Other prominent meme coins PEPE and BONK dipped from 12% to 15% each.
Top Crypto Gainers
1. USUAL
- Price Increase: Up by 23%, trading at $1.02.
- 24-hour Low/High: $0.67 / $1.16.
- Market Cap: $456 million.
2. Movement (MOVE)
- Price Increase: Up by 14%, trading at $0.70.
- 24-hour Low/High: $0.611 / $0.72.
3. Pudgy Penguins (PENGU)
- Price Increase: Up by 8%, trading at $0.033.
Top Crypto Losers
1. Dogwifhat (WIF)
- Price Decrease: Down by 14%, trading at $2.26.
- 24-hour Low/High: $2.162 / $2.698.
2. Floki (FLOKI)
- Price Decrease: Down by 13%, trading at $0.00019.
3. Theta Network (THETA)
- Price Drop: Down by 12%, trading at $2.32.
Related: Cryptocurrency Price on December 18, 2024
Personal View Analysis
The recent decline in the crypto market acts as a severe reminder that this market is characterized by volatile nature and sensibility toward macroeconomic factors, which include changes in interest rates. Rates cuts on the part of the Fed were expected to benefit the situation; however, the after-sales decline speaks to investor psychology being relatively fragile, at times behaving more to economic signals outside the confines of the product rather than its intrinsic value.
The spike in trading volumes suggest that a lot of investors are panic selling, while others are taking a chance to buy at a low. This is basically the dual nature of the psychology of the market, characterized by fear and greed on both sides.
The rise of USUAL amidst this chaos exemplifies that pockets of opportunities are still there in the ecosystem for those willing to dig a little deeper beyond Bitcoin and Ethereum. It shows the importance of diversification in investment strategies in such a volatile market.
Final Words
In conclusion, while current conditions are challenging for many cryptocurrencies, they also highlight potential opportunities for smart investors who can navigate through these fluctuations effectively and identify emerging trends within this dynamic landscape.
(Source: Coingape)
