Cryptocurrency prices were generally higher today, with the global crypto market capitalization up 3.50% to $3.44 trillion. Total trading volume over the last 24 hours was down 16% due to Christmas. The Crypto Fear and Greed Index held steady at 73 today, indicating “Greed” sentiment. Meanwhile, MOVE coin and other cryptocurrencies soared.
Bitcoin, MOVE coin and those altcoins rose
Bitcoin (BTC) price is hovering above $98,000 after retreating from the $99,000 level today. Major altcoins such as Ethereum (ETH), XRP and Solana (SOL) showed signs of recovery after profit booking as investors anticipated a Santa Claus rally. Meme coins DOGE and SHIB were also up 3% and 4% in the last 24 hours. Meanwhile, Fartcoin, Pudgy Penguins (PENGU) and Movement (MOVE) are leading the gainers today, with FARTCOIN up over 70% in the last day. Here’s an overview of the leading cryptocurrencies by market capitalization and price action.
The cryptocurrency market witnessed moderate price gains today, with Bitcoin (BTC) and Ethereum (ETH) recovering over 4% and 3% respectively. This fueled the bullish trend, triggering a broader market recovery amid expectations of a Santa Claus rally. Bitcoin (BTC) price reached $99,404 today and is currently trading above $98,200. BTC is up more than 4%, recovering from a 24-hour low of $93,689. Meanwhile, trading volume fell 25% to $44 billion from yesterday’s average of $70 billion. Bitcoin’s market dominance increased by 0.47% to 56.71% in the last day.
Bitcoin ETFs recorded outflows
According to SoSoValue, BTC ETFs recorded net outflows of $338.4 million on Tuesday. This was the fourth consecutive outflow from spot Bitcoin ETFs that caused negative sentiment in the market. The BlackRock Bitcoin ETF (IBIT) recorded the largest outflow of $188.7 million. Fidelity’s FBTC saw an outflow of $83.2 million, followed by ARKB with $75 million. While Bitcoin is up nearly 115% this year, most mining stocks have performed poorly. Among the 25 companies on the list, only 7 had positive returns, including CORZQ 327%, WULF 169%, BTDR 167%, HUT 91%, IREN 72%, NB2 58%, CIFR 33%. ARB was down by 84% and HIVE by 29%.
Meanwhile, Russia’s ban on crypto mining in six regions until 2031 has raised concerns. The Ethereum (ETH) price rose 3% and is currently trading at $3,490. The 24-hour low and high are $3,381 and $3,535 respectively. While spot Bitcoin ETFs lost their luster, spot ETH ETFs recorded their second consecutive inflows on Tuesday. Net inflows totaled $53.6 million, while BlackRock’s iShares Ethereum ETF (ETHA) witnessed inflows of $43.9 million, according to Farside data. Solana (SOL) price rose 4% in the last 24 hours and is currently changing hands at $198.61. SOL needs to break above the $200 psychological level to continue making more gains. The intraday lows and highs were $189 and $201.63, respectively, and trading volume fell 15% in the last 24 hours.
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