Crypto On Dec. 13: Majority Of Top Coins Continue To Plunge

Cryptocurrency marekt cap shrunk 0.45% in the last 24 hours as top coins Bitcoin and Ethereum fell below significant milestones. Bitcoin fell 0.23% to trade below the $50k mark while Ethereum fell below the $4k mark.

The global crypto market cap was reduced to $2.25 trillion as of 1.49 a.m. ET, CoinMarketCap data showed. While Bitcoin was priced $49,052, Ethereum traded at $3994 after a 1.54% plunge in the last 24 hours. Experts find the fall in Ether prices a reason to worry.

"If Ethereum falls below the crucial support at $4,000, we might see a major dip across altcoins," Edul Patel, CEO and co-founder of crypto trading platform Mudrex, told The Economic Times.

Among other top coins, Binance Coin plunged 1.09% and Tether fell 0.07% in the last 24 hours. Solana and Cardano were also trading in the red.

Meme crypto Dogecoin too fell 1.75%. but rival Shiba Inu rose 1.36%.

Ripples of the crisis at China's Evengrade group might have contributed to the latest crash in cryptos, Reuters reported.

Other reasons include the new Covid-19 variant Omicron creating uncertainty in the market and the fears of further Fed tapering leading to liquidity pullback. The holidays season could also be one of the reasons for the crypto market downturn.

Meanwhile, Polkadot and LUNA traded in the green on the top cryptos chart.

The crypto market is extremely volatile and experts recommend investors not make decisions based on the sudden shift in prices.