Crypto On Dec 30: Bitcoin, Ethereum Stare At Insipid End To Stellar Year

The global cryptocurrency market was set to end an impressive year with about $2.2 trillion in market cap despite losing steam in the final fortnight. The global market cap fell 1.54% in the 24 hours up to 3.30 a.m. ET Thursday, losing more than a fourth of its value since hitting the $3 trillion mark in early November.

Bitcoin fell about 2% to $46,786. The flagship coin has lost nearly a third of its value since the peak of its dream run. Bitcoin bulls are still betting on the coin touching the $100K mark in the next couple of years, but institutional investors are beginning to see it as a risk-on asset due to the high volatility in recent weeks.

Bitcoin was up 73% in 2021, while the S&P 500 increased 28%. Gold, the traditional inflation hedge, was down 7%.

Nearest rival Ethereum crushed it with a 455% increase in value despite the emergence of younger challengers, commanding a 20% share of the total market. Binance Coin rose 1,344% in 2021 to claim about 4% of the market.

ETH was down 2.8% to $3,690 on Thursday morning, while Binance Coin fell 3.7% to $517.

Cardano fell 4.2% to $1.33. Arcane Research estimated that Cardano, which has risen about 637% this year to claim the No. 6 position on the crypto chart, will fall out of the top 10 cryptocurrencies by market cap next year along with XRP.

XRP was down 5% on Thursday.

Tether was the only coin among the top 10 to trade in the green Thursday. The coin was marginally up at $1.

Meme coin Dogecoin fell 2.62% to $0.17, while rival Shiba Inu slid about 5% in the last 24 hours.

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