The broader cryptocurrency market showed signs of weakness on Wednesday morning, with the price of Bitcoin and other cryptocurrencies falling. While Bitcoin retreated from the 21-month high, smaller coins also slipped into the red.
However, Bitcoin’s recent price surge has triggered calls for a new crypto bull market, buoyed by expectations that the US Securities and Exchange Commission (SEC) will approve a spot Bitcoin exchange-traded fund (ETF) by Jan 10.
Bitcoin price slid 1.24% over the last 24 hours to $45,155, with its market capitalization standing at $884.96 billion. The 24-hour trading volume, however, jumped nearly 28% to $30.24 billion.
Beyond Bitcoin, Ethereum — the second largest crypto — fell over 2% to $2,369. At press time, its market capitalization stood at $284.78 billion. Ether’s trading volume over the last 24 hours surged over 37% to $11.17 billion.
Other tokens were also weak, with Tether price down 0.02% and BNB off 0.45%. Solana plunged nearly 6% in the last 24 hours to $108.16 while XRP rose marginally to $0.632. Memecoins also fell, with Dogecoin dropping over 2%, and Shiba Inu sliding over 2.5%.
The drop in prices of cryptocurrencies was reflected in the global crypto market, which slid nearly 0.46% to $1.74 trillion. However, the fear and greed index level stood at 74, indicating investor sentiment is greed, meaning they’re still keen on buying.
Top 3 Cryptos For Today
Pepe Coin
The price of Pepe Coin has fallen over 4% over the last 24 hours to $0.000001367, sending its market cap tumbling by over 4% to $574.5 million. However, its trading volume over the last 24 hours was up nearly 3% at $73.14 million.
Kaspa (KAS)
While major cryptocurrencies fell on Wednesday, KAS investors were rolling in dough, with the token rising nearly 2% to $0.12 over the last 24 hours. The optimism was reflected in its market cap, which expanded by 1.86% to $2.6 billion. The 24-hour trading volume surged over 30% to over $36.56 million.
Arbitrum (ARB)
The price of Arbitrum jumped over 9% over the last 24 hours to $1.89. The token has appreciated more than 47% in the last seven days and is sitting at a market cap of $2.41 billion. As of writing, its trading volume stood at $1.3 billion.
Also Read: Bitcoin Spot ETFs to Attract Pension Funds, Forecasts CBOE Digital
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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