Bitcoin and Ethereum prices drop due to profit-taking in the market
Cryptocurrencies like Bitcoin and Ethereum are taking a dive as investors start cashing out their profits, causing the market value to decline. This shift in mood among investors is reflected in the negative trading patterns we’ve seen over the last few hours.
As of now, Bitcoin is down to around $94,000, while Ethereum is trading below $3,600. These drops come after significant gains earlier in the weekend. It seems that retail investors are starting to sell off their holdings in anticipation of the upcoming holiday season, leading analysts to predict a slowdown in the market rally until 2025. The concern is that retail investors, rather than corporate entities, hold a large portion of these cryptocurrencies, contributing to the downward trend.
At the moment, the global crypto market cap has fallen to $3.38 trillion, down by 1.23% compared to the previous day’s value of $3.34 trillion. However, amidst all the red, Dogecoin and Cardano are the only ones trading positively, up by 0.82% and 0.73% respectively, according to data from CoinMarketCap.com.
Despite the overall dip in market value, the total volume in DeFi (decentralized finance) stands at $17.3 billion, accounting for 7.59% of the total crypto market 24-hour volume. Additionally, stable coins make up a significant portion, with a volume of $203.3 billion, representing 89.19% of the total crypto market 24-hour volume.
So, while the market may be experiencing a bit of a dip at the moment, particularly with Bitcoin and Ethereum taking hits, there are still pockets of positivity to be found. It’s essential for investors to stay informed and keep an eye on these fluctuations to make informed decisions about their cryptocurrency investments.
