Market Update 18th December 2024
By Shikha Singh
Bitcoin recently experienced a significant correction after hitting a new all-time high of over $108,000. The cryptocurrency had been on an impressive rally, surging from its low of $94,400 just last weekend.
However, after gaining nearly $14,000 in just one week, Bitcoin retraced by over $4,000 in the past 12 hours, currently trading just above $104,000.
Its market cap remains at around $2.06 trillion, and Bitcoin’s dominance over the altcoin market has risen to 54%.
As Bitcoin fluctuates, altcoins have followed suit. Ethereum (ETH) has dropped by 4%, now hovering just above $3,850, while other major altcoins like XRP, Solana (SOL), Cardano (ADA), TRON (TRX), Avalanche (AVAX), and Shiba Inu (SHIB) have seen losses of up to 9%.
The total market capitalization of all cryptocurrencies, which nearly reached $4 trillion recently, has decreased by approximately $150 billion, now sitting at $3.85 trillion.
In the ETF space, both Bitcoin and Ethereum have seen significant inflows. Bitcoin exchange-traded funds (ETFs) experienced a net inflow of $2.17 billion between December 9 and 13, marking the sixth-highest week for inflows since their inception in January 2024. The BlackRock Bitcoin ETF (IBIT) led with $1.51 billion in inflows. Similarly, Ethereum ETFs also saw record inflows of $855 million during the same period, surpassing their previous high of $836 million. The BlackRock Ethereum ETF (ETHA) was a major contributor, with $523 million in inflows.
Lastly, on December 16, BlackRock’s USD Institutional Digital Liquidity Fund (BUIDL) backed Ethena Labs in the launch of a new stablecoin, USDtb. With 90% of its backing from BUIDL, this stablecoin primarily relies on cash-equivalent assets to provide a more resilient alternative to Ethena’s USDe. The new coin has already passed audits and is under consideration for inclusion in Spark’s Tokenization Grand Prix.
You need to login in order to Like
