Market Update 10th December 2024
By Shikha Singh
Bitcoin experienced a brief surge past the $100,000 mark in early December, but this rally was short-lived, as the price quickly dropped below $93,000 within 24 hours, driven by long-term holders (LTHs) taking profits.
This 14% correction triggered over $1.1 billion in liquidations, marking one of the largest liquidation cascades since the FTX collapse in 2022.
Despite this volatility, on-chain metrics such as realized profit and funding rates suggest market stabilization, with sell-side pressure easing. Bitcoin’s price fluctuations are expected to be less erratic in the near term as the market finds a more balanced phase.
Ethereum also saw a significant increase in sales, with a 44.7% jump in the past week, totaling $92 million.
This growth was driven by the performance of popular NFT collections like Pudgy Penguins and CryptoPunks. Pudgy Penguins, in particular, surpassed the Bored Ape Yacht Club (BAYC) to become the second-largest NFT collection by market capitalization, with its floor price rising to 22.1 ETH ($86,922).
The collection’s success is further fueled by the announcement of an upcoming token launch, “Pengu,” on the Solana blockchain.
Furthermore, SushiSwap, a decentralized exchange (DEX), has outlined its 2025 strategy, which includes expanding its ecosystem beyond Ethereum Virtual Machine (EVM) chains and launching new products like Wara on Solana and Susa on the N1 network.
Additionally, SushiSwap is introducing Kubo, a tool for delta-neutral strategies, and Blade, an automated market maker (AMM) solution to reduce miner extractable value (MEV) risks for blue-chip assets.
SushiSwap is also focusing on treasury diversification to reduce its reliance on its native SUSHI token, proposing the allocation of 70% of its treasury into stablecoins and 20% into established cryptocurrencies like Bitcoin and Ethereum. This strategy aims to ensure liquidity and mitigate risks from market volatility.
Talking about the other altcoins Litecoin (LTC) experienced a 24-hour dip of 19%, trading at $105. Ripple (XRP) saw a 15% decline, with its price at $2. Solana (SOL) also faced a 9% drop, bringing its price down to $210.
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