Market Update 3rd December 2024
By Shikha Singh
Bitcoin faced heightened volatility recently, initially being rejected at $97,500 and dropping by $3,000 within hours before stabilizing around $95,000.
This drop follows a series of ups and downs, with BTC briefly testing $99,000, but ultimately failing to maintain that level.
Despite recovering from a slump below $91,000 just a week ago, Bitcoin’s market cap remains below $1.9 trillion, and its dominance over altcoins has decreased to 52%, down from nearly 60% in recent weeks.
Bitcoin was trading at $94,998 down 0.15% in the last 24 hours.
In contrast, altcoins have outperformed Bitcoin. Ethereum saw a significant $634 million in inflows, bringing its year-to-date total to $2.2 billion, surpassing its 2021 record. Ethereum was currently trading at $3,613 up 0.62% in the last 24 hours.
Ripple’s XRP experienced inflows of $95 million, driven by anticipation of a possible U.S. ETF launch, while other altcoins like Cardano (ADA), Avalanche (AVAX), TRON (TRX), Chainlink (LINK), and Hedera (HBAR) saw impressive surges in value.
XRP alone saw a 25% rise, pushing it near $3, while ADA, AVAX, TRX, DOT, LINK, SUI, and HBAR also posted strong gains, contributing to a $70 billion increase in the total crypto market cap, which surpassed $3.6 trillion.
Overall, digital asset investment products experienced inflows of $270 million last week, with Ethereum continuing to draw strong interest. Inflows for the year have now reached a record $37.3 billion, with the U.S. leading the way in inflows.
Meanwhile, Bitcoin saw outflows of $457 million, marking the first significant withdrawals since early September, interpreted as profit-taking after BTC tested the $100k level.
The continued strong performance of Ethereum and altcoins reflects a shift in investor sentiment, with Ethereum’s inflows now significantly outpacing Bitcoin’s.
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