BTC, ETH Leads Rebounding Crypto Market
Last weekend saw the crypto market bleed deeply—however, the top two cryptocurrencies leading other digital assets in a gradual recovery. BTC has gained 4.5% in the last 24 hours, while eth has gained about 7% within the same timeframe.
The Crash And Gradual Recovery
The bullish movement follows the fast crash experienced in the market this past weekend, with CoinGecko data revealing that the market lost $400B during that period. On December 3, BTC lost more than $10K, declining from $57K to $46K in less than 10 minutes.
Other altcoins led by eth also followed suit. Eth lost over $800 to trade at $3.75K on that day. While no digital asset is yet to recover from the crash, the broader market showed signs of recovery on December 7. As of this writing, BTC trades at $50.9K, while eth trades at about $4.39K.
Other altcoins that have made some appreciable recovery include SOL, ADA, LUNA, and DOT. LUNA even set a new peak price on December 5 despite the general downtrend in the market. Many industry experts claimed that the fast-spreading covid-19 variant (omicron) was partly responsible for the price drop. For the same reason, there was also a decline in the traditional market, with the S&P 500 index declining by nearly 2.5%.
Low Liquidity, An Essential Factor In The Crash – Alameda Research CEO
Alameda research chief executive, Sam Trabucco, claimed through a tweet that the low liquidity of the crypto market was the main reason it experienced a harder hit than the traditional market. Trabucco further stated that this low liquidity made BTC trade for less than $30k on some exchanges. The Alameda CEO highlighted some salient facts from this BTC price action via a lengthy Twitter thread.
Some crypto traders and analysts also agreed that aside from the low liquidity, the high leverage available to traders from exchanges also caused the 2-digit decline in the general crypto market prices. Starting from December 6, the market has been recovering gradually. The overall evaluation of the crypto market has surged by nearly 8% and is close to $2.38 Tr. As of this writing. However, it remains $0.5 Tr. short of its ATH.
27% Of The American Population Owns BTC – Survey
A recent BlockFi survey has revealed that about 10% of adult Americans won’t mind giving their loved ones’ digital currencies as a holiday gift. BTC, DOGE, and ETH (in that order) top the list of gifts the polled residents are willing to give their loved ones, especially during this yuletide season. The research further noted that less than 1% of the polled residents would want to give NFTs as gifts.
It would seem that the NFT bandwagon effect is yet to become widespread, as anticipated. The survey also revealed that the Gen Z and millennial residents would prefer to discuss digital assets-related topics instead of politics when they gather for the family meeting during these holidays, even though their parents would still love some political discussion.
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