Bitcoin was unable to sustain gains overnight, losing more ground as it continued in its worst month since May. The biggest in the world cryptocurrency by market capitalization decreased almost 3% to $ 46,640. The most popular digital token has lost more than $ 22,000 since hitting a record high in early November, and is up around 60% in 2021 (to date or YTD).
Ether, the ethereum blockchain-linked currency and the second-largest cryptocurrency, also declined more than 4% to $ 3,657, according to CoinDesk. On the other hand, Dogecoin prices also fell more than 4% to $ 0.16, while Shiba Inu plunged 5% to $ 0.000034.
Other digital tokens such as Solana, Uniswap, Cardano, Polygon, Litecoin, Terra, XRP, Polkadot, Stellar were also affected as they were traded with cuts in the last 24 hours. Dragged down by the slide of currencies, the global crypto market capitalization plummeted around 3% to $ 2.3 trillion, according to CoinGecko.
Bitcoin is on track for its worst monthly performance since May, but investors in exchange-traded funds (ETFs) are still pouring money into products that track cryptocurrency futures. The ProShares Bitcoin Strategy ETF has raised more than $ 40 million so far in December, its third consecutive monthly infusion, according to data compiled by Bloomberg.
Meanwhile, cryptocurrency prices went up on another roller coaster last year, rising, falling, and then circulating again. El Salvador became the first country to convert Bitcoin to legal tender this year, while the first exchange-traded fund linked to Bitcoin futures also went public.
(With inputs from agencies)
Don't miss a story! Stay connected and informed with Mint.
Download
our application now !!
