BENGALURU: The global crypto market capitalization saw a 2.28% drop on Monday night to stand at $ 2.23 trillion.
While Bitcoin was trading at $ 48,482.76, a decrease of 0.81%, Ethereum was trading at $ 4,066.31, a decrease of 2.33% from the previous price, according to Coinmarketcap.com, an exchange of global encryption.
For the past week, Bitcoin, Ethereum, and Binance Coin have been trading in the red.
The total volume on DeFI (Decentralized Finance) is currently $ 19.63 billion, 14.98% of the total cryptocurrency market over the last 24 hours.
Crypto players note that this fall is a sell-off due to the holidays at the end of this month.
"These moves in December are highly anticipated and it doesn't seem like a correction to me," said Sathvik Vishwanath, Unocoin co-founder and CEO. He added: "They appear to be a sale due to the holidays at the end of this month and also since December was never a stable month in the past."
On the Indian market (WazirX), Bitcoin was trading at Rs 39.71,001, down 1.6% as of 8pm on Monday.
"For the past few weeks, the price of cryptocurrencies has been falling as traders are moving away from riskier assets due to concerns about the Omicron and lower trading liquidity that tends to plague cryptocurrencies on weekends," he said Manav Bajaj, founder of Panther Quant. He suggested not to panic and the market to recover soon.
