As per Coinmarketcap.com, the global crypto m-cap is $2.21 trillion, a 1.71 percent gain over the previous day. Also, the volume in the crypto space during the last 24 hours increased by 18 percent to $107.76 billion.
Among top assets compiled by Coindesk, most cryptos traded in the green with gains of up to 7.5% seen in the case of Polygon, while the most famous and largest crypto by m-cap was down by a tad to $46,840.6. Ethereum on the other hand gained ground and was up over 3% at $3951.54.
Note the downward trajectory in Bitcoin continues for over a month now after it hit an all time high of $68,990.9 in October this year.. Analysts in the market are of the view that a new sense of bearishness might have gripped the space after this week's US Fed statement calls for accelerating the pace of its monetary stimulus withdrawal plan. There is also a view which suggests that the US central bank's money printing over the past few years strengthened the appeal of Bitcoin as an inflationary hedge and now a faster withdrawal is likely to weigh on its price.
CEO of CrossTower asks investors to hold or buy bitcoins as after January the demand will soar.
Currently, bitcoin is in a consolidation zone that is struggling to reclaim the $52,000 level which shall confirm its uptrend towards previous highs. Nevertheless, all important metrics suggest that this phase of consolidation will soon be over.