As the cryptocurrency market shows signs of turmoil, Bitcoin (BTC) is trading at 129.65 million won, down 2.56% from the previous day, showing a somewhat slowing down trend.
Bitcoin fluctuated between 130 million and 135 million won over the past 24 hours, but failed to break through the 90 million won (in US dollars) resistance level and entered a correction. The bearish trend continues, with a decline of more than 22% since the start of the fourth quarter. This is considered one of the worst year-end performances outside of major bear markets.
Amidst this, some analysts argue that the weakness of the US dollar index could be a positive factor for Bitcoin. Another noteworthy point is that while asset management firm BlackRock has selected Bitcoin ETFs as a key investment theme, recent capital outflows from spot ETFs are increasing market uncertainty.
Ethereum (ETH) fell 4.06% from the previous day, trading at 4.34 million won, while Ripple (XRP) fell 2.76% to 2,789 won. Despite recent partnership expansion and expectations for an ETF, Ripple failed to achieve immediate price growth. However, some market experts have suggested that XRP could experience a sharp upward trend in the future.
Meanwhile, Solana (SOL) is the only major cryptocurrency showing an upward trend. It is currently trading at 182,817 won, continuing its upward trend. This is interpreted as a reflection of the recent strength of the Solana ecosystem and positive market trends.
The total cryptocurrency market capitalization is approximately $2.96 trillion, a 2.1% decrease over the past day. With trading volumes expected to decline and volatility expected to remain low as the year approaches, investors are adopting a more cautious approach.
The cryptocurrency market is expected to experience additional volatility before the end of the year, and caution is required, as Bitcoin's price movements could determine the direction of the entire market.
TokenPost AI Notes
This article was summarized using a TokenPost.ai-based language model. Key points in the text may be omitted or inaccurate.
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