The crypto market, known for its volatility and unpredictable swings, has once again taken center stage as Bitcoin grapples with challenges that have left its market price ensnared in the bearish claws.
As of now, the global crypto market cap is $1.65 trillion, a 1.13% increase over the last 24 hours and an 86.3% increase over a year ago. Bitcoin’s (BTC) market cap is at $817 billion, marking a 49.48% crypto market dominance.
Meanwhile, the market cap of stablecoins is $130 billion, accounting for 7.89% of the total crypto market capitalization.
Crypto remains in a market bull trap
The current week has been difficult for crypto Prices, as market participants appear to be taking a breather in a volatile market scenario. In addition, significant economic indicators such as the US Consumer Price Index (CPI) and Producer Price Index (PPI) are set to be released this week.
According to analysts, investors are looking forward to the vital inflation report since it could shed light on the Federal Reserve’s future rate hike intentions.
Digital asset investors worry that the market is stuck in a bull trap. True to that, the crypto market is trading in the red today. As of the time of writing, the value of Bitcoin stands at $41,828.12, accompanied by a 24-hour trading volume of $32,187,508,785.16.
This indicates that the price has decreased by -0.53% over the last 24 hours and increased by 0.43% over the past week. The Bitcoin Fear and Greed Index is now 67, down from 74 last week.
The second largest coin, Ethereum, has also taken a hit. Today’s Ethereum (ETH) price is $2,234.85, with a 24-hour trading volume of $17,487,527,942.74. This indicates a -0.18% decrease in the last 24 hours and a 0.26% gain in the last seven days.
Crypto market performance today
The overall digital asset market performance has been adversely affected by the recent selloff in digital assets, which is evident in the decline in the prices of major crypto coins. Dogecoin (DOGE) is under heavy selling pressure.
Dogecoin is currently trading at $0.096748 with a 24-hour trading volume of $1,640,325,351.00 as of press time. This indicates a 0.23 % decrease in the last 24 hours and a 9.54% gain in the last seven days.
Following this recent breakout, Dogecoin’s price is now vulnerable to further losses, with support at $0.0900 at risk of being lost. The next critical support level is at $0.0840, and a breach may result in an 11.5% drop in the coin.
Dogecoin creator Billy Markus, better known on Twitter as Shibetoshi Nakamoto, responded to gloomy comments in the early hours of Monday. Markus posted on Twitter, “oh no crypto died everything is dead blah blah blah.” The community embraced the joke well, including applause from Elon Musk, the owner of X and popularly known as the “DOGEfather.”
Some crypto coins have weathered the storm
Following a significant price drop to $66 earlier on Monday, December 12, the Solana (SOL) Price has swiftly recovered by 10%, currently trading at $71. The recent surge in Solana has been fueled by intense DeFi activity within the Solana ecosystem. Solana’s price has increased roughly fivefold in the last two months.
Solana is trading at $71.49 today, with a 24-hour trading volume of $2,993,415,098.39. This is a 4.43% increase in the last 24 hours and a 19.77% gain in the last 7 days.
DeFiLlama claims a significant growth in the number of stablecoins on the Solana blockchain in the last week, with an 8% increase to $1.676 billion. USDC, the second-largest stablecoin on the chain, increased by 20%, hitting $735 million. However, the USDT supply remained basically unaltered.
AVAX, Avalanche’s native cryptocurrency, has increased by 20% in the last 24 hours, reaching $42 and unseating Dogecoin as the ninth-largest crypto by market cap. With this move, Avalanche has increased its weekly gains to 85%, the highest among the top ten crypto coins.
Avalanche is trading at $40.75 today, with a 24-hour trading volume of $3,101,978,404.46. This is a 17.25% gain in the last 24 hours and an 83.66% increase in the last 7 days.
