The global cryptocurrency market opened Monday with mixed sentiment, as overnight rallies among the top 10 digital assets pushed the total market value to $3.43 trillion. This marked a 0.69% increase over the past 24 hours, according to early trading data.
Market Volatility and Seasonal Trends
In the last hour, prices among the leading cryptocurrencies have dipped by 1%, reflecting ongoing market volatility. December is expected to bring mixed trading patterns due to the holiday season. Retail investors may close out positions, while large-scale traders, often referred to as “whales,” are anticipated to engage in portfolio rebalancing.
Bitcoin and Ethereum Show Mixed Signals
Despite fluctuations in Bitcoin (BTC-USD) prices, the market cap managed to climb. Bitcoin, currently trading at $96,000, saw a slight 1% decline in the past 24 hours and a 2.2% drop over the week. Ethereum (ETH-USD), the second-largest cryptocurrency, also dipped less than 1%, settling at $3,661 after an earlier climb.
Other major cryptocurrencies showed mixed performance. Solana (SOL-USD) fell 2.2%, BNB (BNB-USD) dropped 0.77%, XRP (XRP-USD) edged down 0.13%, and Dogecoin (DOGE-USD) slid 2.68% within the last hour. Cardano (ADA-USD) decreased slightly by less than 1%.
Trading Volume Increases
The total cryptocurrency market volume over the last 24 hours surged to $196.94 billion, a 36.09% increase, as reported by CoinMarketCap.com. Of this, $13.1 billion is attributed to decentralized finance (DeFi), accounting for 6.65% of the total market volume. Stablecoins, meanwhile, dominated trading activity, with a total volume of $175.04 billion, representing 88.88% of the 24-hour trading volume.
Sentiment Stabilizing Post-U.S. Election Boost
Market sentiment, previously buoyed by the U.S. election results, appears to be stabilizing. While the initial euphoria has tapered off, price movements still reflect broader expectations and prevailing investor moods.
As the year-end approaches, market dynamics are likely to remain unpredictable, influenced by both seasonal factors and strategic shifts among institutional and retail investors.
