Cryptocurrency ETF market trends have slowed as Bitcoin and Ethereum experience price declines during the holiday season. Recently, Bitcoin fell below $95,000, and Ethereum fell to around $3,300, which showed that the rising trend had stopped for a while. As of now, it’s been more than a month since Bitcoin hit $94,000. It remains trapped between $94K and $108K.
Top altcoins like XRP and Solana (SOL) have been trending down over the past 24 hours, with drops of 1% to 5% in each case. Also, the value of all cryptocurrencies on the market has decreased by about 2% to $3.28 trillion. Trading rates have dropped by 34%, a sign of the holiday slowdown that will last until early January 2025. The Fear and Greed Index is 51, meaning people are not excited or scared.
Bitcoin ETF Withdrawals
In 24 hours, Bitcoin (BTC) fell 2% to $94,327. It moved between $93,440 and $97,429 in 24 hours. Bitcoin dropped after money left BTC-focused ETFs. A famous financial author, Robert Kiyosaki, says Bitcoin could hit $350,000 by 2025. Because of this, he says that buyers should choose self-custody over institutional ETFs. Fidelity lost the most money ($208 million) in the $367 million BTC ETF on December 19. Ark and 21Shares reported the withdrawal of $112 million, while BlackRock continues to provide data.
Ethereum ETF Growth
A further point to consider is that the value of Ethereum (ETH) has seen a slight decline, comparable to one per cent of the entire value. At this very time, the price is $3,329, now available for purchase. Ethereum (ETH) price may fluctuate between $3,307 and $3,441 overnight. This is subject to change. Even though the price of Ethereum decreased, there was a gain of $27 million in its exchange-traded fund (ETF), which indicates that institutions are becoming more interested in it.
Even though the price of Ethereum has decreased, this symbol conveys the idea of promise. The recent Ethereum purchase by Fidelity, valued at $27 million according to the market before the deal’s completion, is evidence of this reality. Large businesses within the cryptocurrency industry have acknowledged this choice as a significant asset.
XRP And Solana Dip
The coin associated with the ongoing court case, XRP, has experienced a 2% decline and is currently trading at $2.144. It has been between $2.126 and $2.234 over the past 24 hours. John Deaton, a supporter of XRP, recently said that the Biden administration’s approved Cryptoo tax filing rule was detrimental to the business. Solana (SOL), which sells for $184, is also down 2%. Analysts think that the drop in the price of Solana was caused by changes in the market as a whole. The 24-hour low price was $183, and the 24-hour high price was $194.
Dogecoin And Shiba Drop
Two joke currencies, particularly Dogecoin (DOGE) and Shiba Inu (SHIB), have seen a small decrease in value. We have observed this reduction. While the value of the former has declined by 1%, the latter’s worth has reduced by 0.5%. Both of these decreases are significant. Because of the “BURNmas” incident, which resulted in the loss of more than one trillion coins, the value of the cryptocurrency known as BONK, which is not as well known, increased by 4%. A cryptocurrency known as Bitcoin was a more well-known alternative to this choice.
Virtual Protocol Surge
Virtual Protocol (VIRTUAL) price rose from $3.05 to $3.58 in 24 hours, a 15% increase. After Bitget said it would burn $800 million worth of tokens, the price went up 9% to $8.36.FTX Token (FTT), which has lost 16% in the last 24 hours, is the coin doing the worst. Zcash (ZEC) fell 10% to $61.72. This proves how unstable the cryptocurrency market is, especially now that the Federal Reserve quickly raised interest rates.
Also Read: Cardano ADA Unlocking Impact Price Predictions for December
Conclusion
The cryptocurrency ETF market trends are now in a transitional phase, characterized by falls in important assets such as Bitcoin and Ethereum and a drop in trading volumes due to Christmas. The market is currently experiencing this phase. These two elements identify a transitional era.
On the other hand, institutional interest, which can be seen in the form of Ethereum exchange-traded funds (ETFs) and ongoing investments in Bitcoin, indicates that the market has significant potential in the future. Even though the Fear and Greed Index has a neutral stance on the market, traders and investors look forward to the new year to see the market rebound and grow. This is despite the index indicating a neutral outlook on the market.
