Bitcoin failed to make gains overnight, losing more ground as it continued to hit its worst month since May. world’s largest cryptocurrency By market capitalization decreased nearly 3% to $46,640. The most popular digital coin is down by more than $22,000 since recording records at the beginning of November, and is up nearly 60% in 2021 (Year-to-Day or YTD).
Ether, the coin tied to the Ethereum blockchain and the second-largest cryptocurrency, also fell more than 4% to $3,657, according to CoinDesk. On the other hand, the price of Dogecoin also declined by 4% to $0.16, while the Shiba Inu dropped 5% to $0.000034.
Other digital tokens such as Solana, Uniswap, Cardano, Polygon, Litecoin, Terra, XRP, Polkadot, Stellar also took a hit as they were trading with cuts in the last 24 hours. According to CoinGecko, the global crypto market capitalization fell nearly 3% to $2.3 trillion, due to the fall in coins.
Bitcoin is on pace for its worst monthly performance since May, but exchange-traded fund (ETF) investors are still pouring money toward products that track cryptocurrency futures. According to data compiled by Bloomberg, the ProShares Bitcoin Strategy ETF has raised more than $40 million so far in December, its third consecutive monthly investment.
Meanwhile, cryptocurrency prices went on another roller coaster last year, rising, falling and cycling again. El Salvador this year became the first country to make bitcoin legal tender, while the first exchange-traded fund tied to bitcoin futures also began trading.
(with inputs from agencies)
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