Bitcoin failed to hold overnight gains, losing more ground as it continued on course for its worst month since May. The world’s largest cryptocurrency by market capitalization declined nearly 3% to $46,640. The most popular digital token has shed more than $22,000 since hitting a record in early November, and is up around 60% in 2021 (year-to-date or YTD).
Ether, the coin linked to ethereum blockchain and the second largest cryptocurrency, also declined more than 4% to $3,657, as per CoinDesk. On the other hand, Dogecoin prices also slipped over 4% to $0.16 whereas Shiba Inu plunged 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 over the last 24 hours. Dragged by the slide in the coins, global crypto market capitalization plummeted around 3% to $2.3 trillion, as per CoinGecko.
Bitcoin is on pace for its worst monthly performance since May, but exchange-traded fund (ETF) investors are still plowing money toward products that track the cryptocurrency’s futures. The ProShares Bitcoin Strategy ETF has taken in more than $40 million so far in December, its third straight monthly infusion, according to data compiled by Bloomberg.
Meanwhile, cryptocurrency prices went on another roller coaster this past year, surging, plunging and then cycling again. El Salvador became the first country to make Bitcoin legal tender this year whereas the first exchange-traded fund tied to Bitcoin futures also began to trade.
(With inputs from agencies)
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