The cryptocurrency Christmas rally appears to have come to a standstill for now, with Bitcoin clinging to the $ 50,000 mark. The overall crypto market cap fell 0.84% to $ 2.39 trillion, according to data from coinmarketcap.com. However, the trading volume over the past 24 hours is down 15.89% to $ 86.55 billion, suggesting that investors may deploy a Hold on for Expensive Life (HODL) strategy.
Turkey, which is facing a severe currency devaluation crisis, banned its citizens from buying and selling cryptocurrencies in April of this year. However, Turkish citizens, who are now seeing their savings and asset values depreciate in double digits, have resorted to purchasing stablecoins like USDT and Bitcoins to fight record inflation. Reuters reported that Turkey’s cryptocurrency trades topped one million per day, according to data compiled by blockchain analysis firms Chainalysis and Kaiko.
Despite several attempts by the bears to drastically lower the price of the world’s oldest cryptocurrency Bitcoin, it still managed to hold on but is hovering around the $ 50,000 mark. As of 8:37 am, it was trading at $ 50,828.24, down 0.36%. Rival Ethereum is trading at $ 4,034.58 and is down 1.45%.
Cardano (ADA) is down 4.19% to $ 1.40. Algorand, known as the Ethereum killer, rose 7.37% to $ 1.57; Its market capitalization now stands at $ 9,958,756,336, but its trading volume nonetheless increased by 77.07% to $ 555,523,045.
Among other major coins, Binance Coin (BNB) is down 0.55% to $ 543.14, while Solana (SOL) is trading at $ 192.04, with a gain of 2.04%.
Dogecoin (DOGE) was trading with gains of 2.34% at $ 0.1872. Its trading volume, however, jumped 31.27% to $ 1,714,559,696 in the past 24 hours. Amid the big profit booking, rival Shiba Inu (SHIB) is down 6.52 percent to $ 0.00003687.
ELON is also trading at a loss, it is down 5.78% to $ 0.000001606. Floki Inu is down 3.42% to $ 0.0001201. Samoyed Coin (SAMO) is trading with gains of 2.41% at $ 0.04402.
Chinese diverse tech giant Baidu hosted the country’s first metaverse conference in the company-developed XiRang app. However, Baidu Vice President Ma Jle, who is also the executive in charge of this app, said the development of the metaverse world may take much longer. He was quoted as responding to a reporter’s question: “Development of the app started last December, but there are still six years until full launch,” according to cnbc.com.
Meanwhile, the long-term Bitcoin acquirer and CEO of Microstrategy revealed his Bitcoin accumulation level at $ 900 million and also predicted that the price of Bitcoin could reach $ 6 million at some point in the year. the future, Forbes reported.