The Christmas rally in cryptocurrencies seems to have come to a pause at the moment, with Bitcoin hanging on to the $50,000 mark. The overall crypto market cap is down by 0.84 per cent at $2.39 trillion, showed coinmarketcap.com data. However, the trading volume over the last 24 hours is down by 15.89 per cent at $86.55 billion, suggesting that investors might be deploying a HODL (Hold on for dear life) strategy.
Turkey, which is facing a severe currency devaluation crisis, banned its citizens from buying and selling cryptocurrencies back in April this year. However, Turkish citizens, who are now seeing their savings and asset value depreciate by double digits, have resorted to buying crypto stable coins like USDT and Bitcoins to fight the record-high inflation. Reuters reported that Turkey’s trades in the cryptocurrency have surged above the one million a day mark, as per data compiled by blockchain analysis firms Chainalysis and Kaiko.
Despite several attempts by the bears to bring down the world’s oldest cryptocurrency Bitcoin’s price by a big margin, it has still managed to hold fort but is hovering around the $50,000 mark. At 8.37 am, it was trading at $50,828.24, down by 0.36 per cent. Rival Ethereum is trading at $4,034.58 and is down by 1.45 per cent.
Cardano (ADA) is down by 4.19 per cent at $1.40. Algorand, which is known as the Ethereum killer, was up by 7.37 per cent at $1.57; its market cap now stands at $9,958,756,336 but its trading volume however has spiked by a massive 77.07 per cent at $555,523,045.
Among other major coins, Binance Coin (BNB) is down by 0.55 per cent at $543.14, while Solana (SOL) is trading at $192.04, with a gain of 2.04 per cent.
Dogecoin (DOGE) was trading with gains of 2.34 per cent at $0.1872. Its trading volume, however, surged by 31.27 per cent at $1,714,559,696 in the last 24 hours. Amid heavy profit booking, rival Shiba Inu (SHIB) is down by 6.52 per cent at $0.00003687.
ELON is also trading with a loss, it is down by 5.78 per cent at $0.000001606. Floki Inu is down by 3.42 per cent at $0.0001201. Samoyed Coin (SAMO) is trading with gains of 2.41 per cent at $0.04402.
Chinese diversified technology giant Baidu has held the country’s first metaverse conference in the XiRang app developed by the company. However, Baidu vice-president Ma Jle, who is also the executive in charge of this app, said it could take potentially a much longer time to develop the metaverse world. He was quoted as answering a reporter’s query: “Development of the app began last December, but it is still ‘negative six’ years to full launch,” according to cnbc.com.
Meanwhile, long-term Bitcoin acquirer and CEO of Microstrategy has revealed his Bitcoin accumulation level at $900 million and have also predicted Bitcoin’s price could become $6 million at some point in the future, reported Forbes.