Bitcoin failed to maintain any meaningful gains above $50,000-mark ahead of the upcoming meeting of US Federal Reserve scheduled on Wednesday. Bitcoin price dropped sharply at the starting of this month, on December 4. Later, it had moved higher to reclaim $50,000 on December 12 but it dropped again near $47,000-mark this week. The bearish momentum in the cryptocurrency market prevailed as the investors were worried about US Federal Reserve’s decision on the interest rate change on December 15 meeting.
The world’s largest cryptocurrency by market capitalisation, however, rose 2.03 per cent in the last 24 hours to $47,962.38 at 800 hours on December 15, according to CoinMarketCap. Bitcoin price tanked over 5 per cent in last one week. It must be mentioned Bitcoin retreated more than 30 per cent from an all-time high of almost $69,000 on November 10. Analysts suggest this sudden drop is temporary as buyers are continuously dipping into cryptocurrency investments.
Ether, the second largest and most popular cryptocurrency, increased 1.03 per cent in the last 24 hours to $3,819.76, according to CoinMarketCap. It lost 11.62 per cent in the last 7 days. Binance Coin price slightly gained in a day to $526.21.
“Bitcoin corrected marginally as it fell below the $47,000 level. Ethereum too fell prey to the market correction sliding $3,700. Ether against Bitcoin dropped a few points. The weekly chart pattern for Ether/Bitcoin indicates retesting of the support. Meanwhile, three arrow capital continued to accumulate Ethereum as they purchased $56-million worth of Ether from Binance and Coinbase,” WazirX trade desk said.
Dogecoin, one of the favourite meme coins, surged close to 20 per cent in a day after Elon Musk tweeted that Tesla would accept Dogecoin as payment for merchandise. “Tesla will make some merch buyable with Doge & see how it goes,” Tesla CEO tweeted.“Bitcoin is not a good substitute for transactional currency. Even though it was created as a silly joke, Dogecoin is better suited for transactions. The total transaction flow that you do with Dogecoin, like transactions per day, is much higher potential than Bitcoin,” Musk said during the Time’s interview.
“The volatility In the cryptocurrency market continued over the past 24 hours. We saw most of the large cryptocurrencies remaining range-bound throughout the session. Bitcoin hovered around the $47,000 mark and Ether was able to hold it’s support level. Although most of the other altcoins remained volatile, the market as a whole remained range-bound. The meme coin, Dogecoin, witnessed a massive jump of more than 20 per cent after its a few large orders caused a bump in trading volumes. Over the coming 24 hours, we could likely witness a recovery if the cryptocurrency market is able to hold the current support levels. Traded volumes across the spectrum shot past $100 billion over yesterday’s trading session,” said Edul Patel, CEO and co-founder, Mudrex- a global crypto trading platform.
Top 10 cryptocurrency prices on December 15, 2021 according to CoinMarketCap while publishing the article
Bitcoin $47,948.58 — 2.33 per cent up in 24 hours
Ethereum $3,821.29 — 1.42 per cent up in 24 hours
Binance Coin $525.56 — 0.48 per cent up in 24 hours
Tether $1.00 — 0.02 per cent up in 24 hours
Solana $160.16 — 4.10 per cent change up 24 hours
Cardano $1.25 — 2.11 per cent change up in 24 hours
USD Coin $1.00 — 0.01 per cent down in last 24 hours
XRP $0.8012 — 2.62 per cent up in 24 hours
Polkadot $26.03 — 2.62 per cent down in 24 hours
Dogecoin $0.18 — 15.50 per cent up in 24 hours