Crypto market wrap, Dec 30: Bitcoin hits monthly low, altcoins struggle amid market downturn

The cryptocurrency market continues to face bearish momentum as Bitcoin (BTC) drops to a monthly low, dragging down major altcoins alongside it. Despite an uptick in trading volume, the overall market sentiment remains cautious, with uncertainties surrounding regulatory developments and market dynamics. Notably, FTX Token (FTT) bucked the trend, surging on news of claims processing beginning early next year, while altcoins like XRP and Solana extended their losses. Source: CoinMarketCap Bitcoin was trading at $93,084 at the time of writing, reflecting a 2.04% decline in the past 24 hours. The flagship cryptocurrency recorded a low of $93,079 and a high of $95,341 during the day. Trading volume surged 40% to $32 billion, signaling heightened activity despite the downturn. Analysts attributed the dip to broader market pressures and speculations about a potential sell-off. Meanwhile, BTC ETFs saw weekly inflows of $387 million, indicating sustained institutional interest. Ethereum shows resilience Ethereum (ETH) emerged as the only major cryptocurrency in the green, posting a 1% gain to trade at $3,421. The 24-hour low and high for ETH were $3,327 and $3,434, respectively. However, market experts warned of potential sell pressure after 110K ETH flowed into exchanges. Weekly inflows into ETH ETFs stood at $349 million, reflecting investor confidence in the asset. Altcoins under pressure XRP prices dropped by 3%, trading at $2.12 with a low of $2.076 and a high of $2.197. The bearish trend mirrors the broader altcoin market. Solana (SOL) fell 1% to $192, with a daily low of $188.73 and a high of $197.59. Despite the slight dip, Solana remains one of the most actively traded altcoins. FTX Token (FTT) surged by 10%, trading at $3.75 after the announcement that claims processing would begin on January 3, 2025. The token recorded a 24-hour low of $3.416 and a high of $3.826, reflecting strong buying interest. Ethena (ENA) also gained 6%, trading at $1, with trading volume spiking by 45% to $352 million. Source: CoinMarketCap Bitget Token (BGB) dropped 20% to $6.01, recording high volatility with a peak of $7.85. Pudgy Penguins (PENGU) declined by 10% to $0.032 despite its impressive 500% monthly gain. Other cryptocurrencies, including Movement (MOVE), OKB, and Beam (BEAM), experienced moderate losses of around 5%. The global cryptocurrency market capitalization dipped 1.5% over the last 24 hours, standing at $3.29 trillion. However, trading volume saw a 12% increase to $90 billion, indicating active participation despite the bearish sentiment. As the market grapples with price volatility and regulatory uncertainties, the focus remains on Bitcoin’s performance and the evolving altcoin landscape. Stay tuned for more updates on crypto prices and market movements. The post Crypto market wrap, Dec 30: Bitcoin hits monthly low, altcoins struggle amid market downturn appeared first on Invezz