Crypto market snapshot, Dec 18: Bitcoin drops below $104K as Pudgy Penguins soar 550%

The cryptocurrency market faced mixed trading on December 18, with Bitcoin (BTC) dipping below $104,000 after reaching an all-time high of $108,000 earlier in the day. The broader market reflected turbulence, with the total market capitalization shrinking by 1% to $3.71 trillion, while trading volumes dropped 8.6% to $185 billion. Amid the volatility, Pudgy Penguins (PENGU) stole the spotlight, surging an impressive 550% within 24 hours. Bitget Token (BGB) also rallied, rising by 17%, contrasting with declines across major cryptocurrencies. The Fear and Greed Index remained in the “extreme greed” zone, recording a high score of 80, indicating heightened investor appetite despite market fluctuations. Source: CoinMarketCap Bitcoin (BTC) price update Bitcoin’s price slipped 2.96% in the last 24 hours, trading at $103,568. Bitcoin’s market cap stood at $2.09 trillion, with a dominance of 56.63%. BTC ETFs experienced significant outflows, with Fidelity and Grayscale leading the pack, while BlackRock’s data is awaited. This selling pressure contributed to Bitcoin’s decline below the $106,000 mark. Ethereum (ETH) price update Ethereum dropped 4%, trading at $3,869. ETH’s 24-hour range was between $3,836 and $4,040. Its market cap settled at $466 billion, and trading volumes reached $35 billion. Despite the decline, ETH ETFs saw notable inflows, with Grayscale and Fidelity driving the accumulation. Altcoin performance Among the altcoins, US-based tokens like XRP, Stellar (XLM), and Hedera (HBAR) showed resilience, gaining 3% to 6% in the last 24 hours. XRP rose 3% to $2.55, with Ripple’s stablecoin RLUSD going live, marking a significant milestone for the company. Solana (SOL) climbed 2% to $218, recovering from its recent lows. Meanwhile, meme coins such as Dogecoin (DOGE) and Shiba Inu (SHIB) faced declines of 3% and 4%, respectively, signaling bearish sentiment in the meme coin segment. Source: CoinMarketCap Top gainers Pudgy Penguins (PENGU): Surged 550% to $0.03 following its Binance listing, entering the top 100 cryptocurrencies. Bitget Token (BGB): Rose 17% to $4.18 after Bitget secured a license from El Salvador’s Central Bank. Litecoin (LTC): Gained 7% to $125 on speculation of an ETF approval. Top losers Lido DAO (LDO): Dropped 9% to $2.08 amid market headwinds. Aptos (APT): Fell 8% to $12.89, marking a notable decline. Fantom (FTM): Decreased by 7%, trading at $1.31. The crypto market remains in flux, with short-term selling pressure visible across major assets. As volatility persists, investors should closely monitor macroeconomic factors and developments in the regulatory landscape, which could significantly influence market trends in the coming days. The post Crypto market snapshot, Dec 18: Bitcoin drops below $104K as Pudgy Penguins soar 550% appeared first on Invezz