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Cryptocurrency prices continue to be dragged down by the bear market

Alan Muli



It’s no secret that digital currency has been going through a tough time over the last few months. According to recent reports, the prices have started to dip once more following the bear market after a few days of price consolidation. Currently, the entire cryptocurrency economy is under risk of dropping below the 100 billion dollars market valuation.

What’s more is that cryptocurrency global trade volumes are at their lowest ever. Only $11.5 billion worth of assets has been traded over the last 24 hours. There is fear that the figure may continue to drop as a result of the persistent bear market.

More price dips

The cryptocurrencies market has been very volatile in recent times, and this time the market is experiencing a drop in prices. The latest records reveal that the top 10 digital assets incurred between 2-13% losses in the last 24hrs. At the time of reporting, the trade volume of all the coins in the market was valued at $104.2 billion. Bitcoin, the most used cryptocurrency, enjoys 55% dominance in the entire digital asset economy and had dropped its price by 3.8% as of Friday. This statistic brings the BTC average global price to about $3,302.

Following BTC is ripple (XRP) which is being traded for $0.29 per coin, Ethereum comes third and its markets are down by 4.6% and gets traded for $86 per token. Other currencies have shown dips too as the effect of the bear market is felt throughout the economy.

Final word

The cryptocurrency markets exhibit strong uncertainty, and that can be shown by the trend so far this December. The cryptocurrency values were expected to be bright this month but the values are not as expected. As we approach the new year, there have been no price improvements so far.

The frustration is evident across all corners of the globe and has triggered many reactions across as well. Fundstrat’s Tom Lee commented, “I am getting tired of cryptocurrency price predictions.” His sentiments are understandable considering what is happening in the sector.

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