Bitcoin Trades at $92,000 as Altcoins Face Losses on December 31, 2024
On December 31, 2024, Bitcoin traded at $92,458, reflecting a 0.98% loss, while Ethereum fell by 1.76%, trading at $3,332. Numerous altcoins also experienced declines. Despite market corrections, industry leaders express optimism for 2024, citing strong trading volumes and regulatory clarity as positive influences for recovery.
On December 31, Bitcoin was recorded trading at $92,458 on international exchanges, reflecting a loss of 0.98 percent over the previous 24 hours. This decline followed a remarkable December in which Bitcoin achieved an all-time high surpassing $108,000. In India, Bitcoin exhibited a dip of 1.88 percent, trading at approximately $100,308 on local platforms. Mudrex CEO Edul Patel indicated that the recent downward shift was influenced by profit-taking among long-term holders after Bitcoin approached the $95,000 mark, compounded by over $259 million in liquidations in the past day. Meanwhile, Ethereum mirrored this trend with a 1.76 percent drop on foreign exchanges, bringing its value down to $3,332, and a 1.95 percent reduction noted on Indian exchanges, positioning ETH at $3,505.
The crypto landscape remained largely bearish on this day, with numerous cryptocurrencies such as Ripple, Solana, Dogecoin, and Cardano registering losses. Although the overall market cap experienced a 1.58 percent reduction, totaling $3.23 trillion, certain assets like Tether and Binance Coin managed to retain their value. Despite the recent downturn, BuyUcoin CEO Shivam Thakral emphasized the optimistic outlook for cryptocurrency in 2024, highlighting increased trading volume alongside strengthening regulatory clarity and institutional adoption as critical influences for sustained growth.
As the cryptocurrency sector continues to navigate its cyclical nature, the sentiments expressed by industry leaders reflect a robust confidence in potential market recovery despite short-term volatility. The overall sentiment reveals that investors are observing the macroeconomic landscape with cautious optimism, prepared for recovery in the forthcoming year.
The article discusses the current state of cryptocurrency trading as of December 31, 2024, particularly focusing on Bitcoin and Ethereum as they experience losses amid market corrections. It examines the implications of profit-taking amongst investors, rising liquidation volumes, and contrasting asset performance in a generally declining market, while also highlighting perspectives from industry leaders on future market potential. The article situates cryptocurrency trading within a broader economic context, noting significant trading volumes in 2024 and factors contributing to investor confidence despite recent downturns.
In conclusion, Bitcoin and Ethereum have both experienced notable losses on the last day of 2024, mirroring a broader trend observed across the cryptocurrency market. While many altcoins have followed suit, some assets have managed to hold their value. Industry experts remain optimistic about the future, attributing confidence to factors such as regulatory clarity and institutional investment, suggesting that despite short-term challenges, positive momentum may persist into the upcoming year.
Original Source: www.gadgets360.com
Post Comment