On December 28, the crypto market once again witnessed turmoil and till the time of writing the news, the decline in the global cryptocurrency market was continuing. Although this decline was minor, there was a recessionary atmosphere in the market. The global cryptocurrency market cap declined by nearly 1% in the last 24 hours to around $3.3 trillion. main reason for decline Bitcoin There was a decrease in the price of, which was trading around $94,511.86.
The main reason for the decline in Bitcoin
Bitcoin (BTC) broke the strong support level of $95,000, after which it started falling. This created an atmosphere of fear in the market, due to which other cryptocurrencies also saw a decline. The price of Bitcoin fell by 1.67% in the last 24 hours, which was a signal to investors that the market may remain more bearish for some time.
Impact on Altcoins also
The fall of Bitcoin also affected other major Altcoins. Ethereum (ETH) declined by 1.24%, while Solana (SOL) price declined by 1.88%. The fall of these cryptocurrencies created a negative environment in the entire crypto market, which increased uneasiness among investors.
Memecoins support
However, this slowdown was mitigated to some extent by Memecoin. P.E.P.E. saw a gain of 4.50%, while the price of Dogecoin and Shiba Inu also saw some gains. These gains mitigated the market decline for a while, but there is still a risk of a recession in the market due to the decline of Bitcoin and other major Altcoins.
Conclusion
The decline in the crypto market on December 28 was mainly due to the decline in the prices of Bitcoin and other major Altcoins. Although Memecoins provided some relief, there is a possibility of further losses in the market due to the decline of BTC and Altcoins. If Bitcoin and other cryptocurrencies continue to decline, the crypto market could see more volatility.
