Bitcoin's Sharp Decline Affects Altcoins with ETH Down 18%, XRP Down 21%, and SOL Down 20%

The price adjustment of Bitcoin has pulled other major altcoins as the global cryptocurrency market capitalization decreased by 9.53%. Major Altcoins follow the decline of BTC The Bitcoin price correction extends to Friday, December 20, as the number one cryptocurrency continues to lose its recent gains. Over the past 48 hours, BTC has dropped more than 13%, falling from an all-time high of $108,364 to $92,118 before a slight recovery and trading at $95,800.

The significant market adjustment is largely influenced by the recent 0.25% "dove" interest rate cut by the US Federal Reserve along with investors fleeing to safer investment assets. Altcoins have followed BTC in recording significant corrections. Ether (ETH) dropped 18% from $4,032 to $3,115. Similarly, XRP dropped from $2.6 to $1.96, a 21% decrease. BNB decreased from $736 to $620, a 16% decrease, and SOL rounded out the top four cryptocurrencies with a 20% decrease from $225 to $177. In the future market, over 400,000 cryptocurrency traders witnessed the liquidation of $1.4 billion worth of short positions and long positions, according to data from Coinglass. This caused the global cryptocurrency market cap to decrease by 12% in the past day, with the current market cap at $3.2 trillion. However, the total cryptocurrency market volume increased by 31.47% to $33.98 billion, with Bitcoin's market dominance slightly rising to 57.95%. Despite the market downturn, major cryptocurrencies continue to trade at important psychological levels. This indicates the greater potential for cryptocurrency market recovery, largely driven by institutional interest and bullish market sentiment. Therefore, this price collapse may be a temporary retreat in the expected extended bull cycle until 2025.

DYOR! #Write2Win #Write&Earn $BTC {spot}(BTCUSDT)