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Cryptocurrency market loses US$200 billion at the end of the year
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The cryptocurrency market, which traditionally benefits from a surge in trading during the end of the year, suffered a significant drop in the final days of 2024. The total value of digital assets has plummeted by approximately $200 billion. The market capitalization, which was at US$3.36 trillion on December 25, fell to US$3.15 trillion.
This considerable drop may be related to an expected correction following a massive increase in cryptocurrency prices. Since the beginning of November, the market value of cryptocurrencies had soared by $1.4 trillion, reaching a peak of US$3.69 trillion on December 17. This is, therefore, an increase of 61.14%.
Furthermore, the cryptocurrency market’s decline occurred in a broader context of economic uncertainty, exacerbated by the recent Federal Open Market Committee (FOMC) meeting, which reignited fears about the fragility of stock markets and the possibility of higher inflation in 2025.
Bitcoin, the most prominent cryptocurrency, has seen its value dropped from around US$108,000 in mid-December to approximately US$91,687. The drop occurred amid rumors that fund managers were acting to keep the value low.
Fall of cryptocurrencies at the end of the year
It is important to say that the “Christmas hangover” was not limited to just the cryptocurrency market. THE S&P index 500, for example, which follows the growth of the 500 largest companies in the United States, also suffered a drop of 2.83% since December 17th. Shares of companies like Amazon and Tesla fell 5.17% and 13%respectively.
Despite the loss of US$200 billion in just five days, it is important to note that the cryptocurrency market still showed significant growth in 2024. There was a total increase of $1.47 trillion over the year as the market started in 2024 with a market cap of $1.67 trillion.
Furthermore, although the slowdown is expected, experts indicate that the numbers should continue to rise next year. This is because, the year begins with the inauguration of the President Donald Trump, who in these last elections made openly pro-cryptocurrencies statements. With the US expected to create a strategic reserve for cryptocurrency, the market has been betting on considerable increases for BTC.
Cryptocurrency market loses US$200 billion at the end of the year
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Cryptocurrency market loses US$200 billion at the end of the year
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Cryptocurrency market loses US$200 billion at the end of the year
