The broader cryptocurrency market showed signs of weakness on Wednesday morning, with the price of Bitcoin and other cryptocurrencies falling. While Bitcoin retreated from the 21-month high, smaller coins also slipped into the red.
However, Bitcoin’s recent price surge has triggered calls for a new crypto bull market, buoyed by expectations that the US Securities and Exchange Commission (SEC) will approve a spot Bitcoin exchange-traded fund (ETF) by Jan 10.
Bitcoin price slid 1.24% over the last 24 hours to $45,155, with its market capitalization standing at $884.96 billion. The 24-hour trading volume, however, jumped nearly 28% to $30.24 billion.
Beyond Bitcoin, Ethereum — the second largest crypto — fell over 2% to $2,369. At press time, its market capitalization stood at $284.78 billion. Ether’s trading volume over the last 24 hours surged over 37% to $11.17 billion.
Other tokens were also weak, with Tether price down 0.02% and BNB off 0.45%. Solana plunged nearly 6% in the last 24 hours to $108.16 while XRP rose marginally to $0.632. Memecoins also fell, with Dogecoin dropping over 2%, and Shiba Inu sliding over 2.5%.
The drop in prices of cryptocurrencies was reflected in the global crypto market, which slid nearly 0.46% to $1.74 trillion. However, the fear and greed index level stood at 74, indicating investor sentiment is greed, meaning they’re still keen on buying.
The price of Pepe Coin has fallen over 4% over the last 24 hours to $0.000001367, sending its market cap tumbling by over 4% to $574.5 million. However, its trading volume over the last 24 hours was up nearly 3% at $73.14 million.
While major cryptocurrencies fell on Wednesday, KAS investors were rolling in dough, with the token rising nearly 2% to $0.12 over the last 24 hours. The optimism was reflected in its market cap, which expanded by 1.86% to $2.6 billion. The 24-hour trading volume surged over 30% to over $36.56 million.
The price of Arbitrum jumped over 9% over the last 24 hours to $1.89. The token has appreciated more than 47% in the last seven days and is sitting at a market cap of $2.41 billion. As of writing, its trading volume stood at $1.3 billion.
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