In yet another worrying development in the crypto world, major cryptocurrency price charts have failed to record any good recovery of crypto prices.
Entering the third week of December 2021, the global cryptocurrency market cap was $2.17 trillion, recording a decrease of 2.90% over the last 24 hours and a 5.78% drop in the last seven days. The crypto charts have been red, showing no signs of recovery yet.
For five weeks in a row, bitcoin, the oldest and most popular crypto, stepped into Monday, 20th December, trading at about $46,523.28, recording a drop of around 2.22 % in the last 24 hours.
Ethereum is currently trading at about $3,785, showing a drop of 4.21 %, as shown by the coin market cap.
Joining the leading cryptocurrencies on loss club, Cardano, Shiba Inu, Polkadot, Binance coin, and litecoin recorded marginal price drops.
On the other hand, a few cryptos went up, for example, Solana +15%, Terra +50%, Avalanche +44%, and Polygon +20% in the last 7 days.
While many think that it is now too late to invest in crypto, gains of up to 50% for some of the top 10 crypto coins in just one week prove otherwise.
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Why the prices are dropping
After a promising year of high records and gains, digital currencies face a turbulent phase with unpredictable price fluctuations.
Shortly after China announced new crypto regulations, investors began dumping crypto trading equipment.
In the latest wave of digital currency restrictions, the Russian central bank plans to follow suit to shut down cryptocurrencies completely.
The two decisions have taken a toll on the global crypto market.
Will investors get good returns?
With the overall crypto industry performing poorly, it remains unclear, and concerns have been raised if it will bear any fruits to already worried investors.
Despite several Fintech firms stepping in to enable crypto gifting options this holiday season, it is notable that the crypto market has failed to steam up.
Last week, crypto industry experts and analysts predicted that there are high chances of remaining very volatile in the coming days.
Crypto Fear and Greed Index analyzes investors’ outlook and feelings. It has seen a significant dip.
A senior professor at the United States league Cornell University, Prof. Prasad, issued a warning about bitcoin trading on the red for the past few weeks. The economist who authored The Future of Money advocates for the blockchain technology.
Speaking to Consumer News and Business Channel (CNBC) last week, he said that bitcoin itself might not last long.
However, other blockchain experts are bullish about the future of cryptocurrency, especially bitcoin, heading to the new year 2022. Therefore, don’t be overly worried by big price dips—the digital currency market is known to be highly volatile.
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