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CCryptocurrency markets witnessed a sharp downturn on Thursday, December 19, 2024, as major digital assets experienced significant price declines.
The unexpected crash left many investors excited as they saw the value of their holdings plummet.
Bitcoin and Ethereum are leading the decline
Bitcoin (BTC), the world’s largest cryptocurrency by market capitalization, saw its price fall by over 4.6% to $98,877. Ethereum (ETH), the second-largest digital asset, took an even harder hit, falling 9.02% to $3,511.78.
Other well-known cryptocurrencies also suffered heavy losses: Binance Coin (BNB) fell 6.05% to $670.68, XRP lost 7.66% to $2.29 and Cardano (ADA) plunged 14.32% to $0.895 away.
Dogecoin (DOGE), often viewed as a meme-based cryptocurrency, was the hardest hit, falling 17.49% to $0.318. The sharp decline in major assets has left many wondering about the future of the crypto market, which has seen incredible ups and downs throughout the year.
Market sentiment turns negative
The market’s downward trend on Thursday is attributed to a combination of factors, including profit-taking by long-term investors and general changes in market sentiment. Analysts point to a wave of liquidations as the cause of the significant declines.
For example, Aave’s price plunged over 6% this week, resulting in a total of $5.13 million in liquidations.
The market’s volatility has raised concerns among investors who are cautious about the future. While the cryptocurrency market has proven resilient in the past, the recent downturn is a stark reminder of its unpredictability.
Looking into the future: what is…
