Market wrap: What happened with the top five cryptocurrencies this week (3-Dec-2021 to 10-Dec-2021)
It’s been another week of lows across the cryptosphere, the markets are still lagging from the news of the Omicron COVID-19 variant, causing uncertainty about more speculative assets like crypto.
The U.S. Fed is set to release its Consumer Price Index Friday morning local time showing inflation data, with a meeting to be held on December 15th to discuss monetary policy. Spiking inflation is causing concerns of an interest rate hike being implemented, driving a sell-off of speculative assets such as cryptocurrencies.
Margin trading has also been identified as one of the drivers of the lows this week.
Bitcoin hit as low as US$46,633 on Saturday, December 4, dropping nearly 22 per cent in 24 hours from the week’s high of US$57,060.83 in what some called “Bloody Saturday”.
Bitcoin bounced back over US$50,000 on Tuesday, Dec. 7, but at the time of writing had slightly fallen to around US$48,000.
Ethereum saw a downtrend also, hitting a low of US$3,828.14 on Dec. 4 from a high of US$4,619.12.
It stabilised around the US$4,400 mark midweek and has since dropped slightly, hovering around US$4,200.
Binance Coin followed a similar pattern, topping this week at US$625 on Saturday, then falling to the week’s low of US$529 later that day.
It recovered slightly by Tuesday Dec. 7, hovering around the US$580 mark.
On Saturday the 4th Dec, Solana fell from the week’s high of US$237.85, dropping over 18 per cent to US$188.
After slightly recovering on Sunday Dec. 5, it continued a downtrend to hit the week’s low of US$178 on Monday, Dec. 6.
Cardano followed a similar pattern to Solana this week, starting on the high at US$1.69, then crashing to US$1.32 on Saturday, recovering slightly before hitting this week’s low of US$1.28 on Monday 6th.
Cardano is now hovering around the US$1.30 mark at the time of writing.