What Caused Cryptocurrency Market Prices To Tumble?

What Caused Cryptocurrency Market Prices To Tumble?

2022-01-01 | Eddy Morgan

What Caused Cryptocurrency Market Prices To Tumble?

The last day of the year 2021 caused cryptocurrency prices to tumble. The price of major cryptocurrencies has continued to fall ahead of the expiration of a $6 billion crypto options contract earlier on Friday. At 8.38 a.m., the worldwide crypto market cap was $2.18 trillion, with trading volume down 6.19 percent to $95.92 billion.

The market has its own rhythm, which is more apparent now than ever before. Bitcoin's (BTC) price was above $50,000 just two days ago, but it now trades at $47,157.63, down 2.41 percent, and continues to fall. Ethereum (ETH) has dropped 1.97 percent to $3,725.94.

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Bitcoin Price Chart - Source: CoinMarketCap

"Bitcoin has had a retracement following the plunge and is presently trading around $47,000. The market continues to expect the options contract that expired on December 31.

"Smart contract platform tokens, such as ALGO and NEAR, have soared, with only NEAR now sustaining its pace," says Gaurav Dahake, CEO of Bitbns, a cryptocurrency exchange.

Cardano (ADA) is down 3.47 percent at $1.33 USD, while Algorand, dubbed the "Ethereum killer," is down 6.12 percent at $1.67 in an otherwise gloomy market, bringing its market value to $10,640,033,900.

Binance Coin (BNB) is down 1.92 percent at $516.21, while Solana (SOL) is down 2.34% at $172.93, among other significant coins.

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