Crypto Market Cap Drops 2.76% to $2.96 Trillion as Bitcoin, Ethereum Decline
The cryptocurrency market faces significant pressure with global market capitalisation declining 2.76% to $2.96 trillion. Bitcoin and Ethereum lead the decline with 2.88% drops each, while major altcoins fall up to 8% amid thin year-end trading volumes and broader risk-off sentiment across global markets.
*this image is generated using AI for illustrative purposes only.
The global cryptocurrency market capitalisation has declined 2.76% to $2.96 trillion as Bitcoin and Ethereum face renewed selling pressure amid thin year-end trading volumes. Bitcoin currently trades at $87,331, down 2.88% in the past 24 hours, while Ethereum has dropped 2.88% to $2,952, reflecting broader weakness across risk assets.
Current Market Performance
The cryptocurrency market shows widespread declines with major tokens experiencing significant pressure. The pullback has erased nearly $100 billion from the crypto market cap, dropping from a $3.02 trillion peak to current levels.
| Cryptocurrency | Price (₹) | 24h Change (%) |
|---|---|---|
| Bitcoin | 7,843,295 | -3.08% |
| Ethereum | 264,506 | -3.07% |
| BNB | 76,596 | -1.73% |
| XRP | 167 | -2.57% |
| Tether | 90 | 0.01% |
Altcoin Performance and Market Dynamics
Major altcoins have experienced substantial declines across the board. BNB, XRP, Solana, Tron, Dogecoin, Cardano, and Hyperliquid have dropped up to 8% in the past 24 hours, demonstrating the broad-based nature of the current selloff.
The CoinDCX Research Team noted that bears have again restricted Bitcoin's rally below $90,000, with the token maintaining trade around $87,000 after facing rejection at higher levels. This pullback triggered significant long liquidations as overleveraged traders were forced to exit positions.
Weekly Performance Trends
The weekly performance data reveals mixed results across major cryptocurrencies. Bitcoin and Ethereum declined 0.94% and 1.28% respectively over the past week. Among major altcoins, BNB, XRP, Solana, Dogecoin, and Cardana corrected nearly 7% during the week, while Tron and Hyperliquid posted gains of 0.30% and 6.74% respectively.
| Cryptocurrency | Weekly Change (%) | Performance |
|---|---|---|
| Bitcoin | -0.94% | Decline |
| Ethereum | -1.28% | Decline |
| Tron | +0.30% | Gain |
| Hyperliquid | +6.74% | Strong Gain |
Market Analysis and Technical Outlook
Riya Sehgal, Research Analyst at Delta Exchange, explained that the risk-off tone reflects a combination of macro caution and technical resistance. Asian equities eased after a seven-day rally, while investors await the Federal Reserve's December meeting minutes for insights on rate policy direction.
Sehgal added that precious metals also corrected sharply after hitting record highs, signalling broader profit-taking across markets. The analyst expects consolidation to persist until liquidity and institutional inflows return, with macro policy signals and ETF flows likely setting the tone for the first quarter.
CoinSwitch Markets Desk noted that Bitcoin slipped after another failed attempt to hold above the $90,000 level. The rejection near resistance, combined with thin liquidity, accelerated the downside move towards the $87,000 zone. Immediate support lies around $87,000–$87,300, with short-term trading expected between $87,000 and $89,000.
Trading Dynamics and Market Sentiment
Nischal Shetty, Founder of WazirX, observed that global markets remain in macro-watch mode, with investors reacting more to liquidity signals and geopolitics than asset-specific narratives. Traditional markets have absorbed most immediate capital rotation, with gold and silver experiencing sharp moves followed by cooling.
This backdrop has kept crypto in consolidation mode, with traders reluctant to commit heavily until clearer macro direction emerges. Crypto markets are digesting global liquidity signals, waiting for volume and conviction to return before the next directional move.
19
