The U.S. Stock Market Plummets as the Top 10 Cryptocurrencies Experience a Reshuffling, Solana and Avalanche’s Market Capitalization Soars.
Christmas holiday is approaching, and investors are taking advantage of the opportunity to take profits, causing a sharp decline in the three major US stock indexes. Bitcoin briefly surged past $44,000 before pulling back, while Ethereum hovered around $2,200. The rankings of the top ten cryptocurrencies have once again been adjusted, with Solana and Avalanche’s market capitalization continuing to rise.
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Taking Profits Leads to Sharp Decline in the Three Major US Stock Indexes
BTC Briefly Surges Past $44,000, ETH Hovers Around $2,200
SOL’s Market Capitalization Soars
AVAX Also Shows Impressive Performance Recently
Yesterday, the US stock market plummeted, with the Dow Jones Industrial Average losing momentum after hitting a historic high during the session, ending the day with a sharp drop of 475 points. The Nasdaq also declined by 1.5%, ending its nine-day winning streak. The S&P 500 failed to challenge its historic high and closed with a 1.47% decline.
Nevertheless, the S&P 500 has risen over 4% this month and more than 24% this year. The Dow Jones Industrial Average has risen over 4% this month and 13% since the beginning of the year. The Nasdaq has risen over 5% in December and 43% this year, with the potential to achieve its best annual performance since 2020. With the Christmas holiday approaching, investors are taking profits, and a moderate correction is considered a healthier situation for a market that has seen excessive gains.
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Yesterday, Bitcoin briefly surpassed $44,000 before pulling back, but it still remains stable above $43,000, demonstrating relatively strong momentum. Ethereum, on the other hand, has been hovering around $2,200.
Solana (SOL) has benefited from the recent surge in on-chain activities, with Saga’s mobile phone driving the airdrop frenzy. SOL surpassed $80 yesterday, surpassing Ripple (XRP) to become the fourth largest cryptocurrency, second only to BTC, ETH, and BNB.
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Saga’s mobile phone | Paywall protocol Access Protocol airdrops $250 worth of ACS tokens to holders
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Solana’s daily DEX trading volume has surpassed Ethereum for the second time in history, with a daily trading volume of over $1.2 billion.
On-chain analyst An Ape’s Prologue believes that by providing a better user experience through significantly lower fees and faster transactions, coupled with recent wealth effects in the ecosystem, the trend of Solana gaining market share may continue.
Avalanche (AVAX) has once again climbed in market capitalization, surpassing Dogecoin (DOGE) to rank seventh. Avalanche’s meme coin COQ has recently gained community attention, achieving high price increases and trading volume. One address even made a fortune of up to $2 million with an investment of $450.
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Small Investment, Big Returns! One address earns 4,827 times the profit with meme coin COQ, reaching a market value of $2 million
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AVAX
BTC
ETH
SOL
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Messari Reveals Analysts’ Holdings, Most Bullish on Solana and DePIN Area
