Bitcoin Declines by 1.20%; Near Protocol Tops the Chart

This article focuses on the latest Crypto Price movements on December 20, 2023

Today, we delve into the latest crypto price movements, with a focus on the leading digital currencies. Bitcoin, the pioneer in the crypto space, experienced a slight decline of 1.20% in the early hours of Wednesday. Meanwhile, Near Protocol emerged as one of the top gainers in the past 24 hours, showcasing the diverse nature of the crypto market.

Bitcoin (BTC) Overview

Bitcoin, often referred to as digital gold, remains a focal point in the crypto market. Despite a 1.20% decline, BTC is currently trading at $42,557. Notably, BTC-spot ETF-related news has been a significant driver of buyer demand. The ongoing meetings between the SEC and BTC-spot ETF issuers suggest potential approval, adding to positive sentiments.

Technical analysis indicates that BTC is positioned above the 50-day and 200-day Exponential Moving Averages (EMAs), signaling a bullish trend. A breakthrough above the $42,968 resistance level could pave the way for a move to $44,690. To target the $45,000 mark, BTC needs to surpass the resistance at the December 8 high of $44,747.

Investors are keeping a close eye on BTC-spot ETF-related developments and regulatory scrutiny by the SEC and US lawmakers in the digital asset space. However, a drop below the $42,000 level might bring the $39,861 support into play.

The 14-day Relative Strength Index (RSI) reading at 57.30 suggests a potential return to $44,000 before entering overbought territory.

Ethereum (ETH) Price Update

Ethereum, the leading altcoin, is currently valued at $2,192, experiencing a decline of 1.75%. Similar to Bitcoin, ETH is positioned above the 50-day and 200-day EMAs, affirming a bullish outlook. An ETH rebound to the $2,250 level could empower the bulls to challenge the $2,300 resistance. Conversely, a break below the $2,143 support may bring the 50-day EMA into play.

The 14-period Daily RSI at 49.88 suggests a potential ETH drop through the 50-day EMA before entering oversold territory.

Altcoins’ Performance on December 20th

Binance Coin (BNB)

Current Price: $252.27

Gain in the Last 24 Hours: 2.62%

Binance Coin (BNB), the native cryptocurrency of the Binance exchange, is currently priced at $252.27, reflecting a gain of 2.62% in the last 24 hours. BNB, initially created as an ERC-20 token on the Ethereum blockchain, later migrated to Binance’s native blockchain, Binance Chain. BNB serves a variety of purposes within the Binance ecosystem, including trading fee discounts, participation in token sales on Binance Launchpad, and more. The recent positive movement in its price indicates ongoing market activity and investor interest.

Ripple (XRP)

Current Price: $0.6099

Drop in the Last 24 Hours: 0.48%

Ripple (XRP), a digital payment protocol, is currently priced at $0.6099, experiencing a slight drop of 0.48% in the last 24 hours. Ripple aims to facilitate fast and low-cost international money transfers. The slight dip in its price suggests minor market fluctuations. XRP has been a notable cryptocurrency in the financial industry due to its focus on providing efficient cross-border payment solutions.

Solana

Current Price: $75.12

Drop in the Last 24 Hours: 0.66%

Solana, a high-performance blockchain platform, is currently priced at $75.12, showing a drop of 0.66% in the last 24 hours. Solana has gained attention for its fast transaction speeds and low fees, making it attractive for decentralized applications (DApps) and DeFi projects. The marginal decrease in its price may be part of the regular market oscillations.

Cardano

Current Price: $0.5803

Drop in the Last 24 Hours: 4.98%

Cardano (ADA), a blockchain platform known for its focus on security and scalability, is currently priced at $0.5803, experiencing a drop of 4.98% in the last 24 hours. ADA has been actively involved in developing a blockchain with a research-driven approach. The recent decrease in its price suggests a shift in market sentiment or profit-taking by investors.

Avalanche

Current Price: $40.38

Drop in the Last 24 Hours: 1.24%

Avalanche, a platform for custom blockchain networks and decentralized applications, is currently priced at $40.38, indicating a drop of 1.24% in the last 24 hours. Avalanche aims to provide fast and highly scalable blockchain solutions. The moderate decline in its price may be attributed to various market factors influencing cryptocurrency movements.

Dogecoin

Current Price: $0.09102

Drop in the Last 24 Hours: 2.05%

Dogecoin (DOGE), initially started as a meme cryptocurrency, is currently priced at $0.09102, with a drop of 2.05% in the last 24 hours. DOGE gained widespread popularity, driven by internet communities, and has been used for various charitable causes. The recent drop in its price is part of the typical volatility associated with meme-based cryptocurrencies.

Top Gainers of the Past 24 Hours

1. NEAR Protocol

Current Price: $2.60

Gain in the Last 24 Hours: 12.09%

NEAR Protocol has emerged as the top gainer in the last 24 hours, with its current price at $2.60 and a notable gain of 12.09%. NEAR Protocol is a decentralized application platform designed to provide scalable and user-friendly solutions for developers.

2. Stacks

Current Price: $1.37

Gain in the Last 24 Hours: 11.04%

Stacks follows closely as the second top gainer, with its current price standing at $1.37 and a gain of 11.04%. Stacks is known for its focus on enabling smart contracts and decentralized applications on the Bitcoin network.

3. Sei

Current Price: $0.3522

Gain in the Last 24 Hours: 9.65%

Sei has experienced a gain of 9.65% in the last 24 hours, bringing its current price to $0.3522. Sei’s presence among the top gainers reflects positive market sentiment and investor interest.

4. Helium

Current Price: $9.09

Gain in the Last 24 Hours: 8.32%

Helium holds the fourth position with a gain of 8.32%, resulting in a current price of $9.09. Helium focuses on building a decentralized wireless network to enable the Internet of Things (IoT) devices.

5. MINA

Current Price: $0.8025

Gain in the Last 24 Hours: 7.03%

MINA completes the list of top gainers with a 7.03% increase in the last 24 hours, reaching a current price of $0.8025. MINA is known for its lightweight blockchain designed for scalability and efficiency.

In conclusion, the cryptocurrency market remains dynamic, with Bitcoin experiencing a slight decline, while certain altcoins, including Near Protocol, showcase notable gains. Investors and enthusiasts continue to closely monitor market developments and regulatory influences as the crypto landscape evolves.