Cryptos declined in the previous 24 hours, but a silver lining was reported amidst the gloom.
Almost all major cryptos were trading in red in the previous 24 hours, with Bitcoin and Ethereum’s losses highly impacting the market capitalization of the crypto markets, which just hovered above $820 billion. Due to various reasons, the markets have lost over $1 trillion in value in 2022. Amongst the other altcoins, Solana was down by just over 10% but has lost approximately 94% this year. ETH was also down by 0.53% in the last 24 hours.
Dogecoin, Cardano, Polygon, and Polkadot also registered declines, indicating that the crypto markets would close the year on muted sentiments. But, a major research and trading firm wrote about Bitcoin’s bright future ahead, comparing the crypto to gold’s position in the 1970s. The report was a fresh boost for the crypto industry, which has been reeling under negative indications and bearish trends in 2022.
BTC/USD price chart in 2022
Bitcoin is currently trading at around $16500 on December 30, 2022, with BTC/USD down by 0.50% in the last 24 hours. BTC/USD is trading below its 20-day EMA (16,966.15), with most altcoins undergoing downtrends. 2022 will be considered a watershed year in the crypto industry’s history for years to come, with major losses and lessons. But experts indicate that 2022 would help yield major regulations and laws for crypto in 2023, with the industry reaping its benefits in the future.