In early Tuesday trading in the United States, several of the major Cryptocurrency assets by market capitalization were down more than 5% as growing transaction fees continued to cut into mining revenues.
Bitcoin sank to $48,650 per unit about midday EST (UTC-5). Ethereal was selling at $3,816 a unit, down more than 8% from its pre-Christmas high, while other popular assets like Polkadot and Shiba Inu were down more than 10%.
The Cryptocurrency markets have had a tumultuous year in 2021. When Bitcoin and Ethereum reached their all-time highs in November, the overall Crypto market valuation topped $3 trillion, before slipping down to $2.5 trillion in December. Cryptocurrencies are still a fraction of the price of conventional asset classes like gold, equities, and treasury bonds.
In 2022, gold will face growing competition from Cryptocurrencies. Cryptocurrency is “the never-ending story,” according to Robert Levy, managing director of Border Gold in Vancouver, Canada.
The Metaverse is a rising trend that has caught the attention of the Crypto space. On November 16, 2021, the Metaverse token Wilder World (WILD) hit an all-time high of $7.60. Wilder World coin value retraced to $3.38 on December 20 after a negative cycle and modestly rose to $4.04 by December 27.
DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
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