NFT Christmas Rally

Chart of the Day

In the last 24 hours, the price of BTC has fallen by 3%, with other major cryptocurrencies like ETH also seeing their prices take a tumble. As a result, 6% of the total crypto market cap was been wiped out overnight. This comes as a bit of a surprise, as December is usually a bullish month for cryptocurrencies if historical trends are anything to go by. For 2021, however, December has proven to be anything but bullish, with the price of BTC currently hovering around the $48k level, a huge drawdown from its all-time high price of $69k that was set just around a month ago. Additionally, ETH, which typically fares much better than BTC during periods of market downturn, has failed to do so in this recent correction, suffering a 5% decline in a mere matter of hours. Several L1 tokens like SOL and LUNA that have been performing really well since the start of the month also ended up posting significant losses in the past 24 hours. However, there is a silver lining to all these. Despite the general market gloom, capital investments are still flowing freely into the crypto space, with the NFT sector receiving the most attention as investors eagerly attempt to ride on the growing popularity of the metaverse.