Today's (December 16) cryptocurrency price

Today’s (December 16) cryptocurrency price Quick analysis of the cryptocurrency pricing on December 16: The market value increased to $3.69 trillion worldwide.

Early on Monday, Bitcoin (BTC) was able to surpass the $104,750 milestone, continuing its upward trajectory. The latest increase appears to be driven by US President-elect Donald Trump’s proposal to declare Bitcoin as a reserve asset. According to CoinMarketCap statistics, the overall Market Fear & Greed Index was 80 (Extreme Greed) out of 100, with other well-known altcoins, such as Ethereum (ETH), Solana (SOL), Ripple (XRP), and Litecoin (LTC), experiencing a mix of slight increases and decreases. With a 24-hour increase of about 14 percent, the Fantom (FTM) token emerged as the only top gainer. The largest loss of the day was KuCoin Token (KCS), which saw an almost 7% 24-hour decline.

At the time of writing, the total value of the global cryptocurrency market was $3.69 trillion, representing a 1.52 percent growth over the previous day.

The Current Price of Bitcoin (BTC)

According to CoinMarketCap, the price of bitcoin was $104,622.36, representing a 2.28 percent 24-hour increase. Indian exchanges reported that the price of bitcoin was Rs 88.82 lakh.

The price of Ethereum (ETH) Today

At the time of writing, the price of ETH was $3,961.29, representing a 1.68 percent 24-hour increase. In India, the price of Ethereum was Rs 3.36 lakh.

The current price of Dogecoin (DOGE)

According to CoinMarketCap data, DOGE saw a 1.43 percent gain over the course of a day and is currently trading at $0.4039. In India, the price of Dogecoin was Rs 34.34

The current price of Litecoin (LTC)

The 24-hour surge in Litecoin was 3.71 percent. It was trading at $122.12 at the time of writing. In India, the price of LTC was Rs 10,359.64.

The Current Price of Ripple (XRP)

The price of XRP was $2.41 after a 1.15 percent 24-hour decline. In India, the price of ripple was Rs 204.20.

The current price of Solana (SOL)

The price of Solana was $221.79, a 0.44 percent increase in a day. The price of SOL in India was Rs 19,029.16.

Leading Crypto Profits for Today, December 16

The top five cryptocurrency gainers during the last 24 hours, according to CoinMarketCap data, are as follows:

Fantom (FTM)

Cost: $1.41

Gain in a day: 13.13 percent

Protocol for Virtuals (VIRTUAL)

Cost: $2.78

Gain over 24 hours: 12.63 percent

Ondo (ONDO)

Cost: $2.07

Gain over 24 hours: 12.23 percent

HNT, or helium

Cost: $10.01

Gain in a day: 11.03 percent

Stacks (STX)

Cost: $2.47

Gain in a day: 9.55 percent

Today’s Top Crypto Losers (December 16)

The top five cryptocurrency losers over the last day, according to CoinMarketCap data, are as follows:

The KuCoin Token (KCS)

Cost: $12.27

Loss in a day: 6.50 percent

Token for Curve DAO (CRV)

Cost: $1.10

Loss over 24 hours: 4.26 percent

Kaia (KAIA)

Cost: $0.2859

Loss over a 24-hour period: 3.52%

Chainlink (LINK)

Cost: $28.54

Loss over 24 hours: 2.70 percent

Hedera (HBAR)

Cost: 0.2853 Loss over 24 hours: 2.58 percent

Crypto Exchanges' Reactions to the Present Market Situation

Edul Patel, the CEO and co-founder of Mudrex, told ABP Live that Trump’s intention to issue an order designating Bitcoin as a reserve asset on his first day in office caused the cryptocurrency to reach a new all-time high of $106,500. With the Fear and Greed Index rising back to 83, the bullish momentum is still strong even though Bitcoin has corrected to $104,200 from its peak. Over the weekend, $428 million in net inflows into Bitcoin ETFs strengthened the price of the cryptocurrency. Bitcoin is currently facing support at $99,700 and resistance at $106,100.

According to CoinSwitch Markets Desk, “After ten days of consolidation, Bitcoin appears to have marked its support over two trillion dollars in market capitalization, making it the seventh largest asset in the world by market capitalization, with Amazon and Google less than 15% away.” BTC reached its all-time high of 106k once more.

Co-founder and CEO of Pi42, Avinash Shekhar, stated: “A lot of speculation about the upcoming creation of a national reserve of Bitcoin, which has been backed by President-elect Donald Trump, caused Bitcoin to soar to yet another high of $106,533. As the market anticipates a 25 basis point decrease by the Federal Reserve, which would cause high spikes in the market, optimism for positive momentum is still strong. An overpowering sense of optimism was evident in the derivatives market, where open interest in Bitcoin futures and options had reached all-time highs. Before a new bull run, the market may see brief consolidations because selling volumes may surpass purchasing quantities.

“Bitcoin bulls are pushing BTC towards its all-time high of $104,088, with analysts bullish on continued upward momentum,” stated Sathvik Vishwanath, CEO and co-founder of Unocoin. According to VanEck, the bull market will reach its zenith in Q1 2025, after which there would be a 30% withdrawal from Bitcoin and a 60% withdrawal from altcoins. According to Danny Marques, in the absence of macroeconomic downturns, Bitcoin might rise from $173,646 to $461,135 in 2025. If Bitcoin stays over $104,088 then Ether (ETH), Chainlink (LINK), Aave (AAVE), and BGB are ready to break out. Although the Bitcoin RSI is displaying waning momentum, a persistent breach above this level can cause BTC to go closer to $113,331 and $125,000.

“In the past 24 hours, Bitcoin has risen to an unprecedented high of $106,554, marking a significant milestone,” stated Shivam Thakral, CEO of BuyUcoin. Recent remarks by U.S. President-elect Donald Trump, who reaffirmed intentions to investigate Bitcoin as a possible reserve asset for the US, are mostly responsible for this astounding spike. The market has increased by around 5.56% in the last week as a result of the announcement, which has generated curiosity and hope.

“With the continued surge of institutional interest, including the inclusion of MicroStrategy by the Nasdaq, and growing investor optimism fueled by President-elect Donald Trump’s potential bitcoin strategic reserve fund, Bitcoin has reached a new milestone, surpassing $106,000 for the first time,” stated Sumit Gupta, co-founder of CoinDCX. This is a significant turning point in the rise of cryptocurrency, indicating more trust and acceptance of its use as a store of wealth in the digital era.

Frequently Asked Question

What is driving Bitcoin's recent price surge to over $104,000?

The recent rise in Bitcoin’s price is attributed to US President-elect Donald Trump’s proposal to recognize Bitcoin as a reserve asset. This announcement has sparked strong optimism in the market, leading to increased investor interest and a boost in Bitcoin’s value.

What is the current market value of Bitcoin (BTC) and other popular cryptocurrencies?

As of December 16, 2024, Bitcoin (BTC) is trading at $104,622.36, Ethereum (ETH) at $3,961.29, Dogecoin (DOGE) at $0.4039, and Litecoin (LTC) at $122.12. The global cryptocurrency market’s total value has reached $3.69 trillion, reflecting a 1.52% growth.

What are the top gainers and losers in the cryptocurrency market today?

The top gainers in the last 24 hours are Fantom (FTM) with a 13.13% increase, and Protocol for Virtuals (VIRTUAL) with a 12.63% gain. The biggest losers include KuCoin Token (KCS) with a 6.50% decline and Curve DAO Token (CRV) with a 4.26% drop.

How is Bitcoin’s market momentum influenced by global and national events?

Bitcoin’s price surge is heavily influenced by speculative factors, including political announcements like Donald Trump’s proposal to create a national Bitcoin reserve. Additionally, investor sentiment is shaped by broader market conditions, such as expected interest rate cuts and growing institutional interest.

Is Bitcoin expected to continue its upward momentum in the near future?

Analysts predict that Bitcoin may continue to experience bullish momentum, with a potential rise to new all-time highs if it maintains support levels above $99,700. However, there could be brief consolidations before another bull run, depending on market conditions and the Federal Reserve’s actions.