Weekly Crypto Market Updates | 11 December

The crypto market has shown some unexpected increases in the last week, as bulls have successfully managed to continue their control over the market, establishing an overall bullish trend for the coming year.

The previous week’s events sparked optimism in the crypto community, and we are excited to see what this month has in store. Before you begin, read our Weekly Crypto Market Updates.

On December 11, the current market cap was ₹137.23 trillion, according to CoinMarketCap. Even the top-performing coins were perceived as confused in recent months as they attempted to define a new market trend.

Bitcoin is currently priced at ₹3,524,234.94, up 0.51% in the last 24 hours and 2.28% in the last seven days. In terms of Ethereum, ETH is currently valued at ₹187,504.52, up 0.55% in the last 24 hours and 0.12% in the last seven days.

Weekly Crypto Market Updates: Top Trending Coins

In the past week, three cryptocurrencies have remained the talk of the town because of some recent developments related to these cryptocurrencies: Cardano (ADA), Avalanche (AVAX), and Dogecoin (DOGE). 

In the past week, the price of Cardano (ADA) showed a 36.59% hike. In addition, the token also experienced a significant jump of 1.12% in the past 24 hours. And the token is currently trading at the price of ₹46.67.

Talking about Avalanche (AVAX), the token illustrated a 63.33% hike as compared to other major cryptocurrencies. In addition, AVAX has shown a 4.49% hike in the past 24 hours, trading at a price range of ₹3,006.11.

In addition, the Dogecoin (DOGE) token jumped by 3.67% in the past 24 hours. Furthermore, the token surged by more than 16.44% in the past week. In addition, the price of the DOGE token is trading at ₹8.50.

Top Crypto Gainers & Losers

The previous week was one of the most confident weeks for the cryptocurrency industry in 2023. So, here are some of the top crypto gainers and losers from the previous week:

Weekly Crypto Market Updates Top Gainers and Losers

How the Crypto Market Became Bullish?

As observed in the US SEC Bitcoin ETF Window, the cryptocurrency market reached new highs on predictions that a spot Bitcoin exchange-traded fund (ETF) will be approved in the United States in January 2024. 

Aside from that, the purchase of leading cryptocurrencies by significant institutions is pushing the price of Bitcoin higher and may boost its price into the six digits in the coming year.

Weekly Crypto Market Updates: Trending News From the Last Week

▪️ Google has officially released Gemini, their latest artificial intelligence (AI) model that it claims outperforms OpenAI’s GPT-4. The AI model has been optimized for various sizes and use cases (Ultra, Pro, Nano) and is multimodal in order to understand and combine various sorts of input.

▪️ On December 07, El Salvador started a new citizenship-by-investment program that offers a resident visa and a road to citizenship to 1,000 people who invest $1 million in Bitcoin or Tether in the country. The program was jointly announced by El Salvador and Tether, which is dubbed as the “Adopting El Salvador Freedom Visa Program.”

▪️ Tether, the company behind the popular stablecoin, has highlighted its new initiative to voluntarily freeze wallets associated with individuals or businesses on the United States Office of Foreign Assets Control (OFAC) Specially Designated Nationals (SDN) List.

SunCrypto Views

The crypto market’s recent positive trend demonstrates its dynamic evolution, defined by huge gains and greater investor confidence. This increase reflects increased institutional interest as well as technological developments.

Despite these encouraging signs, the market’s inherent volatility remains. To navigate potential uncertainties, investors should be watchful, undertake rigorous research, and apply diversified tactics. While the recent upward trend is encouraging, it is critical to approach the crypto market with caution and a long-term outlook.

For more crypto-related content like Weekly Crypto Market Updates, informational blogs, and crypto news, check out Suncrypto Academy.

Disclaimer: Crypto products and NFTs are unregulated and can be highly risky. There may be no regulatory recourse for any loss from such transactions. All content provided is for informational purposes only, and shall not be relied upon as financial/investment advice. Opinions shared, if any, are only shared for information and education purposes. Although the best efforts have been made to ensure all information is accurate and up to date, occasionally unintended errors or misprints may occur. We recommend you do your own research or consult an expert before making any investment decision. You may write to us at [email protected].

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