This week is the last week of the year 2021 and on Friday the 31st the year would eventually end.
As usual, the global crypto economy is dominated and greatly influenced by its top leaders i.e. Bitcoin and Ethereum. As regards Bitcoin, its supporters had thought there will be a pre-end-year gain for Bitcoin. Similar were the thoughts of those supporting Ethereum. However, none of this happened, not even for any of the two. Instead, during this last week of 2021, the two crypto-economy leaders have been losing values extensively.
Bitcoin at the moment is trading for US$ 47,643. If one goes back a day before yesterday, then Bitcoin value was over US$ 51,000. However, Bitcoin is currently facing a continuous value drop which has taken its value under US$ 48,000 i.e. US$ 47,643. In today alone, Bitcoin’s value dropped to a level below US$ 47,000 but a quick rebound helped it recover a few hundred dollars. The 24-hr movement chart of Bitcoin suggests that further value decline is possible anytime today.
Meanwhile, the pre-end-year story for Ethereum is nevertheless the same as Bitcoin. Ethereum supporters were having high hopes that Ethereum would be able to make extraordinary gains before the year actually ends. But this last week of 2021 has become the worst last week of any year in the past. One Ether coin can be bought at the price of US$ 3,768 currently. Ethereum opened day trading today with a price cap of US$ 3,778. However, since 26th December 2021, instead of making some gains, Ethereum’s value is dropping consistently. The lowest Ethereum value for today was US$ 3,769. At the time of this writing, one piece of Ethereum coin can be bought for US$ 3,732.
The value drop scene for the two crypto-economy leaders was certain because the decline was continuing for last week. Because of the value drop, now the global crypto economy has been put back at US$ 2.36 Trillion from US$ 2.5 Trillion plus. This shows that the recent value drop for the two coins, reduced the global economy by 2.9% today only. As regards weekly gains, they too are in the negative and resultantly Ethereum has lost more than 6.2% in terms of its value.
Yet there were more than eighteen digital currencies, especially tokenized crypto, which made some phenomenal gains while Ethereum and Bitcoin were losing values. The tokenized crypto gainers include Sushi, Fantom, Osmosis, Near, Oasis Network, Uniswap, Convex Finance Aave, etc. The best gainer in the past was Sushiwswap which gained a value increase of 67%. The lowest gainer amongst these eighteen tokenized crypto was ‘Osmosis” which accumulated value gains by 18.2%. It has been seen that the price corrections usually happen at night when the day trading ends. On the other hand, rebound normally takes place in the morning hours of the day.
The issue of not being able to earn phenomenal gains is forcing investors not to put any money into Bitcoin or Ether.