The Christmas holiday is approaching, and investors are taking the opportunity to cash in on their profits, causing a sharp decline in the three major US stock indices. Bitcoin briefly surged past $44K before falling back, while Ethereum remained around $2,200. The rankings of the top ten cryptocurrencies have once again been adjusted, with Solana and Avalanche continuing to rise in market value.
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Investors cash in on profits, US stock indices plummet
BTC briefly surpasses $44K, ETH hovers around $2,200
SOL’s market value soars
AVAX also performs well recently
Yesterday, the US stock market experienced a sharp decline. The Dow Jones Industrial Average lost momentum after hitting a new historical high during trading, ending the day with a drop of 475 points. The Nasdaq also plummeted by 1.5%, ending its nine-day streak of gains. The S&P 500 failed to challenge its historical high and closed with a 1.47% decline.
Nevertheless, the S&P 500 has still risen over 4% this month and over 24% this year. The Dow Jones Industrial Average has risen over 4% this month and 13% since the beginning of the year. The Nasdaq has risen over 5% in December and 43% this year, with the potential to achieve its best annual performance since 2020. With the Christmas holiday approaching, investors are taking the opportunity to cash in on their profits. A moderate correction is considered healthier for markets with excessive gains.
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Yesterday, Bitcoin briefly surged past $44K before falling back, but it still remains above $43K, showing relatively strong performance. Ethereum, on the other hand, hovers around $2,200.
Solana (SOL) has benefited from the recent surge in on-chain activities and the hype surrounding Saga mobile, leading SOL to surpass Ripple (XRP) and claim the fourth spot in terms of market value, only behind BTC, ETH, and BNB.
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Saga mobile|Access Protocol, a paywall agreement, airdrops $250 worth of ACS tokens to holders
)
Solana’s daily DEX trading volume has surpassed Ethereum for the second time in history, with a daily trading volume exceeding $1.2 billion.
Chain analyst “An Ape’s Prologue” believes that Solana’s trend of gaining market share may continue due to significantly lower fees, faster transactions, and recent wealth effects within its ecosystem, providing a better user experience.
Avalanche (AVAX) has once again climbed in market value rankings, surpassing Dogecoin (DOGE) to claim the seventh spot. Avalanche’s meme coin, COQ, has recently garnered community attention and achieved significant price increases and trading volume. One address even made a fortune of up to $2 million by investing $450.
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Get big returns with small investments! One address profits 4827 times with meme coin COQ, reaching a market value of $2 million
)
AVAX
BTC
ETH
SOL
Further reading:
FTX’s debt price soars to 73 cents, SOL surpasses XRP to become the fifth-largest token by market value
Messari reveals analyst holdings, most optimistic about Solana and DePIN areas