The price of Bitcoin (BTC) has been fluctuating in the $80,000 to $100,000 range for three weeks. As of 11:00 Moscow time on December 8, BTC is trading around $91,500, with a 2.4% increase over the past 24 hours.
The total market capitalization of the cryptocurrency market increased by 1.9% in 24 hours, reaching $3.11 trillion. The price of Ethereum (ETH) rose by 3% during this time. The leading altcoin is trading around $3,130.
Other coins in the top 10 showed gains within 3%. Hyperliquid (HYPE), ranked 11th, fell by 2%. The top gainer among the top 100 over the past 24 hours was ZCash (ZEC), which increased by 9%. The biggest loser was Monero (XMR), down 2.8%.
The market has entered a "disappointment phase," according to analysts interviewed by RBC-Crypto. For this week, experts predict that Bitcoin's price will continue its sideways movement.
Cryptocurrency exchanges liquidated leveraged trades for 130,000 traders over 24 hours, amounting to approximately $451 million. Those betting on cryptocurrency growth lost $293 million, while those betting on a decline lost $157 million.
The Crypto Fear & Greed Index has once again fallen into the "extreme fear" zone, indicating a reading of 20 out of 100. The indicator's downward shift from the "fear" zone suggests that market participants are inclined towards active cryptocurrency sell-offs.
In the first week of December, spot Bitcoin exchange-traded funds (ETFs) in the U.S. recorded a net capital outflow of $87.7 million, according to SoSoValue. Ethereum funds saw an outflow of $65.6 million during this time.
Bitcoin options on the largest derivatives trading platform, Deribit, show that traders are betting on BTC remaining within its current trading range, Bloomberg noted. Open interest for contracts expiring at the end of December significantly exceeds long-term bets—traders are selling contracts to lock in profits as they expect low volatility ahead.
For the first time in over a decade, the annual return of the S&P 500 index has surpassed that of Bitcoin. The publication notes that expectations of market growth amid the pro-cryptocurrency policy in the U.S. are not materializing, and traders are preparing for a "crypto winter."
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