{"id":27167,"date":"2024-12-10T06:52:58","date_gmt":"2024-12-10T06:52:58","guid":{"rendered":"https:\/\/mycryptomania.com\/?p=27167"},"modified":"2024-12-10T06:52:58","modified_gmt":"2024-12-10T06:52:58","slug":"massive-bitcoin-price-crash-ripple-dumped-below-2-and-more-bits-recap-dec-10","status":"publish","type":"post","link":"https:\/\/mycryptomania.com\/?p=27167","title":{"rendered":"Massive Bitcoin Price Crash, Ripple Dumped Below $2, and More: Bits Recap Dec 10"},"content":{"rendered":"

TL;DR<\/strong><\/p>\n

Bitcoin dropped from $100K to $94,300 before recovering to $96,800. Despite MicroStrategy\u2019s major BTC purchase, $1.4 billion was liquidated across the market.
\nRipple\u2019s XRP slumped below $2 at one point, but analysts remain bullish. Some predict a market cap rise to $270 billion.
\nShiba Inu plunged 25% despite Shibarium reaching 2M wallets and a 1,000% surge in the burn rate, eliminating 51.7M tokens.<\/p>\n

<\/a><\/span><\/h2>\n

BTC\u2019s Price Swings<\/h2>\n

The past 24 hours have been quite eventful for the cryptocurrency market, which underwent severe correction. Bitcoin (BTC), for instance, lost the $100K psychological level, dropping to as low as $94,300. In the following hours, it recovered some <\/span>of the<\/span> losses, currently trading at around $97,000 (per CoinGecko\u2019s data).<\/span><\/p>\n

<\/a>BTC Price, Source: CoinGecko<\/p>\n

It is interesting to mention that the pullback occurred <\/span>shortly<\/span> after MicroStrategy <\/span>announced<\/span><\/a> another multi-billion Bitcoin acquisition. The company\u2019s stash increased to 423,650 BTC (equaling $41 billion at current rates).<\/span><\/p>\n

Massive purchases of that type reduce the circulating supply of the primary cryptocurrency and might lead to a price rally. As mentioned above, though, this was not the case this time.<\/span><\/p>\n

Interestingly, BTC performed quite similarly after MicroStrategy\u2019s previous Bitcoin purchase at the end of November. <\/span>Back then,<\/span> the asset\u2019s valuation dropped from $98,000 to $92,000.<\/span>\u00a0<\/span><\/p>\n

The latest correction did not affect only BTC, with well-known altcoins such as Ethereum (ETH), Ripple (XRP), Solana (SOL), Dogecoin (DOGE), and many more charting substantial losses. As <\/span>CryptoPotato<\/span><\/em> reported<\/span><\/a>, the crash negatively affected over-leveraged traders, resulting in over $1.4 billion in liquidations on a 24-hour scale.<\/span><\/p>\n

Optimism Across the XRP Army<\/span><\/h2>\n

As mentioned above, Ripple\u2019s native token is among the worst-affected assets due to the market\u2019s pullback, with its price dipping by 12%. <\/span>As of<\/span> writing these lines, it trades at around $2.17, and at one point, it dropped to under $2 on most exchanges.<\/span><\/p>\n

<\/a>XRP Price, Source: CoinGecko<\/p>\n

Still, its current valuation represents a whopping 270% surge on a monthly scale, with numerous analysts envisioning further gains <\/span>in the near future<\/span>.\u00a0<\/span><\/p>\n

Veteran trader Peter Brandt and X user CRYPTOWZRD <\/span>claimed<\/span><\/a> that XRP has \u201cthe most powerful chart\u201d in the cryptocurrency market. The latter predicted that the token\u2019s market capitalization could soon skyrocket to a new all-time high of $270 billion.\u00a0<\/span><\/p>\n

Ali Martinez <\/span>chipped in, too<\/span>.<\/span> He <\/span>maintained<\/span><\/a> that investors should pray for a retest of $2.25 so they \u201ccan buy the dip and target $4.40.\u201d\u00a0<\/span><\/p>\n

How\u2019s SHIB Doing?<\/span><\/h2>\n

The meme coin sector is also colored in red today (December 10), with Shiba Inu (SHIB) losing over 15% of its valuation.\u00a0<\/span><\/p>\n

<\/a>SHIB Price, Source: CoinGecko<\/p>\n

Its poor performance comes despite the latest milestone reached by the layer-2 scaling solution Shibarium. As <\/span>CryptoPotato<\/span><\/em> reported<\/span><\/a>, the number of wallet addresses on the network crossed 2 million. <\/span>Prior to<\/span> that, total transactions jumped above 600 million.\u00a0<\/span><\/p>\n

Shibarium\u2019s advancement is one factor that could fuel a fresh resurgence for SHIB. Another is the burning mechanism, which aims to reduce the circulating supply and potentially make the meme coin more valuable via scarcity.<\/span><\/p>\n

In the past 24 hours, the burn rate has <\/span>exploded<\/span><\/a> above 1,000%, resulting in 51.7 million tokens sent to a null address.<\/span><\/p>\n

The post Massive Bitcoin Price Crash, Ripple Dumped Below $2, and More: Bits Recap Dec 10<\/a> appeared first on CryptoPotato<\/a>.<\/p>","protected":false},"excerpt":{"rendered":"

TL;DR Bitcoin dropped from $100K to $94,300 before recovering to $96,800. Despite MicroStrategy\u2019s major BTC purchase, $1.4 billion was liquidated across the market. Ripple\u2019s XRP slumped below $2 at one point, but analysts remain bullish. Some predict a market cap rise to $270 billion. Shiba Inu plunged 25% despite Shibarium reaching 2M wallets and a […]<\/p>\n","protected":false},"author":0,"featured_media":27168,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-27167","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-discovery"],"_links":{"self":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/27167"}],"collection":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=27167"}],"version-history":[{"count":0,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/27167\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/media\/27168"}],"wp:attachment":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=27167"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=27167"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=27167"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}