Cryptocurrency Price Today: Bitcoin Dips Below $42,000, KuCoin Token Becomes Top Gainer

Cryptocurrency price on December 12 quick take: The global market cap dipped to $1.57 trillion.

Bitcoin price stood at $41,708.81 on Tuesday.

Bitcoin (BTC), the oldest and most valued cryptocurrency in the world, dipped below the $42,000 mark early Tuesday. Popular altcoins — including the likes of Ethereum (ETH), Solana (SOL), Ripple (XRP), Litecoin (LTC), and Dogecoin (DOGE) — saw minor dips across the board as well. KuCoin Token (KCS) emerged to be the biggest gainer, with a 24-hour jump of over 28 percent. Terra (LUNA), on the other hand, became the biggest loser, with a 24-hour loss of over 6 percent. 

The global crypto market cap stood at $1.57 trillion at the time of writing, registering a 24-hour loss of 0.54 percent.

Bitcoin (BTC) Price Today

Bitcoin price stood at $41,708.81, registering a 24-hour dip of 1.39 percent, as per CoinMarketCap. According to Indian exchange WazirX, BTC price stood at Rs 36.79 lakh.

Ethereum (ETH) Price Today

ETH price stood at $2,231, marking a 24-hour loss of 0.85 percent at the time of writing. As per WazirX, Ethereum price in India stood at Rs 1.95 lakh.

Dogecoin (DOGE) Price Today

DOGE registered a 24-hour loss of 5.31 percent, as per CoinMarketCap data, currently priced at $0.09634. As per WazirX, Dogecoin price in India stood at Rs 8.50.

Litecoin (LTC) Price Today

Litecoin saw a 24-hour dip of 1.17 percent. At the time of writing, it was trading at $73.12. LTC price in India stood at Rs 6,420.

Ripple (XRP) Price Today

XRP price stood at $0.6242, seeing a 24-hour loss of 0.74 percent. As per WazirX, Ripple price stood at Rs 54.90.

Solana (SOL) Price Today

Solana price stood at $71.09, marking a 24-hour gain of 0.19 percent. As per WazirX, SOL price in India stood at Rs 6,325. 

Top Crypto Gainers Today (December 12)

As per CoinMarketCap data, here are the top five crypto gainers over the past 24 hours:

KuCoin Token (KCS)

Price: $12.73
24-hour gain: 28.01 percent

Injective (INJ)

Price: $26.45
24-hour gain: 16.63 percent

Immutable (IMX)

Price: $2.22
24-hour gain: 16.37 percent

Optimism (OP)

Price: $2.42
24-hour gain: 15.74 percent

Avalanche (AVAX)

Price: $41.91
24-hour gain: 14.92 percent

Top Crypto Losers Today (December 12)

As per CoinMarketCap data, here are the top five crypto losers over the past 24 hours:

Terra (LUNA)

Price: $0.9743
24-hour loss: 6.32 percent

Curve DAO Token (CRV)

Price: $0.6603
24-hour loss: 4.75 percent

Dogecoin (DOGE)

Price: $0.09626
24-hour loss: 4.45 percent

XDC Network (XDC)

Price: $0.04815
24-hour loss: 4.27 percent

NEAR Protocol (NEAR)

Price: $2.30
24-hour loss: 3.69 percent

What Crypto Exchanges Are Saying About Current Market Scenario

Mudrex co-founder and CEO Edul Patel told ABP Live, “In the last 24 hours, Bitcoin faced a downturn, dropping to $40,000, marked by increased liquidations. The $40,000 support level has been actively protected by bullish forces, and BTC is currently trading at $41,000. Bitcoin is in the process of recovery but encounters resistance at $42,400. If it fails to surpass this level, there is support at $41,200. Ethereum, mirroring Bitcoin's correction, rebounded from the $2,220 support and is currently at $2,236. Investors are anxiously awaiting the US FOMC meeting on the key interest rate, slated for today and tomorrow.”

CoinSwitch Markets Desk noted, “After an unprecedented 8 weeks of green candles, Bitcoin (BTC, +0.1 percent) has finally begun to correct a bit as it found psychological support around the $40k mark. With CPI data expected today, such a price move has increased the chances of heightened volatility as bulls and bears look to take long-term positional bets. Even though BTC cooled off a bit, a few altcoins have continued to show strength, such as Injective’s INJ which is up by 1300 percent in 1 year; other tokens include Celestia’s TIA token which is up 23.5 percent in the last 24 hours, gaming token Immutable (IMX, +23.8 percent) and Avlanche’s AVAX (+21 percent) among others.”

Rajagopal Menon, Vice President, WazirX, said, “The concern among liquidations for Bitcoin looms as $66.29M gets liquidated in the last 24 hours, out of which $46.58M are long liquidations. The 10 day moving averages mirror the sentiment from the previous day signalling a ‘Sell’. According to CryptoSlate’s Liquidity Sensitivity Index, the LSI calculated for the previous day is at $16.44 million. This means that for every 1% change in Bitcoin’s price today, the market reacted with approximately $16 million in liquidations. However, the value of liquidations per percentage point has significantly reduced in 2023 as compared to 2021 signalling market maturity over the last two years.”

Sathvik Vishwanath, CEO and co-founder of Unocoin, said, “Monday's crypto trading session witnessed over $500 million in liquidated positions as steep volatility hit leveraged longs and shorts, causing significant drops, including Bitcoin's swing from $43,000 to $40,300. Major tokens like Chainlink (LINK), Cardano's ADA, and Solana's SOL faced over an 8 percent decline. Dog-themed meme tokens, Shiba Inu (SHIB) and Dogecoin (DOGE), experienced a 5 percent drop, while BNB Chain's BNB, Avalanche's AVAX, and Celestia's TIA showed resilience, gaining up to 20 percent. Longs totalling $475 million and shorts worth $73 million incurred losses amid unwinding leveraged bets in a volatile market influenced by high funding rates. OKX, Binance, and Huobi saw the most liquidations, with Bitmex witnessing a $33 million LINK futures liquidation.”

Shivam Thakral, CEO of BuyUcoin, said, “The markets are expected to remain volatile this week ahead of the Fed’s rate hike decision and release of CPI data. Bitcoin witnessed a major fluctuation in its value on Monday which resulted in liquidations worth $200 million as per data from Coinglass. The current pullback is a healthy one and BTC is well-positioned to touch the $50,000 mark in the first half of 2024. AVAX is currently leading the altcoin surge with double-digit growth in 24 hours.” 

CoinDCX Research Team told ABP Live, “Over the last 24 hours, the market exhibited high volatility, witnessing a majority of tokens experiencing losses. However, today, the market is showing signs of recovery, particularly in Ethereum's Layer 2 solutions like OP (Optimism) and Immutable-X (IMX), which are outperforming. Both BTC and ETH are in positive territory. While it initially seemed like a market shakeout, signalling a potential recovery, more confirmations are needed. The ongoing correction might be a bear trap, constituting a healthy adjustment within the broader bullish trend established in recent months.”

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Disclaimer: Crypto products and NFTs are unregulated and can be highly risky. There may be no regulatory recourse for any loss from such transactions. Cryptocurrency is not a legal tender and is subject to market risks. Readers are advised to seek expert advice and read offer document(s) along with related important literature on the subject carefully before making any kind of investment whatsoever. Cryptocurrency market predictions are speculative and any investment made shall be at the sole cost and risk of the readers.