Crypto snapshot, Dec 16: Bitcoin hits $106K, Fantom surges 17%, Stacks gains 15%, Ethereum nears $4K

The cryptocurrency market witnessed a significant upswing on December 16, with Bitcoin (BTC) hovering around $105K at press time.

Earlier, BTC reached an all-time high of $106,400.

The broader market followed suit, as major altcoins, including Ethereum (ETH), XRP, and Solana (SOL), recorded steady gains.

Fantom (FTM) led the rally with a remarkable 17% surge, while Stacks (STX) climbed 15%.

The total cryptocurrency market cap increased by 3%, reaching $3.74 trillion, while 24-hour trading volume surged 20% to $147 billion.

The Fear and Greed Index hit 80, signaling extreme optimism among investors.

Source: CoinMarketCap

Bitcoin price reaches new ATH

Bitcoin (BTC) surged past the $106K mark, setting a new historic high.

At the time of writing, the flagship cryptocurrency was trading at $104, 660, up 3% in the last 24 hours.

Its market cap now stands at $2.08 trillion, with a 24-hour trading volume of $60 billion.

ETF inflows of $2.17 billion last week underscored the sustained institutional interest in BTC.

Ethereum (ETH) price up 3%

Ethereum (ETH) neared the $4,000 milestone, trading at $3,984, a 3% rise over the past day.

ETH’s 24-hour trading volume hit $30 billion, with a market cap of $481 billion.

Institutional demand remains robust, as ETH ETFs recorded $854 million in inflows last week, the highest in recent months.

Altcoin highlights

• XRP: XRP traded at $2.40, up 1%, with a market cap of $138 billion. Excitement is building around reports of a potential XRP ETF.
  
• Solana (SOL): SOL gained 1%, trading at $222, with a 24-hour high of $227. Its market cap stands at $106 billion, maintaining its position as the 5th largest cryptocurrency.
  
• Fantom (FTM): The day's top performer, FTM rose 17% to $1.44, with robust trading momentum.
  
• Stacks (STX): STX gained 15%, trading at $2.55, showcasing strong bullish sentiment.
  
• Ethereum Name Service (ENS): ENS jumped 13%, trading at $49.45, driven by increased demand for decentralized domain services.

Source: CoinMarketCap

Meme coin update

Meme coins followed the market trend, with Dogecoin (DOGE) rising 3% to $0.40, and Shiba Inu (SHIB) gaining 2% to trade at $0.00002767.

Smaller meme tokens like PEPE and FLOKI recorded modest gains between 1% and 2%.

Aave (AAVE) was the day’s biggest loser, dropping 3% to $366, despite a 32% weekly rally.

This dip came amid slight market volatility in the hourly charts.

While Bitcoin and major altcoins reflect bullish momentum, a slight dip in the hourly charts suggests profit-taking activity.

The crypto market remains resilient, with positive trends dominating the day.

Stay tuned for more updates as the crypto market continues to evolve.