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US stocks plummet, top 10 cryptocurrencies reshuffle, Solana and Avalanche market capitalization surges

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US stocks plummet, top 10 cryptocurrencies reshuffle, Solana and Avalanche market capitalization surges

The Christmas holiday is approaching, and investors are taking the opportunity to profit, causing a significant decline in the three major U.S. stock indices. Bitcoin briefly surged past $44,000 before retracing, while Ethereum hovered around $2,200. The rankings of the top ten cryptocurrencies have once again adjusted, with Solana and Avalanche's market capitalization continuing to rise.

Profit-Taking Leads to Sharp Decline in Major US Stock Indices

US stocks plummeted yesterday, with the Dow Jones Industrial Average losing momentum after hitting a new all-time high during the trading session, ending the day with a sharp drop of 475 points. The Nasdaq also tumbled 1.5%, ending its nine-day winning streak. The S&P 500 failed to challenge its historical high and closed down 1.47%.

Despite this, the S&P 500 has still risen over 4% this month and more than 24% this year. The Dow Jones Industrial Average has risen over 4% this month and 13% year-to-date. The Nasdaq has gained over 5% in December and 43% this year, on track for its best annual performance since 2020. With the Christmas holiday approaching, investors took the opportunity to take profits. A moderate correction is considered a healthier condition for a market that has seen excessive gains.

BTC Surges Above 44K, ETH Hovers Around 2,200

Bitcoin briefly surged above 44K yesterday before pulling back, but it still remains stable above 43K, showing relatively strong momentum. Meanwhile, Ethereum is hovering around 2,200.

SOL Market Cap Soars

Solana (SOL) has benefited from the recent surge in on-chain activity, with the Saga mobile app driving a frenzy of airdrops. SOL surpassed Ripple's XRP to become the fourth-largest cryptocurrency by market cap, trailing only BTC, ETH, and BNB.

Saga Mobile | Paywall Protocol Access Protocol 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 of over $1.2 billion.

An Ape's Prologue, an on-chain analyst, 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.

AVAX Also Shows Impressive Performance Lately

Avalanche (AVAX) has once again climbed in market cap rankings, surpassing Dogecoin (DOGE) to reach the seventh spot. Avalanche's meme coin, COQ, has gained attention in the community and experienced significant price increases and trading volume. One address even turned a $450 investment into a fortune worth up to $2 million.

Small Investment, Big Returns! One address earns 4827x profit with COQ meme coin, worth $2 million