To say that crypto’s past 24 hours have been chaotic would, frankly, be putting it rather lightly. While Bitcoin (BTC) recently underwent a slight recovery to move above $3,400, the past day has seen the aggregate value of all cryptocurrencies range between $100 billion and $115 billion. The $100 billion figure, seen for a few fleeting minutes on Friday, has been lauded as a “make or break” level for this nascent industry at large.
This tumult, which is undoubtedly a worrying sight for crypto’s bulls, was backed by a jaw-dropping $20 billion ($10 billion adjusted) in 24-hour volumes, which comes directly after a relatively measly $14 billion Thursday. Interestingly, Friday’s action was backed by the highest daily volume in December so far.