• Bitcoin, Ether slide
  • Global market cap down to $2.16 trillion
  • Majority top coins trading in red

Introducing cryptocurrency gifting options seem to have brought no respite to the crypto market this holiday season.

Most of the top cryptocurrencies were trading in red Monday, leading to a 3.01% decrease in the global market cap which was standing at $2.16 trillion as of 2.48 a.m. ET.

Bitcoin dipped 2.27% in the last 24 hours to $46,543. Ethereum too, slipped 3.60% to $3838, CoinMarketCap data showed.

Barring Tether and Terra(LUNA), most of the top coins were trading lower Monday. While Solana dipped 6.63% in the last 24 hours, Cardano was down by 4.16%. Meme cryptos Dogecoin and Shiba Inu also followed the bearish trend.

Experts have pointed to the holiday season as one of the main reasons for the crypto market crash recently. However, it is unclear what has been leading to the bearish trend despite several fintech firms rolling out cryptocurrencies gifting options.

Jack Dorsey's online payments firms Cash App and Block have integrated crypto gifting options into the apps. Similarly, crypto trading platform Robinhood has plans to expand on its crypto gifting features.

On the other hand, LUNA stepped back in the top 10 cryptos, gaining the 9th position, and Tether was also slightly up in the last 24 hours.

The crypto market is extremely volatile and experts recommend investors not make decisions based on the sudden shift in prices.

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