BTC Price Index and Live Chart – CoinDesk”>(BTC) opened the trading week marginally higher, trading above $41,000. ETH Price Index and Live Chart – CoinDesk”>(ETH) was also up slightly, trading above $2,100.

According to Coinglass, there were $103.5 million worth of liquidations in the last 12 hours of token-tracked derivatives. $95 million of these were longs or bets made on higher prices. From the $103.5 in liquidations, $29 million was long bitcoin, and $33 million was short bitcoin.

(Coinglass)

Lucy Hu, Senior Analyst at Hong Kong’s Metalpha digital asset management company, says that the market is still holding up well despite recent hacks of Ledger. Rate cuts are on the way and other factors such as ordinals drive more interest in Bitcoin.

In an email interview, she stated that “the massive hack has shifted some sentiments in the DeFi sector and raised important questions about wallet security.” The stellar rise in Bitcoin Ordinals has also fueled the enthusiasm of Bitcoin miners who have been well-rewarded. We expect Bitcoin’s long-term momentum to continue.

Still optimistic about predictions

Even though bitcoin is currently in a correction phase, predictions for the end of year 2024-2025 are still optimistic. This is especially true when compared with ‘s gloomy predictions last year, which predicted that bitcoin would be worth $10-12k.

Woo Network, in a recent report at the end of the year, targets a price point of $75K for BTC by “early 2024.” Bitwise has a similar target price, with its fund predicting bitcoin will trade over $80,000.

Bitwise predicted the same thing. “Coinbase will surpass Wall Street’s expectations by 10x, doubling its revenue.”

Layer-1s are clogged with Memecoins

As new meme coins are introduced to the market, , gas fees on Ethereum and layer-1 chains such as Avalanche have risen.

(Coingecko)(Coingecko)

Avalanche generated $5 million over the past 24 hours in fees, while Ethereum with its much larger market cap has generated $13.52 millions.

In the past week, gas prices have increased dramatically for both Arbitrum and Optimism.

(Dune)(Dune)

Some of the layer-1 tokens have declined faster than bitcoin and ether. SOL token has fallen 4%, AVAX is down 6%, .

UPDATE (18.12.07, 07:13 UTC). : Updates headline and story with the latest prices.

Shaurya malwa is the editor.