Christmas holiday is approaching, and investors have taken the opportunity to secure profits, resulting in a significant decline in the three major US stock indices. Bitcoin briefly surged past $44K before retracing, while Ethereum lingered around $2,200. The rankings of the top ten cryptocurrencies have adjusted once again, with Solana and Avalanche continuing to experience significant market capitalization growth.

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

Yesterday, the US stock market experienced a sharp decline, with the Dow Jones Industrial Average losing momentum after hitting a new all-time high during the trading session, ending the day with a significant drop of 475 points. The Nasdaq also slumped by 1.5%, ending its nine-day winning streak. The S&P 500 failed to challenge its historical high and closed with a decline of 1.47%.

Despite this, the S&P 500 has risen over 4% this month and more than 24% for the year. The Dow Jones Industrial Average has seen a monthly increase of over 4% and a year-to-date gain of 13%. The Nasdaq has risen over 5% in December and has gained 43% for the year, poised to deliver its best annual performance since 2020. With the Christmas holiday approaching, investors have taken the opportunity to secure profits, and a moderate correction in an overbought market is considered a healthier condition.

Bitcoin Briefly Surpasses $44K, Ethereum Hovers Around $2,200

Yesterday, Bitcoin briefly surged past $44K before retracing, but it still maintains stability above $43K, displaying relatively strong momentum. Ethereum, on the other hand, has been hovering around $2,200.

SOL Market Capitalization Surges

Solana (SOL) has benefited from the recent surge in on-chain activity, driven by the Saga mobile app and the airdrop frenzy. SOL surpassed Ripple (XRP) to claim the fourth position in terms of market capitalization, trailing only BTC, ETH, and BNB, reaching $80 per token.

Solana’s daily DEX trading volume has surpassed Ethereum for the second time in history, with a daily trading volume exceeding $1.2 billion.

According to on-chain analyst An Ape’s Prologue, Solana’s trend of gaining market share may continue due to its significantly lower fees, faster transactions, improved user experience, and recent wealth effects within its ecosystem.

AVAX Shows Impressive Performance

Avalanche (AVAX) has once again climbed in the market capitalization rankings, surpassing Dogecoin (DOGE) to secure the seventh position. Avalanche’s meme coin, COQ, has recently garnered community attention, experiencing substantial price surges and trading volume. One address even gambled $450 and generated wealth worth up to $2 million.