Bitcoin dips below $97,000: Bitcoin’s fall to $96,809 triggered a negative impact on several altcoins. DOGE decreased by 4%, while SOL saw a 2.75% drop. Despite this, XRP bucked the trend, rising by 5% and currently priced at $2.35. This reflects the volatility present in the market.

Market cap and trading volume: The overall crypto economy shrunk by 1.22% to $3.42 trillion. Contrarily, global trading volume surged by 51%, indicating increased market activities. Bitcoin’s market dominance remained at 55.8% and Ethereum’s was 12.8%, showing their continued stronghold in the market.

Liquidations and strategies: Liquidations amounted to $836.75 million, with long positions suffering particularly, as $636.13 million were lost, notably in Ethereum. Traders are advised to employ strategic risk management and trade cautiously during this volatile period, especially with the holiday season impacting trading volumes.