After heading toward $100,000 yesterday, bitcoin’s price has taken another wrong turn as the asset has lost over three grand since then.
The altcoins are also deep in the red, with massive daily price declines from the likes of SOL, DOGE, ADA, AVAX, LINK, SHIB, and many others.
BTC’s Short-Term Recovery
Although the business week started quite spectacularly for BTC, whose price skyrocketed from $101,000 to a new all-time high of over $108,000 by Tuesday, it actually turned sour on Wednesday after the latest US FOMC meeting.
The primary cryptocurrency began a massive correction that culminated on Friday with a price slump to around $92,000. Thus, the asset had lost more than $16,000 in just 72 hours.
At this point, the bulls finally managed to halt the freefall and helped BTC climb to $95,000. It kept going north on Saturday morning and jumped to $99,600. As the community was preparing for a potential challenge for the six-digit mark, bitcoin’s trajectory reversed once gain.
BTC started to lose value once again and dropped to just under $96,000 hours ago. Despite being above that line now, bitcoin is still 2% down on the day.
Its market capitalization struggles to remain above $1.9 trillion, while its dominance over the alts has risen to 55% as most altcoins have suffered a lot more.
Bitcoin/Price/Chart 22.12.2024. Source: TradingView
Alts Back in Red
Yesterday’s brief relief was halted as the altcoin market is back in red again. Ethereum failed at $3,500 and has slumped to $3,350 after a 3.5% daily decline. XRP was stopped ahead of $2.4 and has slipped to $2.24 now.
Even more painful daily declines are evident from SOL, DOGE, ADA, AVAX, LINK, SHIB, XLM, DOT, HBAR, APT, ICP, AAVE, and CRO, with losses of up to 11% in the case of APT.
The total crypto market cap has shed another $100 billion in a day and is down to $3.460 trillion on CG.
Cryptocurrency Market Overview. Source: QuantifyCrypto
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