During the early Asian trading hours on Monday, Bitcoin‘s value surged nearly up to $96,000, only to be halted abruptly and then plummeted sharply in the opposite direction.
In simpler terms, these alternative cryptocurrencies (altcoins) are experiencing particularly severe losses, as shown by significant price decreases for coins such as Cardano (ADA), Sui, Avalanche (AVAX), Chainlink (LINK), and numerous others.
BTC Dumps by $3K
Last week’s trading activity was marked by extreme fluctuations. Bitcoin reached an impressive peak of over $102,000 on Monday, only to drop by more than $10,000 in the subsequent 48 hours. This downward trend peaked on Thursday when the price fell to a seven-week low of $91,200 (on Bitstamp).
Over the next few days, the value of the asset surged past $95,000 on Friday, but this increase was temporary. The weekend saw a slowdown in activity, with the cryptocurrency’s price hovering around $94,000 and $95,000 without significant movement.
On Monday, Bitcoin surged to reach approximately $96,000, starting the day on an optimistic tone. However, this upward momentum was abruptly halted, causing the cryptocurrency’s price to plummet by around three thousand dollars within hours, dropping below $93,000. This week is likely to be action-packed, possibly leaning towards bearish trends, and you can learn more about it here.
Currently, Bitcoin’s market capitalization stands at approximately $1.840 trillion, and it holds a dominance of around 54.8% over other altcoins.
Alts in Freefall Mode
Once more, altcoins are showing losses, a trend indicated by Bitcoin’s increasing dominance. Ethereum dipped below $3,200 after a 2% drop in value for the day. XRP, one of the top performers over the weekend, has fallen 3.6%, currently trading at $2.43. Similar declines have been observed in BNB, SOL, DOGE, and TON.
Conversely, Cryptocurrencies such as Cardano (ADA), Tron, Sui, Avalanche, and Chainlink have experienced significant drops, with ADA and SUI seeing decreases of up to 7%.
The total value of all existing cryptocurrencies has decreased by an additional $100 billion, now standing at approximately $3.36 trillion according to CoinGecko.
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2025-01-13 12:04