As a seasoned cryptocurrency researcher with over a decade of experience in the financial markets, I can confidently say that the current market dynamics are reminiscent of a rollercoaster ride – exhilarating one moment and plummeting the next. After witnessing bitcoin‘s meteoric rise to an all-time high of $108,000 earlier this week, it’s disheartening to see its quick correction that has left us all guessing where the price might stabilize next.
Yesterday, bitcoin’s price appeared to be moving towards $100,000, but it has since experienced a setback and dropped by more than $3,000.
These alternative cryptocurrencies (altcoins) are also experiencing significant losses, as they plummet in value on a daily basis. For instance, Solana (SOL), Dogecoin (DOGE), Cardano (ADA), Avalanche (AVAX), Chainlink (LINK), Shiba Inu (SHIB), and numerous others have seen steep price drops.
BTC’s Short-Term Recovery
Initially, Bitcoin’s business week was off to an impressive start, with its price soaring from $101,000 to a record-breaking high of more than $108,000 by Tuesday. However, things took a turn for the worse on Wednesday following the most recent U.S. FOMC meeting.
Initially, the main digital currency saw a significant downward adjustment, reaching roughly $92,000 by Friday, marking a drop of over $16,000 within a span of 3 days.
At this juncture, the bulls successfully stopped the downward spiral, propelling Bitcoin to reach $95,000. It continued its ascent on Saturday morning and soared even higher to $99,600. However, as the community was gearing up for a possible push towards seven-digit figures, Bitcoin’s path took another unexpected turn again.
Bitcoin dipped in value once more, dropping close to $96,000 a short while ago. Although it’s currently hovering slightly above that level, bitcoin has still seen a 2% decline over the course of today.
The market value of this asset finds it hard to stay above the 1.9 trillion dollar mark, whereas its control over alternative cryptocurrencies has increased to approximately 55%, as many other alternatives have experienced significantly greater losses.
Alts Back in Red
Yesterday’s temporary respite in the altcoin market came to a halt, as it has once more turned red. Ethereum couldn’t maintain its position above $3,500 and plunged to $3,350 after experiencing a 3.5% drop. XRP was unable to advance towards $2.4 and instead fell to $2.24.
It’s clear that these cryptocurrencies – SOL, DOGE, ADA, AVAX, LINK, SHIB, XLM, DOT, HBAR, APT, ICP, AAVE, and CRO – are showing significant daily decreases, with the hardest hit being APT, which has dropped by as much as 11%.
In just one day, the overall value of the cryptocurrency market fell by an additional $100 billion, dropping it to approximately $3.46 trillion as per CoinMarketCap.
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2024-12-22 12:02