As a seasoned crypto investor with a decade of experience under my belt, I must admit that navigating through these volatile markets can be akin to riding a rollercoaster without a safety harness. The past few days have been no exception, with Bitcoin‘s brief foray into the six-figure territory only to be swiftly followed by a harsh correction.
Yesterday, the upward trend for Bitcoin (BTC) encountered a halt when it reached approximately $100,000, subsequently experiencing a steep decline.
Just as anticipated, various altcoins have taken a significant hit, with decreases in value seen in coins such as LINK, AVAX, ADA, SUI, and numerous others.
Bitcoin Stopped at $100K
Bitcoin experienced a significant drop last week after the most recent FOMC meeting, falling from around $108,000 to $92,000 over just a few days. However, it recovered slightly on Friday and Saturday, with the bulls pushing its price up to nearly $99,500.
Despite failing earlier, bitcoin dipped back down near $92,000 as the new business week began. However, the bulls regained strength and triggered a significant price rise, pushing the value of bitcoin up to approximately $99,200 on Christmas Eve and close to $100,000 in the late hours of the following day.
Despite another attempt, the cryptocurrency couldn’t continue any further at that stage. Subsequently, a strong refusal caused it to plummet significantly, with the asset currently finding it challenging to stay above the $96,000 mark.
On the cryptocurrency exchange, its market value has dropped below 1.9 trillion dollars, but its control over alternative cryptocurrencies has grown to 54.6%.
Alts Bleed Out
Over the recent days, alternative cryptocurrencies have experienced some growth; however, right now, red is ruling all graphs. Ethereum attempted to reach $3,500 but has since fallen below $3,400 following a 3.5% daily decline. The same downward trend can be observed in XRP, DOGE, SOL, BNB, TRX, and TON as well.
Additional disappointments arrive from coins such as ADA, AVAX, LINK, SHIB, HBAR, XLM, and DOT, causing drops of up to 9%. Similarly, AAVE has descended by 10%, along with ONDO and HYPE.
As a crypto investor, I’ve noticed that the total market cap of all cryptocurrencies has taken a significant hit, with over $100 billion in value disappearing. Currently, it stands at approximately $3.460 trillion according to CoinGecko.
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2024-12-26 12:54