LINK Dumps by 9% Daily as BTC Falls to $94K (Weekend Watch)

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As a seasoned analyst with years of market observation under my belt, I’ve seen bull runs and bear markets come and go. However, the current market turbulence is reminiscent of a roller coaster ride that refuses to slow down.

At the end of the year, Bitcoin‘s performance has been disappointing. Its value dropped from around $97,000 to less than $94,000 the previous day, representing a decline of approximately $14,000 compared to its peak on last Tuesday.

Just like Bitcoin, several alternative cryptocurrencies (altcoins) have experienced sharp declines too, with coins such as Avalanche (AVAX), Chainlink (LINK), and Sui witnessing significant price adjustments alongside others.

BTC’s Struggles See No End

Last week saw the start of a decline in Bitcoin’s value following an announcement by the Federal Reserve, which caused it to drop from its peak of more than $108,000 to around $92,000 within a few days. Over the weekend, it regained some ground and even reached $99,000, but this uptick was brief, as Bitcoin plummeted again on Monday.

Following a dip towards $92,000, the upward trend resumed, taking the price to a high point over several days that was nearly $100,000. Yet, this surge didn’t last long and bitcoin began to depreciate again in the subsequent days.

Yesterday, the bears managed to push Bitcoin down from around $97,000 to below $94,000 after an unsuccessful attempt. However, it has managed to regain some strength since then and is currently trading above that level. Despite this, Bitcoin is still showing a decline of over 2% compared to its previous day’s value.

The market value of this company has fallen to approximately $1.870 trillion according to recent data, and its control over alternative cryptocurrencies has decreased to about 54.4%.

Alts in Red Only

Today, these alternate cryptocurrencies are seeing a sea of red. Ethereum faced resistance at the $3,500 mark multiple times and has dropped to $3,360 currently. XRP is struggling below the $2.2 threshold, whereas BNB is battling to stay above $700. SOL, ADA, DOGE, and TON have incurred losses of up to 3%.

It’s particularly tough on AVAX, SUI, LINK, DOT, and HBAR as they experience even steeper drops. To be specific, the value of Chainlink’s token has nosedived close to 10%, now struggling below $22.

In essence, many smaller and medium-sized cryptocurrencies find themselves in a comparable situation. This has led to a decline in the overall market capitalization of crypto, which has dropped by approximately $150 billion in the last two days, leaving it at roughly $3.4 trillion on CoinGecko.

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2024-12-28 12:42