As a seasoned analyst with years of market observation under my belt, I must say that the recent price action of Bitcoin has been nothing short of intriguing. While the king coin stalls at $94K, it’s hard not to notice the vibrant dance of altcoins in the crypto ballroom.
As a crypto investor, I’ve noticed that the value of my Bitcoin holdings hasn’t been living up to expectations lately, dipping beneath $93,000 yesterday only to hover around $94,000 today.
On the flip side, numerous altcoins have shown significantly higher gains in the last 24 hours, with Ethereum (ETH), Ripple (XRP), Binance Coin (BNB), and other coins leading the way.
BTC Stalls at $94K
Exactly a week ago, Bitcoin was soaring boldly above $100,000 and even reached an unprecedented peak of more than $108,000. But the situation began to shift later that day and particularly on Wednesday, following the last FOMC meeting of the year.
Initially, Bitcoin fell to around $105,000, but its decline accelerated significantly on Thursday and Friday. This downward trend peaked on Friday, at least temporarily, causing the price to plummet to approximately $92,000.
At this stage, the bulls made their return and prevented a fall below $90,000. Interestingly, Bitcoin surged during the weekend and even climbed above $99,000 on Saturday, but this surge was temporary. The asset then dropped again at the start of the current trading week, dipping to around $93,000 the day before yesterday, possibly due to increasing net withdrawals from U.S.-based ETFs.
Although it has regained some value from its daily low, Bitcoin remains relatively slow and hovers near the $94,000 mark. On CoinMarketCap, its market capitalization is significantly lower than $1.870 trillion, while its dominance approaches 54%.
Altcoins Outperform
It’s intriguing to note that Bitcoin (BTC) has seen a decrease of about 1% over the past day, but the majority of altcoins appear to be heading south. On the other hand, Ethereum (ETH), Binance Coin (BNB), Ripple (XRP), Dogecoin (DOGE), Cardano (ADA), Tron (TRX), and Shiba Inu (SHIB) have managed gains between 2% to 3%. Additionally, Avalanche (AVAX), Chainlink (LINK), and Suisei (SUI) have experienced more significant increases, with AVAX, LINK, and SUI rising by approximately 5% to 6%.
remarkably high day-to-day price surges can be attributed to coins such as HBAR and AAVE, with each experiencing a leap of over ten percent.
Among the top 100 alternative cryptocurrencies, VIRTUAL saw a significant increase of 24%, followed closely by PENGU with a gain of 16%. Also noteworthy are BGB, HNT, and MOVE, each experiencing a rise of approximately 15%, 13%, and 13% respectively.
The overall value of the cryptocurrency market has increased by approximately $20 billion since yesterday, and it currently stands at over $3.46 trillion.
Read More
- “I’m a little irritated by him.” George Clooney criticized Quentin Tarantino after allegedly being insulted by him
- South Korea Delays Corporate Crypto Account Decision Amid Regulatory Overhaul
- George Folsey Jr., Editor and Producer on John Landis Movies, Dies at 84
- Why Sona is the Most Misunderstood Champion in League of Legends
- ‘Wicked’ Gets Digital Release Date, With Three Hours of Bonus Content Including Singalong Version
- Destiny 2: When Subclass Boredom Strikes – A Colorful Cry for Help
- An American Guide to Robbie Williams
- Not only Fantastic Four is coming to Marvel Rivals. Devs nerf Jeff’s ultimate
- Leaks Suggest Blade is Coming to Marvel Rivals Soon
- Why Warwick in League of Legends is the Ultimate Laugh Factory
2024-12-24 12:06