As an analyst with over two decades of experience in the financial markets, I must admit that the current state of the crypto market is a bit disheartening, especially after such a promising start to the year. The Santa Claus rally seemed like a given, but alas, Bitcoin and its altcoin counterparts have failed to deliver.
Looking at the daily chart of BTC, I can’t help but draw parallels with a rollercoaster ride that refuses to end – up one minute, down the next, and never quite managing to find a stable footing. The repeated rejection at $100,000 is reminiscent of a child banging on a door that just won’t open.
XRP, on the other hand, appears to be in a free fall, with each drop taking us closer to the sub-$2 level. It’s like watching a cartoon character run off a cliff and only realize they have no ground beneath their feet when it’s too late.
The total crypto market cap is now hovering around $3.430 trillion, down from its peak of over $5 trillion earlier this year. It’s like watching your retirement fund shrink before your eyes, and all you can do is shake your head and mutter, “If only I had bought more dogecoin.”
On a lighter note, let me leave you with this: Remember when they said the world would end in 2012? Well, the crypto market seems to be trying to give us a taste of that every other day. So maybe it’s not all bad news after all – at least we get to live through another apocalypse!
Instead of waiting for the expected surge during the traditional Santa Claus rally, bitcoin has instead fallen in value, dropping below $94,000.
The altcoins are also mostly in the red, with XRP dumping by 6% and XLM following suit.
BTC Fails at Recovery
2024’s last quarter wasn’t overly optimistic for this asset on a small level. The decline started on December 17 when its price was over $108,000. Over the next three days, it dropped significantly, losing nearly $16,000 and falling to around $92,000.
On several instances, the bulls managed to thwart a decline below $90,000 by blocking the move. Interestingly, Bitcoin attempted to regain some lost ground and even surged towards $100,000 on multiple occasions; however, these attempts were unsuccessful. The most recent instance of this happened on December 26 when Bitcoin reached that threshold, but it was swiftly pushed back again.
Following a significant drop, BTC moved towards lower values over the weekend, reaching approximately $95,000. In the last 24 hours, the situation deteriorated even more, causing it to fall further to around $93,000. Although it has briefly rebounded from that point, for now, Bitcoin is still experiencing a decrease of over 1% compared to its daily value.
On the cryptocurrency exchange platform CG, the company’s market value has significantly dropped below 1.860 trillion dollars, while its control over alternative cryptocurrencies remains at approximately 54%.
XRP Keeps Bleeding
Today, many alternative cryptocurrencies (altcoins) are seeing a drop in value again. The trend is being driven primarily by XRP, which is continuing its slide and is nearing the $2 mark. If it falls below this point, analysts predict another significant drop that could take it down to around $1.
Just like XLM, other large-cap altcoins such as BNB, SOL, DOGE, ADA, TRX, AVAX, LINK, TON, SUI, among others, have experienced significant declines. XLM has lost close to 5% of its value and is currently trading below $0.35. Compared to XLM, the other cryptocurrencies are experiencing less severe drops.
The overall value of the cryptocurrency market has dropped by an additional $60 billion since yesterday, now standing at approximately $3.430 trillion according to CoinMarketCap.
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2024-12-30 12:18