Over the weekend, the rollercoaster ride of Bitcoin‘s volatility saw its value plummeting to around $91,000, only to bounce back and reach $96,000 shortly after. However, it eventually settled down somewhat in the mid-range.
The altcoins continue to struggle as SOL, ADA, and AVAX have charted 4% daily declines.
BTC Calms at $94K
The main cryptocurrency had an extremely turbulent week, reminiscent of a wild rollercoaster ride. It kicked off optimistically following MicroStrategy’s latest acquisition on Monday, soaring above $100,000 for the first time this year and reaching $102,000 early Tuesday morning.
Initially, things were going well, but then the scenery shifted dramatically, and Bitcoin took a significant hit later that day, dropping down to $96,000. This downturn was tough, but unfortunately, Bitcoin continued to fall in the subsequent days, reaching its lowest price point in over a month on Thursday at $91,200 (on Bitstamp).
At this juncture, the bulls stepped in and propelled Bitcoin upward. Further fluctuations followed, marked by significant surges that ultimately carried the value to around $96,000. Nevertheless, it faltered at that level and has since dropped approximately $2,000, now trading at roughly $94,000.
On CoinGecko, its market capitalization reached nearly $1.870 trillion, and it now commands a dominance of approximately 54.5% in the altcoin sector.
ADA, SOL Struggle
Today, many alternative cryptocurrencies (altcoins) are experiencing a downturn as well. Ethereum dipped beneath $3,200 on Thursday and, despite regaining some ground since then, it’s once again teetering near that level after a 2.3% daily drop. In contrast, XRP is one of the few altcoins seeing minor gains today.
Conversely, coins such as SOL, ADA, SUI, AVAX, and LINK are experiencing a decrease in value, with potential drops of up to 4%. Currently, SOL is hovering around $190, whereas ADA is slightly above $0.9. The larger cap alternatives like OM, ICP, and RNDR are enduring even greater losses.
Since yesterday, the overall value of the cryptocurrency market seems to have slowed down a bit and currently stands at approximately $3.43 trillion on CoinMarketCap.
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2025-01-11 13:12