In the last day, Bitcoin‘s erratic up-and-down ride persisted as the value dipped under $90,000 for the first time in months, only to surge by more than $7,000 since that time.
Cryptocurrencies other than Bitcoin, such as Ethereum (ETH) and Dogecoin (DOGE), are showing signs of revival. Specifically, ETH has regained its position above $3,200, while DOGE is experiencing a surge of over 7% daily.
BTC Bounces Off
As a researcher, I’ve observed a significant downturn in the value of the primary cryptocurrency since last Tuesday, when it reached an all-time high above $102,000. Unfortunately, it failed to maintain this level, leading to swift corrections that pushed its value downwards sharply. In just 48 hours, it had shed over ten thousand dollars, and this was merely the beginning of a larger trend.
Initially showing a slight rebound over the weekend, Bitcoin took a sharp downturn on Monday. The selling pressure was particularly intense this time, causing Bitcoin’s value to dip below $91,000 for the first time since late November and then even further down to under $90,000.
Indeed, the crash pushed bitcoin to a low not seen for several months at approximately $89,200 (on Bitstamp). However, the bulls managed to assert themselves and prevented further decline, potentially averting a drop below $85,000.
Initially, the value of the digital currency surged swiftly and reached approximately $95,000 this morning. The aggressive bulls continued to push the price higher, bringing it close to $97,000 at present.
On CoinGecko, the market capitalization surpassed $1.910 trillion, and its control over alternative cryptocurrencies is nearly 55%.
Alts Turn Green
Over the past few days, I’ve noticed a significant dip in the performance of altcoins, but today, green seems to be taking center stage on the charts. Yesterday, Ethereum plunged below $3,000 for the first time in over two months, marking a notable decline. However, at the moment, Ethereum is hovering around $3,250.
Remarkably high daily increases are being seen in various cryptocurrencies such as XRP, Solana (SOL), Dogecoin (DOGE), Cardano (ADA), Suisei Network (SUI), Chainlink (LINK), Hedera Hashgraph (HBAR), Algorand (APT), and Aave. Notably, Aave has shown a significant surge of over 11%.
In just one day, the total value of all cryptocurrencies combined has rebounded by approximately $200 billion, reaching an impressive $3.5 trillion on CoinMarketCap.
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2025-01-14 13:02