The value of Bitcoin peaked at around $96,000 for the day, but it was soon halted and started moving downward by a couple thousand dollars in just a few hours.
Today, it seems that alternative cryptocurrencies (altcoins) are experiencing difficulties as well. For instance, Ethereum (ETH) has dropped significantly below the $3400 mark, Cardano‘s (ADA) value is now at approximately $0.85, and Solana (SOL) has fallen to around $190.
BTC Stopped at $96K
2021 was generally a strong year for the leading cryptocurrency, but it experienced a steep decline towards the end of December. After reaching an all-time high of $108,300, its value dropped to $92,000 in just a few days. It briefly recovered and even approached $100,000 on a couple of occasions, but the bears swiftly thwarted these attempts at recovery, preventing any additional gains.
Contrarily, Bitcoin began to depreciate in the subsequent days, hitting rock bottom on Monday at $91,300 – a price level not seen for more than a month.
Initially, the bulls successfully halted the price movement, pushing Bitcoin up to $95,000 on that same day and further to $96,000 by Tuesday. Yet, this surge turned out to be a misleading spike, and since then, the cryptocurrency has dropped approximately $3,000, currently trading slightly above $93,000.
On the cryptocurrency exchange CG, its market value has dropped below $1.850 trillion, but it continues to hold a firm control over the alternative coins with a dominance of 54.3%.
Alts Back in Red
2024’s final days and the start of the new year didn’t offer a reprieve for alternative cryptocurrencies either. The situation seems to be repeating itself. Ethereum has dipped by almost 2% and is now below $3,400 in value. A similar trend can be seen with SOL, DOGE, ADA, AVAX, TON, and DOT, all experiencing drops in price as well.
It’s clear that these cryptocurrencies – Chainlink, SUI, HBAR, and APT – are experiencing even steeper decreases in value. For instance, Chainlink (LINK) has seen a nearly 5% drop, causing its price to fall below $20.
Contrastingly, XRP experienced a small growth spurt following a challenging week, whereas Virtual, Om, and Monero all saw gains of approximately 5-7% each.
The total crypto market cap has shed about $30 billion and is down to $3.4 trillion on CG.
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2025-01-01 11:55