As a seasoned researcher with years of observing and analyzing the cryptocurrency market under my belt, I’ve learned that every upward swing must be met by a downward correction – it’s as inevitable as the tides. The past 12 hours have served as a stark reminder of this truth, as Bitcoin (BTC) took a four-grand tumble and is now teetering on the edge of $104,000.
After a series of successive days with significant increases and hitting all-time highs, Bitcoin has experienced a decline, dropping by more than $4000 in the last 12 hours approximately.
In response, many alternative cryptocurrencies (altcoins) have also experienced a downturn, as seen by significant price decreases in coins such as Ethereum (ETH), Dogecoin (DOGE), Cardano (ADA), Tron (TRX), Avalanche (AVAX), and others.
BTC Falls by $4K
Over the past weekend, the main cryptocurrency recovered from its low of $94,400 and embarked on a significant surge that peaked yesterday. During this upswing, it broke through the $100,000 barrier on Thursday and has mostly stayed in the six-digit range since then.
After a relatively slow weekend with the asset valued around $101,500, it regained momentum starting from Monday morning, particularly on Tuesday. At the beginning of the trading week, it surged to $106,500 and continued its upward trend on Tuesday, reaching an all-time high of over $108,000.
After experiencing an impressive gain of around $14,000 in a single week, it seemed almost inevitable that a correction was on the horizon. Indeed, this has occurred within the past 12 hours as Bitcoin plummeted by over $4,000, now trading mere inches above $104,000.
The market value of this entity stands at approximately $2.060 trillion on CoinGecko, and it now holds a dominance of around 54% over alternative cryptocurrencies.
Alts in Retrace Mode
Normally, when Bitcoin moves up or down, other cryptocurrencies like Ethereum, XRP, and SOL tend to follow its lead. Currently, Ethereum is dipping by 4% and is slightly above $3,850, XRP has fallen by 2.5% to reach around $2.52, and Solana (SOL) is also down by the same percentage, struggling at approximately $216.
Among cryptocurrencies such as ADA, TRX, AVAX, SHIB, TON, SUI, XLM, DOT, and APT, there have been significant decreases, with price reductions reaching as much as 9%. PEPE has also experienced a steep decline and is finding it tough to stay above $0.0000215.
Yesterday, the collective market value of all cryptocurrencies almost hit the $4 trillion mark, but it’s taken a nose dive of around $150 billion since then, leaving us at approximately $3.850 trillion as I speak.
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2024-12-18 13:18