As a seasoned crypto investor with years of market fluctuations under my belt, I’ve learned to expect the unexpected in this rollercoaster ride we call cryptocurrency. Monday’s BTC slide to $95K was a stark reminder that even the mighty Bitcoin isn’t immune to the occasional tumble. The weekend’s potential breakout toward $100,000 seemed like a promising sign, but as they say, “bull markets climb walls of worry.
On weekends, Bitcoin‘s price movements suggested a possible surge towards $100,000. However, on Monday, its value took an unexpected dip, falling from $100,000 to $95,000 instead.
Several large alternative cryptocurrencies are currently experiencing a decline, as Solana (SOL) dips by more than 4%, and Dogecoin (DOGE) falls by approximately 3%.
BTC Slides to $95K
Over the past week, I’ve witnessed some turbulent movements in the leading cryptocurrency. Initially, the bears dominated, causing a steep drop that took Bitcoin down to roughly $91,000 on Tuesday. However, starting Wednesday, the bulls stepped in and ignited a series of successive surges. This led to an impressive spike over $97,000 on Wednesday, with Bitcoin flirting with the $99,000 mark by Friday.
Nevertheless, the cryptocurrency didn’t sustain its upward trend and dipped slightly over the weekend by several thousand dollars. The early hours of Monday in the Asian trading market witnessed a short-lived price spike above $98,000, but Bitcoin was swiftly and forcefully dismissed.
Over the next few hours, the value of the asset dropped more than $3,000 and fell below $95,000 for the first time since Friday. This occurred in conjunction with news that several large investors (whales) had transferred substantial amounts of Bitcoin to exchanges, possibly to realize some profits.
Currently, the value of a single Bitcoin has decreased significantly, causing its total market capitalization to fall beneath $1.9 trillion. Furthermore, Bitcoin’s influence over alternative cryptocurrencies has dropped to approximately 53.2%, according to CoinMarketCap.
XRP, HBAR on Another Planet
Larger altcoins, such as Ethereum, Solana, Binance Coin, Dogecoin, and TON, have experienced a decrease in their value similar to Bitcoin, with drops of 2%, 4.3%, 2.6%, 3%, and 4% respectively.
In contrast, ADA, XLM, AVAX, LTC, and LINK have all posted gains of up to 17% in the Litecoin case.
Today, XRP has taken center stage with a 22% surge from the previous day. It also reached a significant milestone by touching $2.5 at one point today, which represents a fresh multi-year peak for this digital currency. Temporarily, it even moved into third place in terms of market capitalization among cryptocurrencies.
HBAR is another mindblowing gainer, having surged by over 26% and trading close to $0.25.
As a crypto investor, I’ve noticed that the total market capitalization of cryptocurrencies has dropped approximately 2.5% within the past day, bringing it down to around $2.550 trillion at present.
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2024-12-02 13:00