Over the last 12 hours or so, Bitcoin has had difficulty maintaining its value and dipped below $93,000 on more than one occasion.
Various alternative cryptocurrencies are experiencing difficult times as well, with significant declines in value seen in coins such as Dogecoin (DOGE), Cardano (ADA), Avalanche (AVAX), Chainlink (LINK), and several others.
BTC’s Troubles Keep Mounting
48 hours back, the main cryptocurrency reached unprecedented annual highs for the year. You might remember that it surpassed $102,000 following a peaceful weekend with increasing ETF investments. However, the situation shifted significantly when the United States released its latest employment report.
Within just a few minutes on Tuesday afternoon, the value of the cryptocurrency fell from over six figures to below $97,000. The decline continued on Wednesday when the bears drove Bitcoin’s price down further to $92,500 (on Bitstamp). After hitting this weekly low, Bitcoin briefly recovered and reached $95,000, but this recovery was fleeting as the ETF investments turned negative, resulting in approximately $600 million in losses.
During the Asian trading session on Thursday, Bitcoin dipped below $93,000 again. Currently, it hovers slightly above this mark, but it has experienced a loss of approximately $10,000 since early Tuesday morning.
The market value of this asset has fallen beneath $1.850 trillion, yet it continues to tower over alternative cryptocurrencies with a dominance of more than 54%, according to CoinMarketCap.
ADA Down 8.5%
The state of altcoins is quite poor, with Cardano’s native token ADA taking a significant hit. Over the past 24 hours, ADA has dropped by over 8% and fallen below the $1 mark. Similarly, DOGE, AVAX, LINK, and XLM have experienced substantial losses within the same time frame, with declines ranging up to 7%.
Despite significant declines, it’s clear that AI16Z and WIF have suffered substantial losses. Specifically, these assets have dropped by 19% and 14%, respectively, leaving them at $1.47 and $1.62 each.
In the past two days, the total value of all cryptocurrencies combined has dropped by more than $350 billion and currently stands at approximately $3.4 trillion on CoinMarketCap.
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2025-01-09 11:56