As a seasoned analyst with over a decade of experience in the financial markets, I’ve seen more than my fair share of market rollercoasters, and Bitcoin‘s latest ride is no exception. The volatility in BTC‘s price action is becoming a familiar dance, and while it’s frustrating to see the asset fail to break through the $100,000 barrier multiple times, I remain optimistic.
Yesterday, Bitcoin experienced a thrilling up-and-down ride similar to a roller coaster, yet it has regained most of its losses and currently hovers around $98,000.
Among the altcoins, most are experiencing losses, but exceptions include XRP, SOL, and TON from the larger-cap group, as they’ve recorded significant increases instead.
BTC Targets $98K
Over the weekend, Bitcoin failed to break through the $100,000 barrier, which led to a series of declines that impacted its price trends. This downward spiral began on Monday as Bitcoin reached a daily high of $100,400 only to plummet within hours to below $94,400.
Following significant losses totaling billions of dollars, the cryptocurrency made a comeback on Tuesday, peaking at $98,400. Yet, the pattern repeated itself, with BTC experiencing another sharp drop and returning to the same support level of $94,400.
Ever since that point, the value of the asset has bounced back, reaching a peak of $94,400 just a short while ago. However, it hasn’t managed to sustain this upward trend, leading many in the community to ponder if another downturn might be imminent.
Currently, Bitcoin’s value has pushed its market capitalization close to $1,940 trillion on CoinGecko, with its authority over other cryptocurrencies remaining significantly high at approximately 53% dominance.
XPR in Recovery Mode
In simpler terms, Ripple‘s cross-border token struggled significantly during the recent market corrections, but it has since recovered and is currently trading above $2.30. This rebound comes as optimism grows regarding potential advancements in Ripple’s upcoming stablecoin project.
As a researcher, I’ve been tracking the market trends, and it appears that Solana, Toncoin, and Shiba Inu are standing out as significant gainers among the larger-altcoins. On the flip side, DOGE, ETH, BNB, AVAX, and TRX seem to be experiencing a downturn. Interestingly, PEPE has experienced a more pronounced drop, falling by 7% from its recent all-time high.
Bitget’s native token is today’s top performer, having surged by over 22% in the past 24 hours.
In summary, the overall value of the cryptocurrency market has surged by more than $150 billion since its lowest point yesterday, currently standing at approximately $3.650 trillion according to CoinMarketCap.
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2024-12-11 13:04