Bitcoin’s price troubles worsened yesterday as the asset dumped to its lowest price position in over a month of $91,300 before it recovered some ground.
Most altcoins are also quite sluggish at the end of the year, with ETH losing the $3,400 mark and LINK continuing its recent downfall.
BTC Eyes $94K
The micro-scale at the end of the year is quite painful for BTC. The cryptocurrency stood above $108,000 two weeks ago, adding $40,000 since Trump’s landslide victory in the US presidential elections. However, the Fed’s hawkish words for 2025 reversed the asset’s trajectory, and it started losing value fast.
It dumped to $92,000 that Friday and tried to recover some ground in the following week. It managed to jump toward $100,000 on a couple of occasions but was stopped at each attempt and pushed south hard.
This retracement culminated yesterday as the bears initiated a notable leg down that resulted in BTC tapping a monthly low of $91,300 (on Bitstamp). As the fears of a potential breakdown beneath $90,000 went viral, the bulls managed to intervene and pushed the asset north of nearly $94,000 as of now.
Still, its market capitalization still struggles at $1.860 trillion, while its dominance over the alts has increased to 54.3% on CG.
Bitcoin/Price/Chart 31.12.2024. Source: TradingView PEPE on Recovery Road
Most larger-cap alts are slightly in the red now as well. ETH has slipped beneath $3,300, XRP struggles below $2.1, while DOGE, ADA, TRX, AVAX, and TON have lost around 1-2% value once again. Chainlink’s native token continues to lose value after another 3% drop in the past 24 hours. Similar declines are evident from SHIB, HBAR, and DOT.
CRO, TAO, and AAVE have declined even harder, while PEPE has defied the market sentiment with a 6% surge to $0.00002.
The total crypto market cap continues to bleed and is close to breaking below $3.4 trillion.
Cryptocurrency Market Overview. Source: QuantifyCrypto
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