Cryptocurrency News

Cryptocurrency Prices Plunge: LINK Falls 9% as Bitcoin's Decline Persists

By Shawky Dilimi | December 28, 2024

Cryptocurrency prices continue to experience sharp declines, with Bitcoin falling below $95,000, marking a significant drop from its recent high of $108,000 last week. This represents a loss of over $14,000 in a matter of days.

Bitcoin Performance: Ongoing Downtrend

The decline began after market sentiment turned negative following the Federal Reserve's remarks, causing Bitcoin to lose over $16,000 in just a few days. Despite a brief recovery attempt over the weekend to reach $99,000, the downward trend persisted.

Yesterday, Bitcoin dropped below $94,000 and, despite a slight rebound, is still recording daily losses of over 2%. Its market capitalization now stands at $1.87 trillion, with market dominance slipping to 54.4%.

Altcoins Suffer Sharp Corrections

Altcoins have also faced significant price drops:

ETH fell to $3,360.

XRP dipped below $2.20.

BNB is struggling to hold above $700.

Other cryptocurrencies like SOL, ADA, DOGE, and TON posted losses of up to 3%.

Among the hardest-hit altcoins are AVAX, SUI, and LINK, with LINK dropping 10%, falling below $22.

The total cryptocurrency market capitalization has shrunk to $3.4 trillion, losing $150 billion in just two days.

These trends highlight the ongoing volatility and uncertainty in the cryptocurrency market as the year draws to a close.