Bitcoin (BTC) Falls Below $94,000, Ripple (XRP) Drops Toward $2 (Market Watch)
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As of December 30, 2024, the market performance of Bitcoin (BTC) and Ripple (XRP) has been relatively weak, with overall market sentiment remaining pessimistic. Bitcoin has fallen below $94,000, and Ripple continues to decline, approaching $2. Here is a detailed analysis of the market situation:
Bitcoin (BTC) Trend Analysis
Price Retracement: Bitcoin briefly broke through $108,000 on December 17 but quickly retraced. Within just a few days, it lost about $16,000, dropping to $92,000. Despite bulls trying to defend and prevent the price from falling further below $90,000, Bitcoin has still not been able to recover to the critical support level of $100,000.
Failed Rebound: Bitcoin made several attempts to rebound, especially when it touched $100,000 on December 26, but failed to maintain this level and was quickly sold off by the market. The recent decline pushed it below $95,000 again, further dropping to around $93,000.
Market Capitalization and Market Share: Currently, Bitcoin's market capitalization has dropped to about $1.86 trillion, with a market share of 54%. This decline reflects a shift in market sentiment and puts Bitcoin under downward pressure.
Ripple (XRP) Trend Analysis
Continued Losses: The price trend of XRP is also not optimistic, dropping about 6% today, currently close to breaking below the critical support level of $2. If the price breaks this level, analysts expect XRP to further decline to $1.
Market Sentiment: With Bitcoin's retracement, altcoins (like XRP) are generally facing losses. As one of the important altcoins in the market, XRP's continued losses indicate overall market instability. If XRP cannot stabilize above $2, it may continue to decline in the short term.
Other Altcoin Performances
XLM: Similar to XRP, XLM is also affected by the overall market decline, with a price drop of nearly 5%, trading below $0.35.
Other Large Market Cap Altcoins: Altcoins such as BNB, SOL, DOGE, ADA, TRX, AVAX, LINK, TON, and SUI are also in a downward trend, although their declines are smaller compared to BTC and XRP.
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