Bitcoin experienced a period of slump at the start of the new year, with prices falling back to $93,000. However, the asset has since rebounded strongly and is now back up by thousands of dollars.
Meanwhile, most altcoins have seen significant gains over the past 24 hours. Ethereum (ETH) surpassed the $3,400 mark, while Ripple (XRP) was particularly impressive with a 12% price increase.
BTC price target is $96,000
Since hitting an all-time high of over $108,000 on December 17, Bitcoin (BTC) has entered a deep correction phase. In just a few days, the price dropped by $16,000 on December 20, showing the market’s violent volatility. Although BTC tried to rebound above $100,000 several times in the following week, it failed to break through.
After the second challenge failed, Bitcoin fell sharply to $91,300 on December 30, hitting its lowest point in more than a month. However, bulls gradually stabilized at this key position and then pushed the price back to $95,000, but failed to sustain the gains and the price fell below $92,000 again.
The year ended with more volatility, with BTC climbing to $96,000 but quickly falling back to $93,000. Bitcoin has been relatively positive over the past 24 hours and is now approaching the $96,000 mark again. The market capitalization has also rebounded to around $1.9 trillion. However, BTC's dominance in the market has fallen to 53.8% as most crypto assets have achieved significant gains.
Bitcoin price chart january 2, 2024.
XRP and XLM are on the rise
Yesterday, most altcoins experienced a sharp correction, but today the market sentiment has clearly reversed. Ethereum (ETH) fell below $3,400 yesterday, but re-entered this key level after rebounding 2.5% on the day. Meanwhile, BNB, TRX and TON also recorded similar gains, while SOL, DOGE, ADA, AVAX, LINK and SHIB rose by as much as 11%.
Among the mainstream altcoins, Ripple (XRP) performed well, with the price soaring to $2.38, a single-day increase of 12%. The most outstanding performance was Stellar (XLM). As the leader of large-cap altcoins, XLM rose by 22% and the current trading price has exceeded $0.42.
Benefiting from the overall market recovery, the total market value of all crypto assets surged by more than US$130 billion overnight and is currently valued at US$3.53 trillion on the CG platform.
Cryptocurrency market overview.
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