Bitcoin retreats to $95,622 after nearing $100K, showing a 2.5% daily decline.
November trading volume hits $2.2T for BTC; Ethereum and Solana show contrasting trends.
Analyst hints at potential altcoin season as Bitcoin dominance briefly drops to 0%.
Bitcoin has pulled back to $95,622, showing a 2.5% decline in the last 24 hours and a 5.9% drop over the past week, following its recent test of the $100,000 level. According to Santiment data, Bitcoin recently touched $99,800 during a bullish Christmas trading session, sparking renewed optimism among traders about potential moves toward $110,000.
However, the analytics firm notes a historical pattern suggesting that such milestone prices are typically achieved when market sentiment least expects it rather than during periods of widespread bullish speculation. The price action comes against a backdrop of record-breaking trading activity.
Token Terminal data reveals that Bitcoin’s monthly trading volume reached an all-time high in November 2024, with $2.2 trillion in trades. The current market situation shows an interesting divergence between Bitcoin and other major cryptocurrencies. While Bitcoin’s trading volume set new records, Ethereum’s volume tells a different story.
ETH is trading at $3,367.30 at press time, showing a 3.5% decline over 24 hours and an 8.2% drop over the week. More notably, its monthly trading volume of $1.1 trillion remains approximately 50% below its 2021 peak. Solana presents another interesting contrast, with SOL’s monthly trading volume reaching $243 billion in November. This achievement highlights Solana’s growing prominence in the cryptocurrency ecosystem and its increasing adoption among traders.
The current market structure suggests a period of consolidation following Bitcoin’s recent attempt at the $100,000 level. While short-term price action shows weakness, the record trading volumes indicate strong market engagement and could provide support for future price appreciation.
Interestingly, crypto analyst Crypto Patel tweeted that Bitcoin dominance dropped to 0% for a brief period of time on TradingView. He also mentioned that this drop was recovered instantly. Patel’s tweet also hints at the speculation of an altcoin season growing as dominance shows weakness.
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