The highly anticipated Santa Claus rally has yet to arrive, with bitcoin’s price continuing to decline, falling below $94,000. The altcoin market is also experiencing losses, with XRP and XLM leading the downward trend.
Bitcoin’s Price Struggles to Recover
Bitcoin’s price began its decline on December 17, dropping from above $108,000 to $92,000 in just three days. Despite attempts by bulls to intercept the move and prevent further decline, the asset has been unable to sustain a recovery. On December 26, bitcoin briefly touched $100,000 but was quickly rejected, leading to a subsequent decline to $95,000 over the weekend. The price has since dropped further to $93,000, with a current decline of over 1% on the day.
Market Capitalization and Dominance
Bitcoin’s market capitalization has plummeted to under $1.860 trillion, with its dominance over altcoins standing at 54%.
Altcoins in the Red
Most altcoins are experiencing losses, led by XRP, which has continued its downward trend and is close to breaking below $2. XLM has also dropped significantly, losing nearly 5% of its value and trading below $0.35. Other altcoins, including BNB, SOL, DOGE, ADA, TRX, AVAX, LINK, TON, SUI, and more, are also in the red, albeit to a lesser extent.
Total Crypto Market Cap
The total crypto market capitalization has lost another $60 billion since yesterday, dropping to $3.430 trillion.
Cryptocurrency Market Overview
The current market landscape is characterized by widespread losses, with bitcoin’s failure to recover and altcoins experiencing significant declines. As the market continues to evolve, investors are advised to conduct their own research and exercise caution when making investment decisions.
Source: Cryptopotato.com
The post Bitcoin’s Santa Claus Rally Fails to Materialize as Price Drops Below appeared first on CoinBuzzFeed.
