Bitcoin shot above $101,000 yesterday evening but was rejected once again and pushed south by a couple of grand.
The altcoins are also in the red today following the weekend gains, with XRP and DOGE being among the poorest performers on a daily scale.
BTC Stopped at $101K
Perhaps on the heels of the substantial inflows toward the spot Bitcoin ETFs in the States, the primary cryptocurrency was finally able to break into six-digit territory last week. Recall that the asset exploded to a new all-time high of $103,650 on Thursday after gaining about $8,000 in a day.
The bears were quick to intercept the move and pushed the cryptocurrency south hard. BTC dumped by over ten grand in hours, causing a cascade of liquidations in the process. However, it bounced off and started to reclaim ground on Friday and during the weekend.
The top came at $102,000 on Friday and $101,300 on Sunday evening. However, both attempts were faced by rejections that drove the asset south. As of now, bitcoin stands shy of $99,000 after a minor daily decline.
Its market capitalization has dumped to $1.960 trillion on CoinGecko, but its dominance over the alts has risen to 52.1% as most of them are deeper in the red.
Bitcoin/Price/Chart 9.12.2024. Source: TradingView Alts Fall Back
Numerous altcoins posted impressive gains over the weekend, but most are in retreat now. XRP is among the worst performers on a daily scale, having lost over 6% of value and dropping to well below $2.4. DOGE, TRX, SHIB, ADA, and XLM have seen similar losses.
DOT has dropped even harder, and so have CRO, VET, FIL, and FET.
Ethereum and Avalanche are down by 2%, while SOL and BNB have declined by 4%.
The cumulative market capitalization of all cryptocurrency assets has dropped by roughly $100 billion since yesterday and is down to $3.750 trillion on CG.
Cryptocurrency Market Overview. Source: QuantifyCrypto
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