Bitcoin’s price continues to weaken, falling below $93,000 yesterday before recovering to around $94,000.
In contrast, many altcoins have performed much more strongly over the past 24 hours, with the likes of ETH, XRP, and BNB in particular posting significant gains.
BTC price stagnates at $94,000
A week ago, the major cryptocurrency was still steadily breaking through the $100,000 mark, even setting a new all-time high of $108,000. However, the situation began to reverse later in the day, especially after the last FOMC meeting on Wednesday.
Bitcoin initially fell to $105,000, but then bearish forces intensified on Thursday and Friday, pushing prices further down. The pullback was deepest on Friday, with prices hitting $92,000.
At this point, bullish forces re-emerged and successfully defended the $90,000 support level, avoiding a more significant decline. In fact, Bitcoin rebounded over the weekend, rising back above $99,000 on Saturday. However, this rebound did not last, and Bitcoin plummeted again at the beginning of this week to below $93,000 yesterday, a trend that may be related to the increase in net outflows from US ETFs.
Although Bitcoin has recovered somewhat from the session lows, it is still hovering around $94,000. Its market capitalization is significantly lower than the $1.87 trillion on CG, and its market dominance is nearly 54%.
Bitcoin price chart 24 december 2024.
Altcoins outperform
Interestingly, despite Bitcoin’s 1% drop in the past 24 hours, most altcoins have seen gains. ETH, BNB, XRP, DOGE, ADA, TRX, and SHIB have generally seen gains of around 2-3%, while AVAX, LINK, and SUI have seen gains of 5-6%.
Even more striking is that currencies such as HBAR and AAVE have seen double-digit gains.
Among the top 100 altcoins, the most prominent gainers were VIRTUAL (24%), PENGU (16%), BGB (15%), HNT (13%), and MOVE (13%).
The total cryptocurrency market capitalization has increased by approximately $20 billion since yesterday and has now surpassed the $3.46 trillion mark.
Cryptocurrency market overview.
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