The price of Bitcoin hit a high of $96,000 during the day but quickly lost momentum and fell by thousands of dollars in a matter of hours.
The altcoin market was also sluggish, with ETH falling below $3,400, SOL falling back to $190, and ADA dropping to $0.85.
BTC price stops falling at $96,000
Bitcoin had a painful end to an otherwise bullish trend for the year. In mid-December, its price plummeted from its latest all-time high of $108,300 to $92,000. Although it has rebounded several times near $100,000 since then, bears quickly stepped in to prevent further gains.
Subsequently, Bitcoin continued to depreciate in the following days, with the price falling to $91,300 on Monday, a new low in more than a month. However, bulls intervened in time and pulled the price to $95,000 later that day, and further pushed it to $96,000 on Tuesday. However, this was still a false breakout. Since then, the price of Bitcoin has fallen again and is currently just above $93,000, a cumulative drop of nearly $3,000.
Its total market value has fallen below $1.85 trillion on the CG platform, but its market dominance remains strong at 54.3%, continuing to lead the altcoin market.
Bitcoin price chart January 1, 2024.
Alts Return to Red
Altcoins also performed weakly in the last few days of 2024, and the start of the new year continued the sluggish trend. Ethereum prices fell nearly 2% and are now well below $3,400. SOL, DOGE, ADA, AVAX, TON, and DOT also recorded similar declines.
Some tokens have fallen more significantly, with the price declines of Chainlink, SUI, HBAR and APT being particularly obvious. The price of LINK has dropped nearly 5% and has fallen below the $20 mark.
In comparison, XRP rebounded slightly after a difficult week, while VIRTUAL, OM, and XMR rose by about 5-7% respectively, performing relatively well.
Overall, the total market value of cryptocurrencies has shrunk by approximately $30 billion and currently stands at $3.4 trillion on the CG platform.
Cryptocurrency market overview.
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