Market Overview
Bitcoin's price struggled to maintain its position above $92,000, experiencing a significant downturn to just over $88,000. This decline has impacted most altcoins, with many charts showing substantial losses.
BTC Below $90K
The start of the new month proved challenging for Bitcoin. After recovering from a November downturn and reaching above $91,000, the bears re-emerged, driving BTC to under $84,000. Following a loss of over seven thousand dollars in a matter of hours, Bitcoin saw a rapid rebound, reclaiming the $90,000 mark by Tuesday. The cryptocurrency continued its upward trend in the subsequent days, testing the $94,000 resistance on multiple occasions.
However, Bitcoin was unable to breach the $94,000 level, and a subsequent retracement placed it within the $91,000-$92,000 range. This stability was short-lived, as Friday saw the bears regain market control following the release of US PCE and Core PCE data. Bitcoin experienced a sharp drop to $88,000 within minutes, pulling altcoins down with it and triggering approximately $500 million in liquidations. While Bitcoin has since seen some recovery, it remains below $90,000 as of press time. Its market capitalization has decreased to $1.8 trillion, and its dominance over altcoins stands above 57%.
Alts In Red
Most larger-cap altcoins are also experiencing losses today. Ethereum is trading just above $3,000, marking a 3.4% decline. XRP is nearing the $2.00 mark after a 2% drop. SOL, ADA, LINK, HYPE, DOGE, and XLM have seen losses of up to 5%, while SUI, ENA, PEPE, UNI, and DOT have fallen by 6-7%.
More significant losses are observed with ZEC and CC, both of which have dropped by double digits. In contrast, BCH and TRX have recorded minor gains. The total cryptocurrency market capitalization has decreased by approximately $60 billion in the past day, falling to $3.130 trillion.
