Bitcoin and altcoins face significant pressure as bearish trends prevail in the market, despite bulls' efforts to regain ground.
BTC's Struggles See No End
The year's end brings disappointment for bitcoin investors. The cryptocurrency fell from $108,000 to $92,000 last week, briefly recovering to $99,000 over the weekend. However, this was short-lived, and the price declined again at the start of the week. An attempt to reach $100,000 was cut short as bitcoin fell below $94,000. Despite partial recovery, the cryptocurrency is still more than 2% down compared to the previous day, and its market capitalization has dropped to $1.870 trillion. Its dominance in the market has retreated to 54.4%.
Alts in Red Only
Alternative cryptocurrencies are also under pressure. Ethereum is down to $3,360 after unsuccessful attempts to stay above $3,500. XRP trades below $2.2, while BNB struggles to remain above $700. Other digital assets like SOL, ADA, DOGE, and TON have recorded losses up to 3%. Significant declines have occurred for AVAX, SUI, LINK, DOT, and HBAR, with Chainlink dropping nearly 10% to below $22. Consequently, the total crypto market cap has decreased by $150 billion over the past two days, reaching $3.4 trillion.
The current state of the crypto market highlights the importance of cautious investment approaches and careful analysis of market conditions.
