Bitcoin’s price has been on a rollercoaster ride at the end of the year, with the asset plummeting from $97,000 to under $94,000 in just a day. The altcoins have also suffered significant price corrections, with many such as AVAX, LINK, SUI, and others experiencing violent price fluctuations.
BTC’s struggles do not seem to be ending anytime soon, as the Federal Reserve-induced correction began last week, leading to the asset dropping from its latest all-time high of over $108,000 to $92,000 in a matter of days. Despite briefly spiking to $99,000 over the weekend, Bitcoin’s value continued to decline, with the asset trading below $94,000 yesterday.
The market capitalization of Bitcoin has also decreased to $1.870 trillion, with its dominance over altcoins retracing to 54.4%. The alternative coins are also facing losses, with Ethereum dropping from $3,500 to $3,360, XRP falling below $2.2, and BNB struggling to remain above $700. Other altcoins such as SOL, ADA, DOGE, TON, AVAX, SUI, LINK, DOT, and HBAR have experienced significant declines as well.
Chainlink’s token, for example, has plummeted by nearly 10% and is trading below $22. Lower- and mid-cap altcoins are also in a similar downward trend, leading to a total crypto market cap decrease of $150 billion in just two days to over $3.4 trillion.
In conclusion, the recent price actions of Bitcoin and altcoins have been underwhelming, with both assets experiencing significant losses. While Bitcoin’s struggles continue to persist, the altcoins are also facing bearish trends. It remains to be seen how the cryptocurrency market will fare in the coming days as investors closely monitor the price movements and market conditions.
