Bitcoin’s price performance continues to disappoint as the asset fell below $93,000 yesterday, and is currently hovering around $94,000.
While most altcoins have posted much more impressive gains in the past 24 hours, including ETH, XRP, BNB, and others.
A week ago, the major cryptocurrency was still soaring above $100,000 and hitting an all-time high (ATH) of over $108,000. However, the landscape changed on the same day and more significantly on Thursday after the final FOMC meeting of the year.
BTC initially fell to $105,000, but selling pressure took the price much lower on Thursday and Friday. The price correction culminated on Friday with a price drop to $92,000.
However, the buying back pushed the price up, which indirectly prevented a drop below $90,000. BTC rebounded over the weekend and surged above $99,000 on Saturday. However, this momentum was short-lived again, and the asset fell again at the start of the current trading week, falling below $93,000 yesterday, likely due to increased net outflows from US-based ETFs.
Despite recovering slightly from the daily low, Bitcoin is still performing sluggishly at around $94,000. The market cap is now well below $1.870 trillion according to CG, while BTC’s market dominance is close to 54%.
On the other hand, while BTC has fallen by 1% in the last 24 hours, most altcoins have performed better. ETH, BNB, XRP, DOGE, ADA, TRX, and SHIB have each gained around 2-3%, while AVAX, LINK, and SUI have jumped by 5-6%.
More impressive daily price gains were recorded by HBAR and AAVE, which each surged by double digits.
Among the top 100 altcoins, the highest gains included VIRTUAL (24%), PENGU (16%), BGB (15%), HNT (13%), and MOVE (13%).
The total crypto market capitalization has increased by around $20 billion since yesterday and is now over $3.460 trillion.
