The much-anticipated Santa Claus rally is still in sight as bitcoin continues to lose value, now falling below $94,000.
Altcoins are also mostly in the red, with XRP down 6% and XLM following suit.
It’s not the end of 2024 that was expected from a micro perspective. BTC’s performance began its decline on December 17 when it topped $108,000. In just three days, it lost around $16,000 and fell to $92,000.
Bulls tried to prevent a further decline below $90,000. In fact, BTC started to recover slightly and rose towards $100,000 several times, but failed. The last example was on December 26 when BTC touched that level but was quickly rejected again.
The subsequent decline caused BTC to fall further, reaching $95,000 last weekend. However, the landscape has worsened in the past 24 hours as it fell further to $93,000. Despite briefly bouncing off that level, BTC is still down more than 1% today.
BTC’s market cap has now fallen below $1.860 trillion on CG, and altcoin dominance is at 54%.
A large number of altcoins are once again in the red today. XRP is leading the trend, continuing its decline and is close to breaking below $2. If it falls below that level, analysts are predicting another major drop towards $1.
XLM has also seen a major decline among large-cap altcoins, losing nearly 5% of its value and is now trading well below $0.35. BNB, SOL, DOGE, ADA, TRX, AVAX, LINK, TON, SUI, and many more are also in the red, albeit at a smaller rate of decline.
The total crypto market capitalization has lost another $60 billion since yesterday, now down to $3.430 trillion on CG.
