Bitcoin’s recent rally was halted yesterday when the asset faltered at the $100,000 level and suffered a sharp decline.
As expected, altcoins suffered even greater losses, with LINK, AVAX, ADA, SUI, and more seeing significant price declines.
Bitcoin went through a major correction last week after the latest FOMC meeting. It fell from $108,000 to $92,000 in just a few days. However, BTC bounced back on Friday and Saturday as the price rally pushed it close to $99,500.
However, it failed to hold on and fell back to the start of the trading week to $92,000 again. At this point, the price rally resumed and began a significant uptrend, pushing Bitcoin to $99,200 on Christmas Eve and almost $100,000 yesterday afternoon.
However, the cryptocurrency was stymied at this level again. The subsequent rejection caused it to fall sharply, and it is now struggling below the $96,000 level.
Bitcoin’s market cap has dipped below $1.9 trillion according to CoinGecko, while Bitcoin’s dominance over altcoins has increased to 54.6%.
Altcoins have made some gains in recent days, but the price chart is now dominated by red. Ethereum stalled at the $3,500 price level and is now below $3,400 after a daily drop of 3.5%. Similar declines were seen in XRP, DOGE, SOL, BNB, TRX, and TON.
More painful declines came from ADA, AVAX, LINK, SHIB, HBAR, XLM, and DOT, with losses of up to 9%. AAVE plunged by 10%, as did ONDO and HYPE.
The total market cap of all crypto assets has lost more than $100 billion and is now down to $3.460 trillion according to CoinGecko.
