Most altcoins have been sluggish towards the end of the year, with ETH falling below $3,400 and LINK continuing its recent decline.
On a micro level, the end of the year has been quite challenging for BTC. The cryptocurrency was previously above $108,000 two weeks ago, with a $40,000 gain following Trump’s landslide victory in the US presidential election. However, the Fed’s dovish statement on 2025 policy has reversed the asset’s movement, causing it to rapidly decline in value.
Last Friday, BTC fell to $92,000 and tried to recover its position the following week. It managed to surge towards $100,000 several times but failed to maintain momentum and was further pressured downwards.
The decline reached its peak yesterday when sellers initiated a sharp decline that saw BTC touch a monthly low of $91,300 (on Bitstamp). As concerns about a drop below $90,000 spread, buyers stepped in again and pushed the asset up to almost $94,000.
However, BTC’s market cap remains depressed at $1.860 trillion, while altcoin dominance increased to 54.3% on CG.
Most of the large-cap altcoins also suffered minor losses today. ETH slipped below $3,300, XRP struggled below $2.1, while DOGE, ADA, TRX, AVAX, and TON lost around 1-2% of their value again. Chainlink token continued to decline with an additional 3% drop in the past 24 hours. Similar declines were also seen on SHIB, HBAR, and DOT.
CRO, TAO, and AAVE suffered more significant losses, while PEPE bucked the market sentiment with a 6% gain to $0.00002.
The total crypto market cap continued to shrink and almost fell below $3.4 trillion.
