- Bitcoin continues to struggle, falling below $94,000, while altcoins like Ripple (XRP) and Stellar (XLM) experience significant declines.
- The overall cryptocurrency market faces widespread weakness, with minimal signs of a recovery in sight.
BTC Struggles Below $94K
The highly anticipated Santa Claus rally has failed to materialize, as Bitcoin (BTC) continues to face downward pressure, slipping below $94,000. Alongside BTC, other altcoins like Ripple (XRP) and Stellar (XLM) are also struggling, with substantial losses affecting their market performance.
BTC’s Painful Decline
Bitcoin’s recent performance paints a grim picture for the end of 2024. Starting December with a price well above $108,000, the cryptocurrency faced a dramatic decline, losing approximately $16,000 in just three days. This rapid drop saw BTC dip below the $92,000 mark before briefly recovering toward $100,000 on multiple occasions. However, each attempt to reclaim the psychological threshold was rejected, reinforcing the bearish sentiment.
On December 26, BTC touched the $100,000 mark once again but was swiftly pushed back down. The decline continued over the weekend, with BTC falling further to $95,000. Despite a slight recovery off the $93,000 level, the overall landscape remains bearish, with BTC still down over 1% for the day.
Currently, Bitcoin’s market capitalization sits at approximately $1.860 trillion, representing a significant reduction. Its dominance over altcoins remains at 54%, though this dominance has been steadily decreasing.
XRP and Other Altcoins Struggle
The pain is not limited to Bitcoin alone. Ripple (XRP) has been one of the hardest hit altcoins, with a 6% decline pushing its price closer to the $2 mark. Should XRP fall below this threshold, analysts predict a further drop toward $1, intensifying bearish sentiment.
Stellar (XLM) has also faced substantial losses, down nearly 5% and trading well below $0.35. Other prominent altcoins like Binance Coin (BNB), Solana (SOL), Dogecoin (DOGE), Cardano (ADA), and others are also in the red, albeit with slightly less severe declines.
The total cryptocurrency market cap has plummeted by another $60 billion in the past 24 hours, falling to $3.430 trillion. This reflects the widespread weakness across the crypto market, with no immediate signs of recovery.
Market Sentiment and Future Outlook
As 2024 draws to a close, the cryptocurrency market remains in a cautious state. Analysts continue to monitor key support levels for Bitcoin and other major altcoins, with hopes pinned on potential rebounds. However, until significant bullish signals emerge, the market may continue its rocky path in the short term.
With BTC struggling below $94,000 and altcoins following suit, investors are left questioning when the tide will turn. For now, caution prevails, as market volatility shows no signs of abating.
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