Altcoins on retreat as Bitcoin (BTC) falls further from $100,000 (Market Watch)

Bitcoin broke above $101,000 yesterday evening, but was rejected once again and pushed south by a couple of thousand.

Altcoins are also in the red today after weekend gains, with XRP and DOGE among the worst performers on a daily basis.

BTC stopped at $101,000

Perhaps after substantial inflows into spot Bitcoin ETFs in the US, the mainstream cryptocurrency was finally able to break into six-digit territory last week. Recall that the asset exploded to a new all-time high of $103,650 on Thursday after gaining about $8,000 in one day.

Bears quickly intercepted the move and pushed the cryptocurrency hard south. BTC poured over ten thousand in hours, causing a cascade of liquidations in the process. However, it bounced back and started to make up ground on Friday and over the weekend.

The high was $102,000 on Friday and $101,300 on Sunday evening. However, both attempts were met with rejections that pushed the asset south. As of now, bitcoin is shy of $99,000 after a small daily decline.

Its market cap has jumped to $1.960 trillion on CoinGecko, but its dominance over the highs has increased to 52.1% as most of them are deeper in the red.

Bitcoin/Price/Chart 9.12.2024. Source: TradingView Alts Fall Back

Numerous altcoins posted impressive gains over the weekend, but most are retreating now. XRP is among the worst performers on a daily basis, losing more than 6% of its value and falling well below $2.4. DOGE, TRX, SHIB, ADA and XLM have experienced similar losses.

DOT is down even more, and so are CRO, VET, FIL and FET.

Ethereum and Avalanche are down 2%, while SOL and BNB are down 4%.

The cumulative market capitalization of all cryptocurrency assets has dropped roughly $100 billion since yesterday to $3.75 trillion in CG.

Cryptocurrency Market Overview. Source: QuantifyCrypto SPECIAL OFFER (Sponsored) Binance Free $600 (CryptoPotato Exclusive): Use this link to register a new account and receive an exclusive welcome offer of $600 to Binance (full details).

LIMITED OFFER for CryptoPotato readers on Bybit – Use this link to register and open a FREE $500 position with any currency!

Disclaimer: The information found on CryptoPotato is that of the quoted writers. It does not represent CryptoPotato’s views on whether to buy, sell or hold any investment. You are advised to do your own research before making any investment decisions. Use the information provided at your own risk. See the disclaimer for more information.

TradingView Cryptocurrency Charts.