Crypto Market Goes Off Again as Bitcoin (BTC) Rejects $100,000 (Market Watch)

BTC’s relief rally of the past few days came to a screeching halt yesterday as the asset stalled at $100,000 and pushed hard south.

As expected, altcoins have suffered even more, with major price drops such as LINK, AVAX, ADA, SUI and many others.

Bitcoin stopped at $100,000

Bitcoin went through a massive correction last week after the last FOMC meeting. It dropped from $108,000 to $92,000 in a matter of days. It rebounded on Friday and Saturday as bulls took it to nearly $99,500.

However, it failed there and rallied back strongly once again at the start of the trading week towards $92,000 once again. The bulls rallied again at this point and started a remarkable price rally that pushed bitcoin to $99,200 on Christmas Eve and nearly $100,000 last evening.

Once again, however, the cryptocurrency stalled at this point. The subsequent rejection has taken it south as the asset is now struggling below $96,000.

Its market cap has shrunk to less than $1.9 trillion at CG, while its dominance of the highs has increased to 54.6%.

Bitcoin/Price Chart 12/26/2024. Source: TradingView Alts Bleed Out

Altcoins also posted some gains in the past few days, but now the red is dominating all the charts. Ethereum stopped at $3,500 and is below $3,400 after a 3.5% daily drop. Similar declines are evident from XRP, DOGE, SOL, BNB, TRX and TON.

Even more painful corrections came from ADA, AVAX, LINK, SHIB, HBAR, XLM and DOT, with losses of up to 9%. AAVE is down 10%, as are ONDO and HYPE.

The cumulative market capitalization of all crypto assets has lost more than $100 billion and is down to $3.460 trillion on CoinGecko.

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).

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