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Bitcoin’s price actions at the end of the year are quite underwhelming as the asset tumbled from $97,000 to under $94,000 yesterday and is down by fourteen grand since last Tuesday’s peak.
The altcoins have suffered as well, with many violent price corrections from the likes of $AVAX, $LINK, $SUI, and others.
$BTC’s Struggles See No End
The Fed-induced correction began last week as bitcoin dumped from its latest all-time high of over $108,000 to $92,000 in just a few days. It managed to recover some ground last weekend and even spiked to $99,000, but that was short-lived, and the asset headed straight south on Monday.
After another slump toward $92,000, the bull took charge and pushed it to a multi-day peak of just under $100,000. However, this rally was halted quickly as well, and bitcoin started losing value once again in the following days.
After failing at $97,000 yesterday, the bears drove it down once more to under $94,000. Although it has been able to recover some ground since then and now trades above that line, $BTC is still more than 2% down on the day.
Its market capitalization has dumped to $1.870 trillion on CG, and its dominance over the alts has retraced to 54.4%.
Alts in Red Only
The alternative coins are deep in red today as well. Ethereum was stopped on a few occasions at $3,500 and is down to $3,360 now. XRP is well below $2.2, while BNB fights to remain above $700. SOL, ADA, DOGE, and TON have produced losses of up to 3%.
Even more painful declines come from $AVAX, $SUI, $LINK, DOT, and HBAR. In fact, Chainlink’s token has plummeted by nearly 10% and is deep beneath $22.
Most lower- and mid-cap alts are in a similar state as well. Consequently, the total crypto market cap has dumped by $150 billion in the past two days to just over $3.4 trillion on CG.
